Sales surge at 4imprint

13th Apr 2010 12:36

Promotional products producer 4imprint said sales in the first quarter of the year were 20% higher than the year before in constant currency terms, with all three of its divisions seeing revenue growth.The North American direct marketing division, which accounts for around three-fifths of group sales, saw US dollar sales rise 24% year on year while the direct marketing division's sterling sales in the UK were up 19% from the first quarter of 2009.The End User division, which handles the distribution of promotional items, saw sales advance 18% from the levels seen in the first quarter of last year, largely due to the capture of new contracts in the latter part of 2009.The Trade division, a big player in the business gift market, saw sales rise 9% year on year, though this included inter divisional sales.Broker Panmure Gordon was impressed by the sales growth and responded by increasing its full year pre-tax profit forecast for 2010 to £8.3m having previously projected profits of £7.5m. The broker has also increased its target price from 191p to 257p.