(Alliance News) - 4imprint Group PLC on Tuesday increased its guidance for pretax profit for 2023, but its shares fell as it warned of softer demand patterns in recent trading.
The London-based marketer and distributor of promotional products continues to expect revenue above USD1.3 billion, up around 14% from USD1.14 billion in 2022.
Further, it upgraded its pretax profit guidance by 4.0% to USD130 million from USD125 million. It would be 25% higher than USD103.7 million in 2022.
4imprint noted that October year-to-date order counts in the primary North America business were 13% higher than in 2022, with average order values 1% higher.
"In recent weeks we have seen some evidence of softening demand patterns typical of a more cautious macro-economic environment," the firm noted.
"That said, our experience is that a less buoyant economic outlook represents a market share opportunity for 4imprint as our financial strength allows us to keep investing in the business and to take full advantage of a market recovery."
4imprint shares fell 6.1% to 4,731.22 pence each on Tuesday morning in London.
By Tom Budszus, Alliance News reporter
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4Imprint (FOUR)