Final Results

11 March 2026

4imprint Group plc

Final results for the period ended 27 December 2025

4imprint Group plc (the "Group"), a direct marketer of promotional products, today announces its final results for the 52 weeks ended 27 December 2025.

Paul Moody, Chairman said:

"Trading results in the first two months of 2026 have been in line with the Board's expectations. Orders and revenue are slightly down compared to the same period in 2025, reflecting continued uncertainty in the market. As anticipated, tariff-related costs are being phased in by suppliers and tariff policy continues to evolve. Whilst these factors may influence revenue and margins in 2026, the business will continue to be managed to deliver solid financial results in the near term, and best position us to take advantage of opportunities that will present themselves as economic and market conditions improve.

Despite a challenging environment, our view of the prospects of the business is unchanged. The Board is confident in the Group's strategy, competitive position, and long-term growth opportunity."

For further information, please contact:

Chairman's Statement

Performance summary

The Group delivered a resilient operational and financial performance in 2025 amidst a volatile macroeconomic environment, reinforcing the quality of our long-term strategy and business model.

Group revenue for 2025 was $1.35bn (2024: $1.37bn). Profit before tax for the year was $150.8m (2024: $154.4m) and basic earnings per share was 404.4c (2024: 416.3c).

Gross profit margin remained strong in 2025 at 32% (2024: 32%). The marketing mix provided the flexibility we anticipated, and as a result, a double-digit operating profit margin has been maintained for 2025.

The business model is highly cash-generative, with cash and bank deposits at the end of 2025 of $132.8m (2024: $147.6m), meaning that the Group is well-funded entering 2026. The consistent cash-generative profile of our model allows us to invest in the business, positioning us for future growth at the same time as providing meaningful returns to our Shareholders through dividend payments.

Strategy

Our strategy remains unchanged. We aim to deliver attractive organic revenue growth by increasing share in the fragmented, yet substantial, markets that we serve.

Whilst recognising the uncertain market conditions, we continue to take a long-term view, investing in the people, marketing, technology, and infrastructure required for success. From experience, we know that maintaining investment in the business in more difficult times positions us to take advantage of market share opportunities when conditions improve.

Dividend

The Group finished 2025 in a strong financial position with cash and bank deposits of $132.8m (2024: $147.6m). The Board recommends a final dividend per share of 160.0c (2024: 160.0c) giving a total paid and proposed 2025 regular dividend per share of 240.0c (2024: 240.0c).

Chair transition

I am delighted to welcome our new Chair Designate, Paul Forman, to the Company; his experience and insights will support the Group in the delivery of its strategic ambition. Under Paul's leadership, I am confident our culture and values will continue to thrive.

Throughout my time here, I have valued the dedication and endeavour of our people, at all levels of the Group. Their commitment to living our shared values has enabled us to successfully navigate challenges and seize opportunities in order to accelerate our growth.

As I step down, I do so with gratitude for your trust and optimism for the future of our Company. I am hugely proud of the significant progress we have achieved together; it has been a privilege to have been associated with our success.

Outlook

Trading results in the first two months of 2026 have been in line with the Board's expectations. Orders and revenue are slightly down compared to the same period in 2025, reflecting continued uncertainty in the market. As anticipated, tariff-related costs are being phased in by suppliers and tariff policy continues to evolve. Whilst these factors may influence revenue and margins in 2026, the business will continue to be managed to deliver solid financial results in the near term, and best position us to take advantage of opportunities that will present themselves as economic and market conditions improve.

Despite a challenging environment, our view of the prospects of the business is unchanged. The Board is confident in the Group's strategy, competitive position, and long-term growth opportunity.

Paul Moody

Chairman

10 March 2026

Chief Executive's Review

Performance overview

Despite a challenging macroeconomic environment, the Group delivered a solid trading performance in 2025. Whilst revenue and operating profit declined slightly compared to the prior year, our results reflect strong execution as we adapted to rapidly changing market conditions. As always, the dedication of our team members, the strength of our supplier partnerships, and the effectiveness of our marketing investment were critical to our success. In total, 2,060,000 orders were received in 2025, a decrease of 3% from 2024. In line with historical patterns, existing customer orders made up the majority, with 1,639,000 orders, flat to 2024, reflecting strong and consistent retention rates. In 2025, 421,000 new customer orders were received, down 12% compared to 2024, reflective of the ongoing uncertain macroeconomic trading environment. Average order values in 2025 were 1% above the prior year, driven primarily by price adjustments.

In 2025, Group revenue was $1.35bn (2024: $1.37bn) and operating profit was $145.2m (2024: $148.1m), both down 2% from the prior year. Operating profit margin was 10.8%, consistent with 2024. Beyond revenue trends, two key factors shaped these results:

· gross profit margin remained strong at 32.4% for 2025 (2024: 31.8%). Product cost increases due to tariffs are being phased in by suppliers later than anticipated, with only a modest impact in 2025. As expected, additional increases have been received in early 2026 and as tariff policy evolves, further changes in product costs may be received during the year; and

· marketing efficiency was comparable to the prior year, with revenue per marketing dollar of $7.86 (2024: $7.88). Our strategic investments in brand awareness have significantly improved marketing efficiency in recent years and strengthened our market position.

Our direct marketing model remains very cash generative, with cash and bank deposits at the 2025 year-end of $132.8m (2024: $147.6m). This strong liquidity provides a solid foundation as we look ahead.

Operational highlights

During 2025, we continued making investments to support our current business and position us for long-term growth.

· People: Our team members are essential to our current and future success. At the end of the year, we had nearly completed the work that began in 2023 of building out our senior management team and organisational structure to support our current operations and strengthen our foundation for future profitable growth.

· Marketing: The marketing portfolio is much more heavily weighted towards brand and search compared to direct mail. Our brand is a defining strength in the promotional products industry, synonymous with reliability, quality, and service excellence. Brand equity is central to our long-term growth model. We believe that our increasing level of aided and unaided brand awareness strengthens the business, creating opportunities in both the near and longer term.

As we have consistently demonstrated, our marketing mix allows us to be nimble when responding to market conditions. We continue to invest in initiatives that enhance awareness and reinforce trust, creating enduring value for our customers and Shareholders.

· Supply: We have cultivated long-standing partnerships with our suppliers, and these relationships are a critical success factor for the business. Given our 'drop-ship' business model, our suppliers enable us to deliver the '4imprint Certain' service that our customers come to us for. In addition, we rely on the deep relationships with our Tier 1 suppliers to manage supply chain issues effectively, which has been especially important in the current environment of evolving tariff policy.

· Sustainability: We continue to make good progress in embedding sustainability across the business, and during 2025, we took an important step forward by setting Scope 1 and Scope 2 emissions reduction targets. Our focus remains on improving energy efficiency across our operations, collaborating closely with our supplier partners, and ensuring that sustainability considerations are integrated into how we operate and invest. We believe that a robust and credible approach to sustainability is important to our customers, associates, and Shareholders, and is aligned with our objective of building a resilient business that creates enduring value over the long term.

· Oshkosh facilities: The Board approved a c.$10m capital expenditure for the relocation of our leased downtown Oshkosh, Wisconsin office space to our recently expanded distribution centre. Construction began in late 2025 and is expected to be completed in mid-2026.

Looking ahead

Our business model is resilient through all economic cycles, and our highly engaged team has demonstrated the ability to adjust to market conditions, consistently delivering strong profitability and cash generation. As ever, we will continue investing in the business to be positioned for growth when customer demand strengthens. We remain confident in our strategy and prospects.

Financial Review

The Group's revenue and profit in the period, summarising expense by function, were as follows:

Group operating result

The Group has delivered a resilient financial performance for 2025, despite challenging trading conditions in an uncertain economic environment.

Revenue decreased 2% to $1.35bn (2024: $1.37bn), reflecting a fall in total customer orders of 3% and an improvement in average order value of 1%. Existing customer orders were flat for the year, reflecting the strong and consistent retention characteristics of our customer base. However, new customer acquisition proved challenging in the difficult market conditions, resulting in new customer orders being 12% below 2024.

The gross profit margin of 32.4% improved from 31.8% in 2024, benefiting from modest price adjustments and tariff-related cost increases from suppliers being phased in later than anticipated.

Marketing spend has been maintained at 13% of revenue (2024: 13%), resulting in revenue per marketing dollar of $7.86 (2024: $7.88). The marketing mix continues to provide the flexibility that we anticipated, allowing us to adjust investment to fit the prevailing demand conditions, whilst keeping a strong marketing presence.

Selling costs have remained stable at 4% of revenue (2024: 4%) following prior investment in customer service resource.

Administration and central costs have increased 7% over 2024. This increase is attributable to investments in people and IT development, and higher IFRS 2 charges associated with the grant of new share awards in 2024 and 2025 under the Long-Term Incentive Plan (LTIP).

The strong gross profit margin and flexible marketing mix outlined above have enabled us to deliver a solid operating profit of $145.2m (2024: $148.1m) and maintain a double-digit operating profit margin of 10.8% (2024: 10.8%).

Segmental performance

North America revenue and operating profit decreased 2% and 1% respectively. As the business constitutes 98% of Group revenue and 105% of Group operating profit, the commentary for the Group operating result applies equally to the North American business.

UK & Ireland revenue was flat against 2024, benefiting from an increase in the average GBP to US dollar exchange rate. On an underlying currency basis, revenue was down 3% on the prior year reflecting a difficult business environment in the UK. An improved gross profit margin and tight control of costs helped the business to a slightly improved financial performance against the prior year, with a small operating loss on an underlying currency basis (2024: operating loss of £0.3m).

Foreign exchange

The primary US dollar exchange rates relevant to the Group's 2025 results were as follows:

The Group reports in US dollars, its primary trading currency. It also transacts business in Canadian dollars, Sterling and Euros. Sterling/US dollar is the exchange rate most likely to impact the Group's financial performance.

The primary foreign exchange considerations relevant to the Group's operations are as follows:

· translational risk in the income statement remains low with the majority of the Group's revenue arising in US dollars, the Group's reporting currency;

· most of the constituent elements of the Group balance sheet are US dollar-based; and

· the Group generates cash mostly in US dollars, but its primary applications of post-tax cash are Shareholder dividends and some Head Office costs, which are paid in Sterling.

As such, the Group's cash position is sensitive to Sterling/US dollar exchange movements. To the extent that Sterling weakens/strengthens against the US dollar, more/less funds are available in payment currency to fund the Sterling cash outflows.

Net finance income

Net finance income for the period was $5.6m (2024: $6.3m), comprising interest earned on cash deposits and lease interest charges under IFRS 16. The decrease in finance income on 2024 reflects the lower level of cash deposits held over the period following payment of the special dividend in June 2025.

Taxation

The tax charge for the period was $37.2m (2024: $37.2m) giving an effective tax rate of 25% (2024: 24%). The primary component of the charge relates to current tax on US taxable profits.

Earnings per share

Basic earnings per share decreased 3% to 404.4c (2024: 416.3c), reflecting the 3% decrease in profit after tax and a weighted average number of shares in issue similar to the prior year.

Dividends

Dividends are determined in US dollars and paid in Sterling, converted at the exchange rate on the date that the dividend is declared.

The Board has proposed a final dividend of 160.0c per share (2024: 160.0c) which, together with the interim dividend of 80.0c per share, gives a total paid and proposed regular dividend relating to 2025 of 240.0c per share (2024: 240.0c). The total paid and proposed regular dividend of 240.0c per share, being the same as the regular dividend paid for 2024, reflects the Group's strong closing cash position and is in line with the Group's established capital allocation policy that aims to at least maintain dividend per share in a downturn.

In Sterling, the final dividend per share will be 119.4p (2024: 123.7p), which, combined with the interim dividend paid of 60.1p per share, gives a total dividend per share for the period of 179.5p (2024: 186.4p). The final dividend will be paid on 3 June 2026 to Shareholders registered on 1 May 2026.

Defined benefit pension plan

The Group sponsors a legacy UK defined benefit pension plan (the "Plan"), which has been closed to new members and future accrual for several years.

Following the purchase of a bulk annuity policy in 2023 covering substantially all the Plan liabilities, a further small premium was paid during the period to cover the remaining liabilities. The winding-up of the Plan was triggered in November 2025 and is expected to be finalised in 2026. The funding position of the Plan is expected to remain stable until the buyout and winding-up are completed.

Cash flow

The Group had cash and bank deposits of $132.8m at 27 December 2025 (28 December 2024: $147.6m). Cash flow in the period is summarised as follows:

1. Representing the movement in cash and bank deposits balances.

The Group generated underlying operating cash flow of $158.0m (2024: $142.6m), a conversion rate of 109% of operating profit (2024: 96%). The high conversion rate reflects the efficiency of the Group's 'drop-ship' business model. Capital expenditure during the period includes investment in IT and machinery to support our in-house embroidery and digital print operations, and spend on relocating the leased downtown Oshkosh, Wisconsin office space to the distribution centre as part of a c.$10m capital project. 2024 capital expenditure included spend on expanding the capacity and solar array at the distribution centre (a $20m project), which was completed in the prior year.

Free cash flow increased by $19.4m to $128.0m (2024: $108.6m) due principally to the reduced capital expenditure noted above and exchange gains on cash remitted from the US at the end of 2024 to the Parent Company and converted into Sterling to fund the final and special dividends paid to Shareholders in June 2025.

Dividends to Shareholders increased by $77.3m to $142.8m (2024: $65.5m), driven by payment of the special dividend of $73.1m in 2025.

Balance sheet and Shareholders' funds

Net assets at 27 December 2025 were $163.3m, compared to $185.1m at 28 December 2024. The balance sheet is summarised as follows:

Shareholders' funds decreased by $21.8m since 28 December 2024. The main elements of the movement were retained profit in the period of $113.6m and equity dividends paid to Shareholders of $142.8m.

The Group had a net negative working capital balance of $21.3m at 27 December 2025 (28 December 2024: $13.5m). This net negative position reflects the strength of our business model with low inventory requirements, a high proportion of customers paying by credit card and the payment of suppliers on agreed terms.

Balance sheet funding

The Board is committed to aligning the Group's funding with its strategic priorities. This requires a stable, secure and flexible balance sheet through different economic cycles. The Group will, therefore, typically remain ungeared and hold a positive cash and bank deposits position.

The Board's funding guidelines are unchanged, and aim to provide operational and financial flexibility to:

· facilitate continued investment in marketing, people and technology through different economic cycles, recognising that an economic downturn typically represents a future market share opportunity for the business;

· protect the ability of the business to act swiftly as growth opportunities arise in accordance with the Group's capital allocation guidelines; and

· underpin a commitment to Shareholders through the maintenance of regular interim and final dividend payments.

The quantum of the cash target at each year-end will be influenced broadly by reference to the investment requirements of the business and the subsequent year's anticipated full-year ordinary dividend.

The Board will keep these guidelines under review and is prepared to be flexible if circumstances warrant.

Capital allocation

The Board's capital allocation framework is designed to deliver increasing Shareholder value, driven by the execution of the Group's growth strategy. The Group's capital allocation priorities are:

· Organic growth investments

o  Either capital projects or those expensed in the income statement.

o  Market share opportunities in existing markets.

· Interim and final dividend payments

o  Increasing broadly in line with earnings per share through the cycle.

o  Aim to at least maintain dividend per share in a downturn.

· Mergers and acquisitions

o  Not a near-term priority.

o  Opportunities that would support organic growth.

· Other Shareholder distributions

o  Quantified by reference to cash over and above balance sheet funding requirement.

o  Special dividends most likely method: other methods may be considered.

Treasury policy

The financial requirements of the Group are managed through a centralised treasury policy. The Group operates cash pooling arrangements for its North American operations. Forward contracts may be taken out to buy or sell currencies relating to specific receivables and payables as well as remittances from overseas subsidiaries. There were no forward contracts open at the year-end or prior year-end. The Group holds most of its cash with its principal US and UK bankers.

The Group has a $20.0m working capital facility with its principal US bank, JPMorgan Chase, N.A. The facility has minimum net income and debt to EBITDA covenants. The interest rate is the Secured Overnight Financing Rate plus 1.6%, and the facility expires on 31 May 2030. In addition, an overdraft facility of £1.0m with an interest rate of the Bank of England base rate plus 2.0% (or 2.0% if higher) is available from the Group's principal UK bank, Lloyds Bank plc, until 31 December 2026. These facilities were undrawn at the year-end (2024: undrawn) and the Group expects these facilities to be renewed prior to their respective expiry dates.

The Group had cash and bank deposits of $132.8m (2024: $147.6m) at the year-end and has no current requirement or plans to raise additional equity or core debt funding.

Estimates and judgments

The preparation of the consolidated financial statements requires management to make judgments and estimates that affect the application of accounting policies, the amounts reported for assets and liabilities as at the balance sheet date and the amounts reported for revenues and expenses during the year.

Management considers the only critical accounting judgment to be in respect of revenue. Whilst the consolidated and Company financial statements include other areas of judgment and accounting estimates, these are not considered critical accounting judgments or significant accounting estimates. Further information on estimates and judgments is provided in the notes to the financial statements.

A review of internal and external indications of impairment was undertaken in accordance with IAS 36; no impairments were identified in the consolidated financial statements.

Going concern

In determining the appropriate basis of preparation of the financial statements for the period ended 27 December 2025, the Directors have considered the Group's ability to continue as a going concern over the period to 3 April 2027.

The Group has modelled its cash flow outlook for the period to 3 April 2027, considering the continuing uncertainties around macroeconomic conditions and the geopolitical environment. This forecast shows no liquidity concerns or requirement to utilise the Group's undrawn facilities.

Stress tests, reflecting severe but plausible downside assumptions for various scenarios linked to the Group's principal risks and uncertainties, have been undertaken and showed no liquidity concerns or requirement to utilise the Group's undrawn facilities.

Reverse stress tests have also been performed to assess the circumstances that could lead to the Group's liquidity being exhausted and, therefore, threaten going concern. These tests separately modelled the decline in revenue and increase in product costs (that are not passed onto customers) that the Group could absorb from its cash reserves over the going concern period without any mitigating actions being taken. The outcomes of these reverse stress tests (year-on-year decline in revenue of 57% or an increase in product costs as a percentage of revenue of 15%; both outcomes are changes against 2025 levels, which are then maintained over the assessment period) are not considered to be plausible, particularly without management actions being taken to mitigate the impact.

Based on their assessment, the Directors have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the Group's and Company's ability to continue as a going concern from the date the financial statements are approved until 3 April 2027. Accordingly, they continue to adopt the going concern basis in preparing the Group's and Company's financial statements.

Risk Management

The Board recognises that effective risk management and a robust system of internal control are integral components of good corporate governance and are fundamental to the long-term sustainable success of the Group. Risk appetite, the risk management process and associated mitigating activities and controls are all essential elements of the Group's strategic and operational planning processes.

Risk governance

The Board, supported by the Audit Committee, has overall responsibility for oversight and management of risk and control across the Group. On a day-to-day basis, this responsibility is delegated to the Executive Directors and supported by the Group's Business Risk Management Committee. The Board is committed to embedding a risk aware culture, setting the tone from the top and ensuring that risk is an intrinsic element of the governance structure.

Principal Risks & Uncertainties

Outlined in Appendix 1 are the current principal risks and uncertainties that would impact the successful delivery of the Group's strategic goals. These are consistent with those disclosed in the prior year. The list is not exhaustive and other, as yet unidentified, factors may have an adverse effect.

10 March 2026

Group Income Statement for the 52 weeks ended 27 December 2025

Group Statement of Comprehensive Income for the 52 weeks ended 27 December 2025

Group Balance Sheet at 27 December 2025

Group Statement of Changes in Shareholders' Equity for the 52 weeks ended 27 December 2025

Group Cash Flow Statement for the 52 weeks ended 27 December 2025

Notes to the Financial Statements

General information

4imprint Group plc, registered number 177991, is a public limited company incorporated in England and Wales, domiciled in the UK and listed on the London Stock Exchange. Its registered office is 25 Southampton Buildings, London WC2A 1AL. The Group is engaged in the direct marketing of promotional products.

The Group presents the consolidated financial statements in US dollars and rounded to $0.1m. A substantial portion of the Group's revenue and earnings are denominated in US dollars and the Board is of the opinion that a US dollar presentation gives the most meaningful view of the Group's financial performance and position.

Material accounting policy information

The material accounting policies adopted in the preparation of these financial statements are consistent with those adopted in the annual financial statements for the period ended 28 December 2024, as described in those annual financial statements.

Basis of preparation

This announcement was approved by the Board of Directors on 10 March 2026. The financial information in this announcement does not constitute the Group's statutory accounts for the periods ended 27 December 2025 or 28 December 2024 but it is derived from those accounts. Statutory accounts for 28 December 2024 have been delivered to the Registrar of Companies, and those for 27 December 2025 will be delivered after the Annual General Meeting. The auditor has reported on those accounts. Their reports were unqualified, did not include a reference to any matters to which the auditor drew attention by way of emphasis without qualifying their report and did not contain a statement under section 498(2) or (3) of the Companies Act 2006.

The audited consolidated financial statements from which these results are extracted have been prepared under the historical cost convention in accordance with UK-adopted International Accounting Standards and the requirements of the Companies Act 2006 as it applies to companies reporting under those standards.

New accounting standards, amendments or revisions to existing standards or interpretations applicable for the first time in this reporting period have not had a material impact on the Group's results or balance sheet.

Environmental risks

In preparing the financial statements, management has considered the impact of environmental risks. Whilst the impact of environmental risks is still developing and, therefore, all possible future outcomes are uncertain, risks and mitigating actions known to the Group have been considered in forming judgments, estimates and assumptions and in assessing impairment, going concern and viability. The main impact of this consisted of the inclusion of cash flows in the forecasts used to assess impairment, going concern and viability for energy and waste reduction initiatives and in supporting our product transition for a low-carbon economy with the expansion of our Better Choices® programme. These considerations did not have a material impact on the financial statements.

Going concern

The financial statements have been prepared on a going concern basis. In adopting the going concern basis, the Directors have considered: the Group's business activities, together with the principal risks and uncertainties likely to affect its future development, performance and position; the financial position of the Group, its cash flows and liquidity position; and the Group's financial risk management objectives and its approach to managing its exposures to currency, credit, liquidity, and capital risks.

The Group continues to maintain a robust financial position in accordance with its balance sheet funding guidelines, providing it with sufficient access to liquidity to fund its strategic priorities and anticipated dividend payments. At 27 December 2025, the Group had cash and bank deposits of $132.8m, no debt, and undrawn facilities comprising a $20m working capital facility that expires on 31 May 2030 and £1m overdraft facility that expires on 31 December 2026.

In adopting the going concern basis of preparation, the Directors have assessed the Group's cash flow forecasts for the period to 3 April 2027, which reflect current market conditions and incorporate assumptions about demand activity and revenue, gross profit margins and marketing productivity. This forecast shows no liquidity concerns or requirement to utilise the Group's undrawn facilities.

Stress tests, reflecting severe but plausible downside assumptions for various scenarios linked to the Group's principal risks and uncertainties, have been undertaken and showed no liquidity concerns or requirement to utilise the Group's undrawn facilities in the going concern period.

Reverse stress tests have also been performed to assess the circumstances that could lead to the Group's liquidity being exhausted and, therefore, threaten going concern. These tests separately modelled the decline in revenue and increase in product costs (that are not passed onto customers) that the Group could absorb from its cash reserves over the going concern period without any mitigating actions being taken. The outcomes of these reverse stress tests (year-on-year decline in revenue of 57% or an increase in product costs as a percentage of revenue of 15%; both outcomes are changes against 2025 levels, which are then maintained over the assessment period) are not considered to be plausible, particularly without management actions being taken to mitigate the impact.

Based on their assessment, the Directors have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the Group's and Company's ability to continue as a going concern from the date the financial statements are approved until 3 April 2027. Accordingly, they continue to adopt the going concern basis in preparing the Group's and Company's financial statements.

Estimates and judgments

The preparation of the consolidated financial statements requires management to make judgments and estimates that affect the application of accounting policies, the amounts reported for assets and liabilities as at the balance sheet date and the amounts reported for revenues and expenses during the year.

Critical accounting judgments are those judgments, apart from those involving estimations, that have been made in the process of applying the Group's accounting policies and that have the most significant effect on the amounts recognised in the financial statements. Key assumptions and sources of estimation uncertainty are those that have a significant risk of resulting in a material adjustment to the carrying amounts of the Group's assets and liabilities within the next financial year.

Management considers there to be a critical accounting judgment in respect of revenue recognition, as detailed below, and no key assumptions and sources of estimation uncertainty.

Critical accounting judgments

Revenue

For most of its product line, the Group operates a 'drop-ship' business model, whereby suppliers hold blank inventory, imprint the product and ship directly to customers. In order to determine the amount of revenue to recognise, it is necessary for the Group to make a judgment to assess if it is acting as principal or an agent in fulfilling the performance obligations and promises to customers for these transactions.

The Group has full discretion to accept orders, agrees artwork with the customer, sets the transaction price, selects the suppliers used to fulfil orders, and considers its customer satisfaction promises ('on-time or free', price and quality guarantees) to be integral to meeting its performance obligations.

Accordingly, the Group is of the opinion that it acts as principal in providing goods to customers and recognises the gross amount of consideration as revenue.

1 Segmental reporting

The Group has two operating segments, North America, and UK & Ireland. The operating segments' performance is assessed on revenue and operating profit monthly by the chief operating decision maker, being the Board of Directors. The costs of the Head Office are reported separately to the Board, but this is not an operating segment.

2 Taxation

Taxation recognised in the income statement is as follows:

The tax for the period is different to the standard rate of corporation tax in the respective countries of operation. The differences are explained below:

UK tax losses recognised for deferred tax relates to changes to the deferred tax asset in respect of brought forward UK tax losses, which are forecast to be utilised against UK taxable profits over the next three years.

Management does not consider that there are any material uncertain tax positions.

Income tax credited to other comprehensive income is as follows:

Income tax credited/(charged) to equity is as follows:

3 Earnings per share

Basic earnings per share is calculated by dividing the profit for the period by the weighted average number of shares in issue during the period, excluding shares held by the EBT. The effect of excluding shares held by the EBT is to reduce the average number by 79,329 (2024: 17,289).

Diluted earnings per share is calculated by adjusting the weighted average number of shares to assume the conversion of all potentially dilutive ordinary shares. Shares that are expected to be issued at a price below the market price of the Company's ordinary shares under the share-based payment schemes are potentially dilutive.

4 Dividends

The Directors are proposing a final regular dividend in respect of the period ended 27 December 2025 of 160.0c per share; an estimated payment amount of $44.9m. Subject to Shareholder approval at the AGM, this dividend will be paid on 3 June 2026 to Shareholders registered on 1 May 2026. These financial statements do not reflect this proposed dividend.

5 Property, plant and equipment

Freehold land with a value of $1.3m (2024: $1.3m) has not been depreciated. The carrying amount of land and buildings includes assets under construction of $2.3m (2024: $0.1m).

6 Leases

The Group leases premises in Oshkosh and Appleton, Wisconsin, and in London, England. In addition, there are various items of machinery on short-term leases and some office equipment with low value. The Group applies the IFRS 16 exemptions for short-term and low-value leases. No leases contain variable payment terms.

The Group has decided to relocate its leased downtown Oshkosh office space to its recently expanded distribution centre, which is expected to be completed in mid-2026. Notice has been provided to the landlord of the Oshkosh offices confirming that the Group will be terminating the lease agreement effective 30 September 2026 (this is the same as the lease term determined in the prior year, so no reassessment under IFRS 16 is required). There are no undiscounted potential future rental payments relating to periods covered by extension options that are not included in the lease term (and, therefore, lease liability) (2024: $6.5m).

Set out below are the carrying amounts of right-of-use assets recognised and the movements during the period:

Set out below are the carrying amounts of lease liabilities and the movements during the period:

7 Cash generated from operations

Statement of Directors' responsibilities

Each of the Directors confirm, to the best of their knowledge:

· The financial statements within the full Annual Report & Accounts from which the financial information within this Final Results Announcement has been extracted, have been prepared in accordance with UK-adopted International Accounting Standards, and give a true and fair view of the assets, liabilities, financial position and profit of the Company and undertakings included in the consolidation taken as a whole.

· The Chief Executive's Review, the Financial Review and Principal Risks & Uncertainties include a fair review of the development and performance of the business and the position of the Company and undertakings included in the consolidation taken as a whole, together with a description of the principal risks and uncertainties that it faces.

Alternative performance measures

An alternative performance measure (APM) is a financial measure of historical or future financial performance, financial position, or cash flows, other than a financial measure defined or specified within IFRS.

The Group uses APMs to supplement standard IFRS measures to provide users with information on underlying trends and additional financial measures, which the Group considers will aid the users' understanding of the business.

Definitions

Revenue per marketing dollar is the total revenue of the Group divided by the total marketing expense of the Group. This provides a measure of the productivity of the marketing expenditure, which is a cornerstone of the Group's organic revenue growth strategy.

Free cash flow is defined as the movement in cash and cash equivalents and other financial assets - bank deposits, before distributions to Shareholders but including exchange gains/(losses) on cash and cash equivalents. It is a measure of cash available for allocation in line with the Group's capital allocation policy.

Cash conversion is defined as the percentage of underlying operating cash flow to operating profit and is provided as a measure of the efficiency of the Group's business model to generate cash.

Return on average capital employed is defined as profit before tax divided by the simple average of opening and closing non-current assets, excluding deferred tax and retirement benefit assets, plus net current assets and non-current lease liabilities. This is given to show a relative measure of the Group's efficient use of its capital resources.

Capital expenditure is defined as purchases of property, plant and equipment, and intangible assets, net of proceeds from the sale of property, plant and equipment. These numbers are extracted from the cash flows from investing activities shown in the Group cash flow statement.

Underlying operating cash flow is defined as cash generated from operations before contributions to the defined benefit pension plan, less capital expenditure. This reflects the cash flow directly from the ongoing business operations. This is reconciled to IFRS measures as follows:

Cash and bank deposits is defined as cash and cash equivalents and other financial assets - bank deposits. This measure is used by the Board to understand the true cash position of the Group when determining the potential uses of cash under the balance sheet funding and capital allocation policies. This is reconciled to IFRS measures as follows:

Appendix 1 - Principal Risks & Uncertainties

The risk change indicates how the Group's risk exposure has moved over the period, either: increased; decreased; remained stable; or evolved. 

END