4imprint Group plc Half year results for the period ended 30 June 2012
4imprint Group plc (the 'Group'), an international promotional products business, announces today its half year results for the period ended 30 June 2012
Financial highlights
- Revenue up 17% at £88.36m (H1 2011: £75.84m)
- Underlying operating profit up 21% at £3.39m (H1 2011: £2.80m)
- Underlying profit before tax up 26% at £3.32m (H1 2011: £2.62m)
- Profit before tax up 50% at £2.46m (H1 2011: £1.64m)
- Net cash £11.39m, prior year end £5.46m
- Underlying basic earnings per share up 25% at 8.61p (H1 2011: 6.89p)
- Basic earnings per share, including the profit on disposal of Brand Addition, was 38.79p (H1 2011: 10.91p)
- Dividend per share 5.25p, an increase of 5%
Operational highlights
- 4imprint Direct Marketing
- Continued growth in market share
- More than 274,000 orders received, 17% ahead of half year 2011
- Underlying* operating profit up 12% at £3.95m (H1 2011: £3.52m)
SPS
- 8% revenue growth and underlying* operating profit £0.35m (H1 2011: £0.10m)
- Brand Addition sale completed on 23 March 2012
- £11.40m of sale proceeds deposited in a cash escrow account for pension scheme risk reduction
John Poulter, Chairman said:
"The first half of this year has been a period of substantial positive change for the Group. Brand Addition has been sold, enabling the Group to strengthen its balance sheet, to focus on the continued organic growth of 4imprint Direct Marketing and SPS and to reduce the risk of the pension deficit.
We are well positioned to take advantage of the growth opportunities presented by 4imprint Direct Marketing's large and highly fragmented market and, notwithstanding any significant macroeconomic changes to the markets it serves, the Group remains on track for a continued good performance in the second half year."
