Update on Current Trading
4imprint today provides an update on the Group’s trading and operations.
The Group has made further encouraging progress against the backdrop of continuing uncertain and volatile market conditions.
In our Interim results, released on 11 August 2021, we noted that demand activity in June and July 2021 had made a good recovery, with order counts running at around 100% of the 2019 comparative, (the most recent ‘normal’ year). In the second half of the year to the end of October, weekly order totals have averaged 2% above 2019 levels despite our primary US market being impacted by the Delta variant.
Customer acquisition has remained strong, with new customer orders since the half year up 8% over the same period in 2019. This gives us confidence that the significant adjustments made to the marketing mix over the course of the pandemic have worked well, further strengthening our position in the market looking forward.
Pandemic-related global and local supply chain issues continue to cause inventory availability challenges, increased production times and product cost inflation in the second half of 2021. Our team is working to address these challenges wherever possible through sourcing alternative products for our customers from our wide range and, as our visibility improves, using price adjustments and other creative strategies to help mitigate cost pressure.
The Group remains in a strong financial position, with a cash balance of $41.9m at the October 2021 accounting month end after payment of the Interim dividend in September.
We remain very confident in the Group’s strategy, business model and competitive position. The demand numbers so far in the second half of 2021 show clearly that our offering continues to resonate with our target customers.
Notwithstanding the ongoing market uncertainties, the Board expects that the Group’s full year financial performance will be in line with expectations.
For further information, please contact:
4imprint Group plc
Tel. + 44 (0) 20 3709 9680
Kevin Lyons-Tarr, Chief Executive Officer
David Seekings, Chief Financial Officer
Tel.+ 44 (0)20 3128 8794