TMT: Media – LSE – M cap £1,451m – Price 5,080.00p – Update
4IMPRINT GROUP
Growth and cash generation amid uncertainty
4imprint’s year-end trading update shows FY24 revenues up 3%, in line with our model and slightly ahead of forecast US GDP growth. A improved margin uplift means a PBT figure of $153m, against our previous $150m forecast. The year-end net cash position (lease debt only) is well ahead at $148m, against our projected $134m and the $137m disclosed at end October. This is post the $20m spent earlier in FY24 expanding the group’s Oshkosh distribution centre and indicates a good working capital performance towards the year-end. 4imprint’s distribution policy is to return excess cash to shareholders and a special dividend was previously paid in 2023. FY24 results are set for 12 March.