4imprint Group (FOUR) investor relations material

Executive summary

• Revenue declined 1% year-over-year to $659.4m in H1 2025, with operating profit up 1% to $70.7m and basic EPS up 2% to 197.4c.

• Profit before tax increased 1% to $74.0m.

• Over one million orders received, down 2.8% from H1 2024; average order values remained strong and existing customer retention was high.

• 125,000 new customers acquired, a decrease from 145,000 in H1 2024, reflecting challenging market conditions.

• Strong customer retention and market share gains offset a challenging environment for new customer acquisition.

Financial highlights

• Gross profit increased 1% to $216.5m, with gross margin rising to 32.8% from 32.1% year-over-year.

• Marketing costs reduced by 3% to $84.7m, with revenue per marketing dollar improving to $7.79.

• Cash and bank deposits at period end were $102.3m, after paying $119.9m in final and special dividends.

• Free cash flow reached $74.6m, with cash conversion at 118% of operating profit.

• Net assets stood at $128.6m at period end.

Outlook and guidance

• Full year revenue and profit before tax expected to remain within current analyst forecast ranges despite anticipated rising product costs in H2.

• Board remains confident in navigating market challenges and positioning for future opportunities.

• Continued investment in people, marketing, and infrastructure to position for future growth.