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(Alliance News) - 4imprint Group PLC on Thursday said profit dropped sharply in the first half of 2020 but it is set to re-establish growth going forward.
The FTSE 250-listed marketer of promotional merchandise reported a 34% decline in revenue for the six months to June 27 to USD265.81 from USD405.06 a year ago. Pretax profit totalled just USD30,000 versus USD19.5 million a year before.
During the first half, 4imprint said it has processed 470,000 total orders compared to 778,000 a year prior.
4imprint explained that the first half of 2020 was dominated by the Covid-19 pandemic. From early March onwards the company said it has experienced "unprecedented disruption and challenges" on many levels
"Although significant uncertainty remains over the likely duration and extent of the pandemic, the board is confident that the core strength of the group's highly flexible business model and competitive positioning will allow it to take advantage of the opportunity presented by a recovering market, leaving it well placed to re-establish the growth pattern of recent years," said Chair Paul Moody.
4imprint said it will not be paying an interim dividend, having paid 25.00 cents a share a year ago.
The stock was trading 7.1% lower in London on Thursday at 2,237.81 pence a share.
By Evelina Grecenko; evelinagrecenko@alliancenews.com
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