4imprint Group

Overview
Price performance
Financials
Research
Sector insights
Thematics

4imprint is the leading direct marketer of promotional products in the United States, Canada, the UK and Ireland. In FY23, 98% of revenues were generated in the United States and Canada.

The US promotional products distribution market is highly fragmented and PPAI estimated its 2023 value at US$26.1bn, up 2.2% on the year, after a disappointing Q4. After a further dip in Q1, the market recovered lost ground in Q2 to be effectively flat over the half, implying further market share gains for 4imprint, already the largest player but with a share of just 5%. Some questions remain about confidence in the US corporate sector but the utility of promotional products is high and sector prospects remain positive.

Latest Insights

TMT |
Flash note

12.11.24

4imprint Group — Good performance against a difficult backdrop

TMT |
Update

07.08.24

4imprint — Outperforming a challenging market

TMT |
Update

22.05.24

4imprint Group — Solid start to the year

TMT |
Update

13.03.24

4imprint Group — Continued market share gains

Visit Website

Sector

TMT

Equity Analyst

Fiona Orford-Williams

Director, TMT

Key Management

David Seekings

FD
Kevin Lyons-Tarr

CEO

Balance Sheet

Forecast net cash (US$m)

133.7

Forecast gearing ratio (%)

N/A

Share Price Performance

Price Performance
%	1M	3M	12M
Actual	(6.6)	(6.6)	13.1
Relative	(3.3)	(4.2)	4.7
52 week high/low	6540.0p/4265.0p

Financials

4imprint’s trading update indicates no change to full year guidance and estimates, despite a challenging trading backdrop of wavering corporate confidence in an unstable economic and political environment. This has affected new customer acquisition more than it has affected transactions by existing customers, which is testament to the quality of the latter group. This in turn is a function of the group’s flexible marketing mix, including brand awareness. 4imprint had cash resources of $137m at end October (lease debt only) and has completed its programme to extend its main distribution centre, which should allow for a meaningful uplift in the dividend.