4imprint Group — Steady hands on the tiller

4imprint is continuing its steady approach in a US market facing uncertainties from the imposition of tariffs and with vacillating business confidence. The impact has been limited so far, with first-half revenue holding up well and a small edge up in operating margin. The second half, though, is more likely to be affected by suppliers starting to replenish the inventory bought at lower price points. We do not expect 4imprint to be passing on those price rises in full, resulting in a temporary modest squeeze on margin through H225 and FY26. As in previous difficult trading periods, potential turbulence presents an opportunity for further market share gains, given the group’s inherent financial strength and strong cash generation. Net cash was US$102m at the half-year end.