Pandemic Pushes 4imprint Revenues Down In The First Half Of 2020
4imprint Group PLC, parent of Oshkosh, Wisconsin-based distributor 4imprint (PPAI 107200, D16), has released its financial results for the first half of 2020, reflecting the impact of the COVID-19 pandemic on its business. The company reported revenues of $265.8 million for the half, down 34 percent from the first half of 2019.
“Although significant uncertainty remains over the likely duration and extent of the pandemic, the board is confident that the core strength of the Group’s highly flexible business model and competitive positioning will allow it to take advantage of the opportunity presented by a recovering market, leaving it well-placed to re-establish the growth pattern of recent years,” says Paul Moody, 4imprint Group chairman.
The company reports successfully managing through the lockdown, with a priority placed on the safety and retention of its team members.
The pandemic cut demand significantly, the company reports, with 470,000 total orders processed during the first half of 2020, compared to 778,000 during the same period in 2019. By the end of the half-year, order counts have recovered to a run rate of above 50 percent of last year’s level, and 4imprint’s marketing has recalibrated to resonate with customers during the pandemic while producing material cost savings. 4imprint says it remains in a strong financial position, with a cash balance of $37.5 million on hand as of mid-2020.