Q&A

Yes, 4imprint pays an ordinary dividend and has regularly paid special dividends. The ordinary dividend declared in FY24 and FY25 was $2.40; however, the company also declared a special dividend of $2.50 in FY24, two years after the prior special dividend of $2.00 was declared for FY22. The interim dividend of $0.80 per share for H126 was unchanged versus H125. Edison forecasts an unchanged dividend per share of $2.40 for both FY26 and FY27. Management’s capital allocation policy prioritises organic growth investment, followed by dividend payments, M&A and then other shareholder distributions. Dividends are declared in US dollars and paid in sterling.

4imprint makes money by supplying customised promotional products to customers across North America and the UK and Ireland; in FY25, 98% of revenues were generated in the US and Canada. Products range from pens, bags and drinkware to apparel, business gifts and trade-show displays, all customised with the customer’s name or logo. Direct marketing stimulates demand, met by drop-shipping from suppliers or, for apparel, from its main distribution centre in Oshkosh, Wisconsin. In FY23, 4imprint handled around 2.09m orders with an average order value of around $630; in 2025 it received 2,060,000 orders. It is the leading distributor in the North American promotional products market, which industry body ASI estimated at $27.7bn in FY25, but its share of that highly fragmented market is only 5%. 4imprint Group is UK-listed, with British and US management, and run out of the US.

In its November 2026 trading update for the first 10 months of FY26, management indicated revenue would be slightly above FY25’s $1.35bn and adjusted profit before tax would be c $130m, which are in line with Edison’s estimates from the time of the publication of H126 results. For FY26 we forecast revenue of $1,351.4m, underlying PBT of $129.6m and underlying EPS of 350.52c. Delivery of the guided $130m of PBT would be a decline of c 14% from FY25’s $150.8m, although the guidance is an upgrade of c 9% on our prior estimate. Our FY26 estimate incorporates a modest pick-up in marketing spend, as we assume management continues to test the strength of any potential recovery. For FY27 we forecast revenue of $1,370.5m, underlying PBT of $133.2m and underlying EPS of 355.07c, reflecting the higher FY26 base and no changes to our assumptions for growth rates or cost ratios.

4imprint, which reports in US dollars, had annual revenue of $1,346.8m in FY25, compared with $1,367.9m in FY24. The FY25 decline reflected fewer orders, partly offset by some modest growth in average revenue per order. Management’s FY26 guidance is for revenue slightly above the FY25 level, and we forecast revenue of $1,351.4m for FY26 and $1,370.5m for FY27. The guidance implies a modest year-on-year revenue decline in H226, partly reflecting the annualisation of price increases that began in H225.