17th Jan 2019 09:08
LONDON (Alliance News) - 4imprint Group PLC said Thursday full year profit will be ahead of market expectations due to "strong" growth in the second half, as the company accelerates its US investment plan.
Shares in 4imprint - a promotional products maker - were 7.0% higher at 1,985.00 pence on Thursday.
For the year ended December 29, revenue jumped 18% to USD738.4 million from USD627.5 million the year prior. This was helped by "strong organic growth" in the second half of the year and amid "encouraging progress" with its brand marketing initiative launched in March 2018.
4imprint, therefore, expects underlying pretax profit for the year to be "at least" at the upper end of the market consensus range. The year prior, underlying pretax profit stood at USD42.5 million with reported pretax profit of USD40.7 million.
The firm added it remained "well financed" with a net cash balance at the end of financial 2018 of USD27.5 million, down 11% on the USD30.8 million reported the year before.
"The operational and financial performance of the group in 2018 leaves it ahead of schedule towards its strategic goal of USD1 billion in revenue by 2022," 4imprint explained in a statement.
"In the context of this level of revenue growth, the board is pleased to announce that it has accelerated by a year further planned expansion of its Oshkosh, Wisconsin Distribution Centre, at a capital cost in 2019 of around USD5 million", 4imprint added.
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