GB : 4imprint Group - Continuing progress and mounting upside pressure

Scheduled statement guides to very encouraging progress in sales, with improvement in April and May. There is still a large regional variation and Apparel continues to be strong. We leave our FY 21 FD EPS unchanged, noting upside pressure if the trajectory is maintained. 4imprint has a strong balance sheet and continues to be cash generative. Employees are being kept, customers are being retained and new customers added. We expect a much stronger recovery from COVID than the GFC. We retain our BUY recommendation, TP 3000p; the shares are trading on 25.0x EPS with recovered margins.  

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