Interim Management Statement

RNS Number : 2652F

4imprint Group PLC

23 April 2014

 

4imprint Group plc                                                                                         23 April 2014

Interim Management Statement                   

4imprint Group plc ("the Group"), the leading international direct marketer of promotional products, today issues its Interim Management Statement for the period from 29 December 2013 to 22 April 2014, incorporating information relating to the financial performance of the Group for its first quarter, being the period from 29 December 2013 to 28 March 2014, compared with the first quarter of the prior year.

Group revenue* for the first quarter was £49.2m, 16% ahead of the first quarter of 2013 (£42.5m)**.

North American first quarter revenue* was US$77.9m, 23% ahead of the first quarter of 2013.  This growth reflects a strong performance in both customer acquisition and retention. 38,000 new customers were acquired from marketing investment which was elevated by comparison with a relatively modest prior year equivalent quarter. Orders received from existing customers increased by 19%.

The UK Direct Marketing business achieved first quarter revenue growth of 21%, demonstrating growth in both new and existing customer orders, in line with the marketing spend.

Financial position

The Group retains a robust financial position with net cash of £19.9m at the end of the quarter (28 December 2013: £15.8m). The Board is continuing to focus on reducing the risk and size of the Group's legacy defined benefit pension scheme, and accordingly is investigating the cost of insuring additional pensioner liabilities.

John Poulter, Chairman said

"The excellent performance in the first quarter again demonstrates the strength of the business. Notwithstanding the early point in the year and the short order to sales cycle, the indications are for a positive outcome for the year as a whole."

* Revenue now includes delivery receipts and excludes discontinued operations, prior periods have been restated for the impact of these items.

** The average USD exchange rate for the quarter was $1.66 ($1.55 in the first quarter of 2013).

For further information, please contact:

4imprint Group plc	MHP Communications
Tel:  + 44 (0) 20 7299 7201
John Poulter Chairman Gillian Davies Group Finance Director		Reg Hoare Tel: + 44 (0) 20 3128 8793 Katie Hunt Tel: + 44 (0) 20 3128 8794

 

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