Promotional products manufacturer 4imprint has reported a 10 per cent jump in profit for 2024, outperforming the broader market and expanding its market share.
The company told markets this morning that revenue rose three per cent year on year to £1.36bn, up from £1.32bn last year.
The London-based firm said it received 2.12m orders in 2024, up from 2.09m in 2023, with the “increase in existing customer orders offsetting a decline in new customer acquisition, impacted by uncertain economic conditions”.
“Despite a more cautious macroeconomic environment that began in the second half of 2023 and continued through 2024, the business continued to acquire and retain high-quality customers in the year,” it said.
While 4imprint’s Chair, Paul Moody, noted a “challenging near-term environment“, he said business prospects were unchanged.
“In the first two months of 2025, revenue at the order intake level was slightly down compared to the same period in 2024, reflecting continued uncertainty in the market.”
“It is possible that market conditions, including potential tariff impacts, may continue to influence demand in 2025. From our experience, however, as business sentiment improves, demand for promotional products increases as does our ability to gain market share,” Moody added.
Cavendish analyst Guy Hewett described the results as “another year of strong financial performance despite a challenging market backdrop”.
However, Hewett said the low order intake so far in 2025 caused Cavendish to lower its revenue forecast, earnings per share forecast and target share price.
“We have no doubt that the group will once again accelerate market share gains and profit growth when markets recover. Investors buying now will lock in exposure to those gains,” he added.
Panmure Liberum analysts Joe Brent and Joe Walker retained their ‘Buy’ recommendation for the stock, but reduced their target share price from 6,850p to 6,000p “to reflect dollar weakness and the estimate reduction”.