4imprint Group — FY25 profit guided ahead of consensus

4imprint’s 10-month trading update gives a consistent message of a resilient performance against a challenging and volatile operating environment. While management’s indicated FY25 revenue is to be at least in line with our prior revenue estimate, the tariff-related increases to input prices that management had anticipated would affect profit in FY25 have yet to be fully passed on by suppliers. Therefore, management indicates FY25 profit will be much better than we previously forecast and above the upper end of current consensus estimates. However, it is a case of when and not if these tariff-related increases are passed on, and the positive surprise for FY25 profit does not flow through to FY26 forecasts.