4imprint Group — Resilience in uncertain markets

4imprint’s results are in line with January’s trading update, showing a resilient performance in continued challenging markets. The group has attractive cash conversion characteristics and cash had accumulated on the balance sheet. 4imprint intends to pay a special dividend of 250c on top of the regular payment of 240c (special dividend also paid in June 2023). Current trading conditions reflect the uncertain macroeconomic backdrop, with 4imprint’s business closely aligned to sentiment in corporate America. Historically, such periods have given 4imprint, with its strong balance sheet, opportunities to increase market share, while its flexible marketing mix allows it to adapt and protect operating margins. Taking a more cautious stance on this year’s outlook until conditions clarify, our revenue forecast pares back 8%, with a knock-on effect on FY26.