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Highlight

  • Panmure Liberum has issued a BUY rating for 4imprint Group, projecting an AUD 112.99 target price—offering a potential upside of 68.45%.

  • The company released H1 2025 results, with operating profit up 1% despite flat revenues and reduced customer acquisition.

  • Free cash flow improved to AUD 74.6 million, while the interim dividend of 80.0c per share was maintained.

Panmure Liberum has issued a BUY rating on 4imprint Group Plc (ASX:FOUR) with a target price of AUD 112.99, implying a potential upside of 68.45% from current levels. This rating places 4imprint in a favourable light amid a cautious market landscape, where only select businesses are maintaining resilience. The analyst firm’s confidence might stems from the group’s operational fundamentals and financial discipline.

Half-Year Results 

4imprint's half-year financial results for the 26 weeks ending 28 June 2025 highlight the group's performance despite macroeconomic headwinds. Revenue dipped slightly by 1% year-on-year to AUD 659.4 million, yet operating profit rose by 1% to AUD 70.7 million, aided by disciplined pricing strategies and a favourable marketing mix. Profit before tax also climbed 1% to AUD 74.0 million.

The business’s core strength lies in its customer retention strategy. While total orders declined to 1,054,000 from 1,085,000 in H1 2024 and new customer acquisitions fell to 125,000 (from 145,000), retention rates and average order values held firm. The operational margin also improved to 10.7% from 10.5%.

Cash Flow and Dividend Stability

4imprint generated AUD 74.6 million in free cash flow, up from AUD 59.1 million in H1 2024. The Group ended the period with AUD 102.3 million in cash and bank deposits, even after distributing AUD 119.9 million in final and special dividends in the first half of 2025.

The company has maintained its interim dividend at 80.0 cents per share, aligning with its stable capital allocation strategy. 

Strategic Focus Remains Unchanged

4imprint’s strategy continues to focus on organic growth by expanding its market share in the large but fragmented promotional products sector. Despite rising tariffs anticipated in H2 2025, the Board expects that full-year revenue and profit before tax will remain within analyst forecast ranges.