4imprint posts 50% increase in 1H profits

9th Aug 2023 07:42

(Sharecast News) - 4Imprint saw its interim profits rise by half amid strong order growth.

For the half year ending on 1 July, the direct marketer of promotional merchandise posted a 23% jump in sales to reach $635.5m, as totals orders surged 20.4% to 1.047m.

"The Group's strong first half performance clearly demonstrates that its strategy and business model are effective in delivering profitable market share gains," the company's chairman, Paul Moody, said.

"As a result, the Board's expectation, based on these latest financial results together with recent internal forecasts, is that full year 2023 Group revenue will now be slightly above $1.3bn, with profit before tax not less than $125m."

Management also indicated that the supply chain challenges encountered in 2022 had been "mostly" resolved.

The company had also "substantially" insured all its remaining pension benefits, thus de-risking its balance sheet by eliminating inflation, interest rate and longevity risks.

Profit before tax meanwhile soared 50% to $66m, for a 48% rise in basic earnings per share to 176.2p.

As of 0952 BST, shares of 4imprint were trading 1.97% higher to 5,180.0p.