4imprint Group - Moving on up
4imprint’s year-end trading update points to FY21 revenues of $787m, ahead of our expectation of $775m, up 41% on the prior year, after a strong Q4. PBT is indicated at the high end of the (wide) consensus range and we increase our estimate from $22.6m to $30.4m. Supply chain and inflation issues look set to continue, so margins will take longer to recover to the levels pre-COVID-19 pandemic, but the group has a degree of flexibility around substitution and pricing, which should mitigate the heaviest potential trading impact. 4imprint’s long-term growth record, strong cash generation and robust balance sheet underpin the premium rating.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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