4imprint (LON: FOUR) shares are climbing on Friday after the company said in a trading update that it has enjoyed a “particularly strong finish to the year.”
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The direct marketer of promotional products will announce its final results for the year ended December 31, 2022. The company's shares are up over 3% so far in Friday's session.
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4imprint Group said unaudited group revenue for 2022 was approximately $1.14 billion, representing an increase of around $350 million or 45% compared to $787 million in 2021. In addition, the company's profit before tax is expected to be above the upper end of the range of analysts' forecasts, coming in above at least $100 million.
Furthermore, its unaudited net cash balance at the end of 2022 was $86.7 million, more than double the $41.6 million at the end of 2021. As a result, the company said it is very well-funded entering the 2023 financial year.
The company stated it is delighted with its progress in 2022, which “reflects clarity of strategy, the flexibility and resilience of the business model, and the outstanding dedication of the team.” It added that it enters 2023 “with optimism.”
In December, 4imprint was upgraded to Buy from Hold at Berenberg by analyst Benjamin May.
May raised the firm's price target on FOUR to 4,800p from 2,700p in a research note, telling investors that while gross margins remain significantly lower than pre-pandemic levels, it has been more than offset by stronger sales growth, better cost control, and better returns in marketing spend.
The analyst added that 4imprint has proven that “operational leverage can kick” in and that he can't ignore the short-term scope for outperformance.
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