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Interim Results

4imprint pre-tax profits up 41%

01 August 2017 07:44

4imprint's pre-tax profits rose by 41% to $15.70m in the six months to 1 July.

Revenues were up 11% at $298.91m and underlying pre-tax profits were 15% higher at $16.49m.

The grouop has declared an interim dividend of 13.80p per share - up 12%.

Chairman Paul Moody said: "The results for the first half of 2017 were encouraging and consistent with our strategic objective to deliver profitable organic revenue growth.

"Revenue of $298.9m was up 11% over the same period in 2016, and operating profit before exceptional items at $16.1m was 15% higher against the same comparative.

"At the demand level, total orders received were up 11% over the first six months of 2016, representing continued growth at a rate well above that of the industry as a whole.

"Our business continues to benefit from stable gross margins and tight control of the marketing budget and other overheads.

"Coupled with low fixed capital and working capital requirements, this translated into strong cash generation in the first half of the year and a closing cash balance of $33.3m, ($21.7m at 31 December 2016).

"As a result of active management in recent years, the Group's legacy defined contribution pension liability has now been significantly de-risked.

"A new contribution schedule has been agreed with the Trustee, resulting in an annual cash commitment of just above $3m over the next five and a half years with the intention of eliminating the funding deficit over this period.

"The Group is in a secure financial position, with a much reduced and less volatile call on cash from its ongoing pension obligations."

Story provided by StockMarketWire.com

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