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INVESTMENT CASE
 A market leader in the US promotional products market
 1.5% share of the highly fragmented c.$27bn North
American market
 Gaining market share in a growing market
 On target to double revenues in 5 years (from 2011 to
2016) at stable operating margin percentage
 Scalable with low working capital & capex requirements
 Net cash and cash generative
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FTSE All Share
Media
FOUR
c.1045p (31.03.15)
c. £292 m
1090p / 610.5p
Peel Hunt and Liberum
SHARE PRICE GRAPH
BUSINESS OVERVIEW
4imprint Group plc is a leading international distributor of
promotional products:
4imprint Direct Marketing is the largest promotional products
direct marketer in North America. It supplies an extensive
range of promotional products and branded apparel to a wide
variety of businesses and organisations throughout the USA,
Canada, UK and Ireland.
KEY FACTS ABOUT DIRECT MARKETING (as at 04 March 2015)
o
In 2014:
 Received over 780,000 individually customised orders
 More than 190,000 new customers
 Re-order rates strong
o Operations in the US and the UK
o c.700 employees
RECENT NEWS
27 Mar 2015 – Notice of Annual General Meeting
04 Mar 2015 – Final Results
15 Jan 2015 – Trading Update and Notice of Results
12 Jan 2015 – Appointment of Joint Corporate Broker
18 Dec 2014 – Directorate Change
10 Dec 2014 – EBT Purchase
05 Nov 2014 – Change in presentational currency
STRATEGY
4imprint’s strategy is to maximise organic revenue growth, at
broadly stable profit margins, gaining market share in the large
and highly fragmented promotional products markets in which
it operates.
Range: 12 months to Mar 2015. Source: Morningstar 30 Mar 2015
MAJOR SHAREHOLDERS
Shareholder
BlackRock, Inc.
Amount
4,431,684
% Holding
15.85
Standard Life Investments
2,726,070
9.75
Mr K.J. Minton
1,735,088
6.20
J.P. Morgan Asset Management
1,685,953
6.03
GVO Investment Management
1,671,775
5.98
Artemis Fund Managers Ltd
1,530,865
5.47
Fidelity Worldwide Investment
1,372,389
4.91
Miton Group plc
864,766
3.09
Ennismore Fund Management
851,615
3.05
Source: 4imprint Annual Report and Accounts 2014
FINANCIAL PERFORMANCE AND ANALYST CONSENSUS FORECASTS
2014A
2015E
2016E
Revenue ($m)
415.8
474.4
531.5
Pre-tax* (ADJ) ($m)
27.9
32.3
36.5
EPS* (ADJ) (cents)
DPS (cents)
73.5
32.4
80.4
35.9
89.7
40.0
Source: finnCap, Liberum, Peel Hunt and WH Ireland, 30 March 2015
*Underlying before share option charges, defined benefit pension charges
and exceptional items
LATEST OUTLOOK
"Early indications for 2015 are positive and in line with our
aspirations” Source: Final Results announcement, 04 March 2015
FINANCIAL CALENDAR
AGM
Half year end
Half year results
Year end
Trading Update
6 May 2015
27 June 2015
July 2015
2 January 2016
January 2016
GAINING MARKET SHARE IN A LARGE, FRAGMENTED MARKET
EXECUTIVE DIRECTORS
John Poulter – Executive Chairman
John Poulter was appointed a Non-Executive Director with effect
from 1 May 2010 and on 1 September 2010 became Executive
Chairman. John is currently Non-Executive Chairman of RM plc. He is
a former Non-Executive Chairman and Chief Executive of Spectris plc
and a former Non-Executive Chairman or Director of several public
and private companies including Filtronic plc, RAC plc and Kidde plc.
Kevin Lyons-Tarr – Chief Executive
o
o
c.$27bn market with 23,000 distributors, more than 20,000
of which have less than $2.5m annual sales
Direct Marketing revenue (N.America) grew by 25% in 2014
KEY DIFFERENTIATORS
o
o
o
Multi-channel, user-friendly customer interface, backed by
on time, satisfaction and price guarantees
Proprietary technology and seamless integration with
supplier systems drives order processing efficiency based on
real-time information
Superior marketing techniques and platform enables
targeted marketing using sophisticated database analytics
Kevin Lyons-Tarr was appointed an Executive Director in 2012. He
has been CEO of 4imprint Direct Marketing since 2004, having led
its substantial growth since then. He has been with the business for
22 years, including formerly serving as Chief Information Officer and
Chief Operating Officer.
David Seekings - Chief Financial Officer
David Seekings was appointed as Chief Financial Officer on 31
March 2015. He is a Chartered Accountant, having trained and
qualified with KPMG. David has been with the 4imprint Group since
1996, initially as Group Financial Controller, moving to the USA in
2000 to become Chief Financial Officer of 4imprint Direct
Marketing, based in Oshkosh, Wisconsin. He is a graduate of Oxford
University.
Andrew Scull - Corporate Services Director and Legal Counsel
STRONG CUSTOMER ACQUISITION & RETENTION TRACK RECORD
Andrew Scull was appointed as Corporate Services Director and
Legal Counsel in 2004. He has held a number of senior positions
including Group Legal Counsel at Laporte plc, Commercial Director
at SGB Group plc and Director of Legal Services at Coors Brewers
Limited.
NON EXECUTIVE DIRECTORS
Steve Gray – Independent Non–Executive Director
Steve Gray was appointed a Non-Executive Director in 2012. After
an early career with FMCG companies including Procter & Gamble
and PepsiCo, Stephen was appointed Managing Director of
dunnhumby UK & Ireland Limited, the Tesco customer loyalty and
data analytics company and a director of the dunnhumby joint
venture, with Kroger, in the USA. He is currently a Senior Advisor to
Boston Consulting Group, and founder of SG-retail.
Head office:
7/8 Market Place, London, W1W 8AG
Telephone: + 44 (0)20 7299 7201
Website: http://investors.4imprint.com
For further information contact Financial PR Advisers:
MHP Communications: Reg Hoare / Katie Hunt / Ollie Hoare
Email: [email protected] Tel: + 44 (0) 20 3128 8100
John Warren – Senior Independent Non–Executive Director
John Warren was appointed a Non-Executive Director in 2012. A
chartered accountant, John was Group Finance Director of United
Biscuits (Holdings) Plc and WH Smith PLC before embarking on a
career as a Non-Executive Director. He is currently a Non-Executive
Director, Chairman, or former Chairman, of the Audit Committee at
Spectris plc, Bovis Homes Group plc, Welsh Water and Greencore
Group plc. He has previously served on the Boards of The Rank
Group plc, Rexam plc, RAC plc and BPP Holdings plc and chaired the
Board at Uniq plc through the resolution of their major pension
issues.