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Profitable Growth

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Profitable Growth Group plc 2019 ANNUAL REPORT AND ACCOUNTS DELIVERING PROFITABLE GROWTH WE ARE THE LEADING DIRECT MARKETER OF PROMOTIONAL PRODUCTS IN THE USA, CANADA, THE UK AND IRELAND WHAT WE DO Most of our revenue is generated in North America, serviced from the principal office in Oshkosh, Wisconsin. Customers in the UK and Irish markets are serviced from an office in Manchester, UK. Operations are focused around a highly developed direct marketing business model which provides millions of potential customers with access to tens of thousands of customised products. Organic growth is delivered by using a wide range of data-driven, offline and online direct marketing techniques to capture market share in the large and fragmented promotional product markets that we serve. OVERVIEW FINANCIAL STATEMENTS 01 Highlights 59 Independent Auditor’s Report 02 4imprint at a Glance 65 Group Income Statement 04 Chairman’s Statement 66 Group Statement of Comprehensive 05 Purpose, Principles & Values Income 67 Group Balance Sheet STRATEGIC REPORT 68 Group Statement of Changes in Shareholders’ Equity 06 Chief Executive’s Review 69 Group Cash Flow Statement 08 Strategic Objectives 70 Notes to the Group Financial 12 Market Opportunity Statements 16 Business Model 98 Company Balance Sheet 18 Financial Review 99 Statement of Changes in Company 22 Principal Risks & Uncertainties Shareholders’ Equity 27 Stakeholder Engagement 100 Company Cash Flow Statement 30 Responsibility 101 Notes to the Company’s Financial Statements GOVERNANCE ADDITIONAL INFORMATION 37 Introduction to Governance 38 Board of Directors 109 Alternative Performance Measures 40 Statement on Corporate Governance 110 Five Year Financial Record 44 Nomination Committee Report 111 Registered Office and 46 Audit Committee Report Company Advisers 49 Annual Statement by the Chairman of the Remuneration Committee 51 Remuneration Report 56 Directors’ Report 58 Statement of Directors’ Responsibilities 01 4imprint Group plc Annual Report 2019 Highlights OPERATIONAL HIGHLIGHTS OVERVIEW ORGANIC REVENUE INVESTMENT IN CAPITAL INVESTMENT PENSION COMMITMENT GROWTH IN 2019 MARKETING IN THE YEAR $5m capital $10m ‘lump sum’ Revenue increase of Marketing spend investment in Oshkosh legacy pension $122.4m (+17%) $154.3m (+18%) distribution centre contribution in 1,587,000 total orders Evolving marketing completed in 2019 May 2020 processed (+14%) mix; brand component 2020 capital plan STRATEGIC 297,000 new increasing as planned includes $4.7m in REPORT customers acquired in apparel decoration the year equipment Customer retention remains healthy GOVERNANCE CORPORATE FINANCIAL HIGHLIGHTS REVENUE UNDERLYING* PROFIT BEFORE TAX PROFIT BEFORE TAX STATEMENTS $860.84m $54.68m $53.99m FINANCIAL +17% +20% +22% 2018: $738.42m 2018: $45.59m 2018: $44.15m CASH UNDERLYING* BASIC EPS BASIC EPS (CENTS) (CENTS) INFORMATION ADDITIONAL $41.14 m 154.41¢ 152.42¢ +50% +19% +21% 2018: $27.48m 2018: 129.77¢ 2018: 125.61¢ PROPOSED TOTAL DIVIDEND PER SHARE PROPOSED TOTAL DIVIDEND PER SHARE * Underlying is before defined benefit pension (CENTS) (PENCE) charges and exceptional items. 84.00¢ 66.68p +20% +25% 2018: 70.00¢ 2018: 53.15p Find out more online: investors.4imprint.com 02 4imprint Group plc Annual Report 2019 4imprint at a Glance FOCUSED ON NG DELIVERI NG GROWTH We are the leading direct marketer of promotional products in North America, the UK and Ireland. We have consistently delivered market-beating organic revenue growth. WHAT WE DO We make it easy for our customers to promote their service, product or event. Our customers know that promotional products from 4imprint’s extensive range along with personal, expert service on every order will ensure that their name – and brand – looks great in front of their target audience. WHERE WE DO IT We operate the same business model in two primary geographical markets: NORTH AMERICA UK AND IRELAND Most of our revenue Customers in the UK and is generated in Irish markets are serviced North America, serviced from an office in from the operation in Manchester, UK Oshkosh, Wisconsin REVENUE REVENUE $21.56m $839.28m 3% 97% EMPLOYEES EMPLOYEES 43 1,166 December 2019 December 2019 03 4imprint Group plc Annual Report 2019 OVERVIEW NG DELIVERI STRATEGIC REPORT DELIVERI NG GOVERNANCE CORPORATE HOW WE DO IT Our business operations are focused around a highly developed direct marketing business model. Reaching our customers Our product range STATEMENTS Innovative marketing allows us to Our merchandisers work closely with our FINANCIAL introduce millions of potential customers suppliers to continuously update and to tens of thousands of customised curate our extensive product range. products. Looking after our customers Application of technology We have an exceptional culture revolving Our appetite for technology delivers an around the delivery of remarkable efficient order processing platform and customer service, and an industry-leading sophisticated data-driven analytics. INFORMATION customer guarantee. ADDITIONAL OUR OBJECTIVE Our aim is to drive further organic revenue growth by expanding our market leadership and share in the fragmented markets in which we operate. Our target is to achieve $1bn in Group revenue by 2022. FIVE YEAR GROWTH REVENUE ($m) UNDERLYING PROFIT BEFORE TAX ($m) UNDERLYING EARNINGS PER SHARE (¢) $860.84m $54.68m 154.41¢ +17% +20% +19% 19 860.84 19 54.68 19 154.41 18 738.42 18 45.59 18 129.77 17 627.52 17 41.91 17 106.74 16 558.22 16 37.92 16 98.03 15 497.22 15 33.25 15 87.22 0.00 860.840.00 54.68 0.00 154.41 04 4imprint Group plc Annual Report 2019 Chairman’s Statement FOCUSED ON NG ACHIEVI NG OUR TARGETS PAUL MOODY 2019 was another successful year for 4imprint. The Board has a clear strategy that delivered attractive revenue growth and met profitability targets in the year whilst making significant investments in the Group’s future. FINANCIAL PERFORMANCE The Group has achieved a compound The Board expresses its thanks to all of our Group revenue for 2019 was $860.8m, an average revenue growth rate of 16% over team members for their contribution to the increase of $122.4m (17%) over 2018. All of the last five years. Investment across the Group’s success in 2019. the revenue growth was organic, reflecting business has supported this growth, notably increasing share in a large but still very in embroidery production capacity and in DIVIDEND fragmented market. Underlying profit before operating facilities. The latest phase was At the half year the Board declared an tax was $54.7m, 20% ahead of the prior year. completed in August 2019 with the $5m interim dividend per share of 25.00c, expansion of the Oshkosh distribution representing an increase of 20% over 2018. Profit before tax was $54.0m, an increase of centre, completed on time and within In view of the Group’s performance in the 22% over 2018, and profit after tax budget. second half of the year and in line with our improved over prior year by 21%. Basic balance sheet funding and capital allocation earnings per share also rose 21% to 152.42c. BOARD AND TEAM MEMBERS guidelines, the Board is pleased to We were pleased to welcome Tina Southall recommend a final dividend per share of The 4imprint business model remains highly to the Board as a Non-Executive Director in 59.00c, an increase of 20%, giving a total cash generative. The 2019 year end cash May 2019. Tina’s experience and insight paid and proposed 2019 regular dividend of balance of $41.1m (2018: $27.5m) leaves the have already proved to be valuable, 84.00c, up 20% over prior year. Group in a strong financial position. particularly in her role as designated NED for engagement with our team members. PENSION UPDATE The Company became a constituent of the Our capital allocation framework sets out FTSE 250 Index during the year. Andrew Scull stepped down from the Board our commitment to funding our residual at the end of 2019. The Board wishes to legacy defined benefit pension plan (the STRATEGIC PROGRESS thank Andrew for the valuable contribution “Plan”). Subsequent to the triennial The Board is delighted with the Group’s he has made to the development of the revaluation of the Plan in September 2019, progress over the past year. At the annual Group over his 15-year tenure. a new, accelerated deficit recovery schedule strategic review, which took place in Oshkosh has been agreed with the Plan Trustee, in October 2019, the Board discussed and Unquestionably, the most important driver including a ‘lump sum’ contribution of reaffirmed the Group’s strategic objectives, of 4imprint’s success is our people. Our around $10m to be paid in May 2020. most specifically in respect of the expansion highly professional team members go above This will serve both (i) to strengthen the and development of the brand component of and beyond every day in order to deliver the current Plan funding level, and (ii) to the marketing mix. exacting service levels upon which our progress our pension de-risking initiatives by customers rely. positioning the Plan for eventual buy-out within a five-year timeframe. 05 4imprint Group plc Annual Report 2019 OVERVIEW Purpose, Principles & Values PURPOSE We consider that as long as we prioritise Our purpose is to harness the enduring NG ACHIEVI these mutually beneficial outcomes, the appeal of promotional products to help long-term interests of the Company, our our customers build their brand, promote Shareholders and our wider stakeholders STRATEGIC their initiatives, achieve their marketing will naturally be protected. REPORT goals and make lasting connections with those who are important to them. With PRINCIPLES & VALUES every order we are trusted to carry a We believe that a strong and principled ACHIEVI NG distinctive logo or message on our approach to doing business is products, so we understand clearly that fundamentally important to our present our primary aim is to be certain to make and future success.
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