4Imprint Company Research (FOUR)

4imprint’s AGM statement outlines flat revenues year-on-year for the first four months, with order intake levels running around 2% down and stable average order values. We view this as a respectable result against the continuing uncertain macroeconomic backdrop. While the threat of the most severe tariffs may have receded for now, the impact is still likely to be felt in H225 even if lower tariff levels are agreed, as existing stock and goods in transit sell through. Suppliers (and distributors) await clarity to inform their decision-making, with supply chains inevitably disrupted. With its strong balance sheet and market positioning, 4imprint is better placed than many in the sector both to weather the disruption and to build further market share. Our forecasts had already factored in a softer macroeconomic backdrop, and we leave them unchanged at this juncture.