15th Mar 2023 10:37
(Alliance News) - 4imprint Group PLC on Wednesday as it proposed a special dividend, alongside a much higher final dividend for 2022, as profit and revenue both soared.
The London-based promotional products marketer said pretax profit multiplied to USD103.7 million in 2022 from USD30.2 million in 2021, as revenue increased by 45% to USD1.14 billion from USD787.3 million.
4imprint reported a 36% increase in total orders processed to 1.9 million from 1.4 million, while new customers acquired rose 17% to 307,000 from 263,000.
As a result, it proposed a final dividend per share of 120.00 cents, rising fourfold from 30.00 cents a year earlier. This took the total dividend for 2022 to 160.00 cents per share, or 132.24 pence, multiplying from 45.00 cents in 2021.
4imprint also proposed a special dividend payment of 200.00 cents, or 165.38p. Shares in 4imprint were up 2.0% to 4,557.85p each in London on Wednesday morning.
"Underpinning the numbers, 2022 was characterised by the resilience and scalability of our direct marketing business model and, above all, by the extraordinary dedication and tenacity of our people in providing the best possible service to our customers in the face of unprecedented growth in demand," said Chair Paul Moody.
"Enhanced productivity from our marketing activities, relative stability in gross margins and operational leverage over fixed and semi-fixed elements of the cost base joined together to produce a powerful combination of growth, profitability and cash generation for the year."
Looking ahead, 4imprint said it entered 2023 with momentum and confidence, and that trading results in the first few weeks of 2023 were "encouraging".
"We are proud of what our business has achieved in 2022. Our strategy is clear, our business model is flexible and scalable and we see opportunities to take more share in the markets in which we operate," said Chief Executive Officer Kevin Lyons-Tarr.
4imprint's cash and cash equivalents on December 31 were USD51.8 million, rising 25% from USD41.6 million a year earlier. It said it had no existing debt, compared to USD2.0 million in tax debt a year earlier.
By Greg Rosenvinge, Alliance News reporter
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