4imprint Group - Demand remains robust
Having delivered 16% top-line growth in H119, 4imprint’s trading update indicates similar progress is likely for the full year. We previously assumed some slight tailing off in H2, so have now edged up our FY19 revenue estimate by $10m, lifting EBITDA by $0.6m. Management’s revenue target of $1bn by FY22e looks likely to be achieved well ahead of schedule. The extension to the Oshkosh distribution centre was completed on time and within the $5m budget, facilitating that forecast revenue growth. We regard the current share price as well underpinned, with further potential upside.4Imprint Group is a direct marketer of promotional products in the U.S., Canada, the U.K. and Ireland. Co. sells a range of promotional products including merchandise custom printed with the logo or name of an organization with the intention of promoting a brand, service, product or event. Co.'s product range comprises of individual products ranging from basic giveaways such as pens, bags and drinkware to items such as embroidered apparel, business gifts and full size trade show displays.
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