4imprint : 2021 Half Year Results Presentation

Half Year Results 2021

Overview

Kevin Lyons‐Tarr, CEO

Half Year Results 2021

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Results Summary

Revenue		Underlying* profit	Underlying*
	before tax	basic EPS

$326.81m	$3.55m	9.65c
23%	2020 HY: $0.25m	2020 HY: 0.73c

CashInterim dividend

$52.80m	15.00 cents
2020 FY: $37.49m	2020 HY: Nil

*Underlying is before defined benefit pension charges

Half Year Results 2021

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Financial Review

David Seekings, CFO

Half Year Results 2021

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Group Income Statement

	H1 2021	H1 2020		FY 2020		•	Revenue +23%
				o Strong recovery from pandemic
	$'000	$'000	%	$'000
			o US $321.7m; UK $5.1m
Revenue	326,808	265,808	23%	560,040
						•	Gross profit +24%
Gross profit	95,606	77,284	24%	157,936
Gross profit %	29.25%	29.08%		28.20%			o	Margin % steady YOY
Marketing costs	(59,889)	(47,157)	27%	(92,880)			o ~ 3% lower than pre‐pandemic
			level in H1 2019
Selling costs	(15,427)	(15,211)	1%	(30,784)
Admin & central costs	(16,196)	(14,362)	13%	(29,246)		•	Marketing costs +27%
Share option related charges	(327)	(422)	-23%	(634)			o	Recalibrated marketing portfolio
								taking shape
Underlying operating profit	3,767	132		4,392
Operating margin	1.15%	0.05%		0.78%			o	2020 comparative reflects
Interest	(213)	121		(25)				substantial spend reduction
						•	Overheads +7%
Underlying profit before tax	3,554	253		4,367
			o Selling costs flat YOY
Defined benefit pension admin
(172)	(165)		(420)			o Admin 2020 cost includes
costs					benefit of job retention credits
Pension finance charges	(15)	(62)		(104)				under US CARES Act ~ $3.6m
							o	Central costs $1.9m (2020:
Profit before tax	3,367	26		3,843
				$1.7m)
Tax	(808)	(5)		(753)

Profit after tax	2,559	21	3,090
Underlying basic EPS	9.65c	0.73c	12.55c
Basic EPS	9.12c	0.07c	11.03c

• Operating margin and EPS reflect improving financial results
• Effective tax rate 24%

Half Year Results 2021

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