Encouraging trends in first four months of FY26

While 4imprint Group’s (FOUR’s) overall trading in the first four months of FY26 is in line with management’s expectations, it is pleasing to see a more encouraging trend as the period progressed into a seasonally busier time of year. We believe that customer buying patterns are unchanged. Weak business confidence continues to affect order intake from new customers, which is a key indicator for sustainable revenue growth. From a cost perspective, there is also a consistent message of tariff-related supplier cost increases being manageable, and the increases continue to weigh on gross margin, with marketing mix providing flexibility to manage overall profitability. The company’s strong balance sheet and market positioning mean it is well-...