4imprint Group PLC Update on Current Trading (0272Q)
June 16 2020 - 01:00AM
UK Regulatory
TIDMFOUR
RNS Number : 0272Q
4imprint Group PLC
16 June 2020
16 June 2020
4imprint Group plc ("4imprint" or the "Group")
Update on Current Trading
4imprint today provides a further update on the effect of the
COVID-19 pandemic on the Group's trading and operations.
In our last COVID-19 update issued on 7 April 2020, we noted
that the spread of the pandemic and associated 'Safer at Home' or
similar directives had resulted in order counts reducing to about
20% of prior year level. As the partial or full lifting of these
restrictions began in many US states in May and early June, weekly
order counts have steadily increased and are now approaching 50% of
the 2019 comparative. Importantly, we continue to acquire new
customers and the new-to-existing customer ratio has remained
broadly stable over this period.
Since the beginning of the pandemic, we have continued to
provide excellent service to our customers through an expanded
'work from home' capability. Our two US locations in Oshkosh,
Wisconsin and our office in Manchester, UK have now reopened. Where
practical, however, team members continue to work from home,
allowing us to implement robust social distancing protocols in our
facilities. In line with our culture, the health, safety and
wellbeing of our people remains our top priority, and we have
continued to prioritise the retention of our team members
throughout this difficult period. Our team is ready and very
motivated to service the recovering demand that we are seeing.
Cash conservation was a clear focus for the Group early in the
COVID-19 crisis. Action has been taken to control discretionary and
capital spend. We executed a thoughtful and effective recalibration
of the marketing strategy to significantly decrease marketing
investment throughout the period yet stay connected with our
existing customers and maintain our brand awareness. This strategy
has also given us the flexibility to ramp up the marketing as
justified by market conditions.
The Group's balance sheet and liquidity position remain strong.
At the end of May 2020, the Group had cash balances of $28.1m, and
no debt. This is after the payment in May of the $9.4m planned lump
sum contribution to the Group's defined benefit pension plan. We
also have a working capital facility of $20m.
The Group intends to announce its half year results for the 26
weeks ended 27 June 2020 on Thursday 13 August 2020. In the
meantime, the Board remains confident in 4imprint's strategy,
business model and market position, culminating in the delivery of
longer-term value for all stakeholders.
For further information, please contact:
4imprint Group plc MHP Communications
Tel. + 44 (0) 20 3709 9680 Tel. + 44 (0) 20 3128 8100
Kevin Lyons-Tarr Katie Hunt
Chief Executive Officer
David Seekings Rachel Mann
Chief Financial Officer
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END
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