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2020 Annual Report

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2020 Annual Report Group plc Group plc Group of ce 4imprint Group plc 25 Southampton Buildings London WC2A 1AL Telephone +44 (0)20 3709 9680 PLC GROUP 4IMPRINT E-mail [email protected] T r a d i n g o f c e s USA 4imprint, Inc. 101 Commerce Street Oshkosh WI 54901, USA Telephone +1 920 236 7272 Fax +1 920 236 7282 E-mail [email protected] ANNUAL REPORT 2020 AND ACCOUNTS UK 4imprint Direct Limited 5 Ball Green Cobra Court Trafford Park Manchester M32 0QT Freephone 0800 055 6196 Telephone +44 (0)161 850 3490 Fax +44 (0)161 864 2516 E-mail [email protected] 35754_4Imprint_AR2020_00_COVER_AW.indd 1-2 08/04/2021 15:34 4imprint Group plc Annual Report 2020 OUR PURPOSE Our purpose is to harness the enduring appeal of promotional products to help our customers build their brand, promote their initiatives, achieve their marketing goals and make lasting connections with those who are important to them. With every order we are trusted to carry a distinctive logo or message on our products, so we understand clearly that our primary aim is to be certain to make our customers and their organisations shine. We deliver on this trust by nurturing an authentic Our people go above and beyond to look after our environment where our people are valued and customers, to help each other, to ensure productive empowered to do their best work. outcomes for our supplier partners, and to have concern for and give back to their communities. By placing a particular emphasis on personal ful lment, we believe that we can attract We consider that as long as we prioritise these and retain like-minded teammates who are mutually bene cial outcomes, the long-term committed to providing the truly remarkable interests of the Company, our Shareholders and service that our customers require and deserve. our wider stakeholders will naturally be protected. OVERVIEW STRATEGIC REPORT GOVERNANCE FINANCIAL STATEMENTS 01 Highlights 06 Chief Executive’s Review 45 Corporate Governance Report 75 Independent Auditor’s Report 02 At a Glance 09 Strategic Objectives 46 Board of Directors 84 Group Income Statement 04 Chairman’s Statement 14 Market Position 48 Statement on Corporate 85 Group Statement of 18 Business Model Governance Comprehensive Income 20 Financial Review 52 Nomination Committee Report 86 Group Balance Sheet 26 Principal Risks & Uncertainties 54 Audit Committee Report 87 Group Statement of Changes in 32 Stakeholder Engagement 58 Annual Statement by the Shareholders’ Equity 36 Sustainability Chairman of the Remuneration 88 Group Cash Flow Statement Committee 89 Notes to the Financial 60 Remuneration Report Statements 72 Directors’ Report 113 Company Balance Sheet 74 Statement of Directors’ 114 Statement of Changes in The material used in this Report is Responsibilities Company Shareholders’ Equity Symbol Freelife Satin. Both the paper 115 Company Cash Flow Statement 116 Notes to the Company’s manufacturing mill and the printer Financial Statements are registered to the Environmental Management System ISO14001 and ADDITIONAL are Forest Stewardship Council® INFORMATION (FSC®) chain-of custody certi ed. 124 Alternative Performance Measures The Forest Stewardship Council® 125 Five Year Financial Record is dedicated to the promotion of 126 Registered Of ce and Company Advisers responsible forest management worldwide and the FSC® label on this product ensures responsible use of the world’s forest resources. Find out more online: investors.4imprint.com 35754_4Imprint_AR2020_00_COVER_AW.indd 2-2 08/04/2021 15:34 01 4imprint Group plc Annual Report 2020 HIGHLIGHTS OPERATIONAL OVERVIEW OVERVIEW 2020 results significantly impacted by Marketing successfully recalibrated to resonate COVID-19 pandemic during the pandemic whilst producing material cost savings 960,000 total orders processed in 2020 (2019: 1,587,000) $9.14m ‘lump sum’ legacy pension contribution paid in May 2020 Business successfully managed through REPORT STRATEGIC ‘lockdown’; safety and retention of team Strong financial position: cash balance of $39.77m; members prioritised no debt Well placed to capitalise on the opportunities arising in recovering markets GOVERNANCE FINANCIAL OVERVIEW CORPORATE REVENUE UNDERLYING* PROFIT BEFORE TAX $560.04m $4.37m STATEMENTS -35% -92% FINANCIAL 2019: $860.84m 2019: $54.68m PROFIT BEFORE TAX CASH INFORMATION $3.84m $39.77m ADDITIONAL -93% -3% 2019: $53.99m 2019: $41.14m UNDERLYING* BASIC EPS BASIC EPS 12.55¢ 11.03¢ -92% -93% 2019: 154.41¢ 2019: 152.42¢ PROPOSED TOTAL DIVIDEND PER SHARE PROPOSED TOTAL DIVIDEND PER SHARE (CENTS) (PENCE) Nil Nil 2019: 84.00¢ 2019: 66.68p 2020 is a 53 week period and 2019 is a 52 week period. See page 21. * Underlying is before defined benefit pension charges. 35754_4Imprint_AR2020.indb 1 08/04/2021 15:37 02 4imprint Group plc Annual Report 2020 AT A GLANCE We are a direct marketer of promotional products with operations in North America and the UK and Ireland. Prior to the impact of the COVID-19 pandemic in 2020 we had delivered a decade of uninterrupted market-beating organic revenue growth. OUR OBJECTIVE Our aim is to return to our pre-COVID-19 trajectory of organic revenue growth by expanding our share in the still fragmented markets in which we operate. Our target is to achieve $1bn in Group revenue, although the achievement of this objective may now be delayed until after the original target date of 2022. 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. 35754_4Imprint_AR2020.indb 2 08/04/2021 15:37 03 4imprint Group plc Annual Report 2020 WHERE WE DO IT FIVE YEAR GROWTH NORTH AMERICA REVENUE OVERVIEW Most of our revenue is generated in the USA and Canada, serviced from $560.04m an office and a distribution centre in Oshkosh, Wisconsin. 20 560.04 19 860.84 REVENUE 18 738.42 REPORT STRATEGIC 17 627.52 $549.87m 16 558.22 98% 0.00 860.84 UNDERLYING PROFIT BEFORE TAX EMPLOYEES $4.37m GOVERNANCE 1,097 CORPORATE December 2020 20 4.37 19 54.68 UK AND IRELAND 18 45.59 Customers in the UK and Irish 17 41.91 markets are serviced from an office 16 37.92 in Manchester, UK. 0.00 54.68 REVENUE STATEMENTS UNDERLYING EARNINGS PER SHARE FINANCIAL $10.17m 12.55¢ 2% 20 12.55 EMPLOYEES 19 154.41 18 129.77 INFORMATION 43 17 106.74 ADDITIONAL 16 98.03 December 2020 0.00 154.41 HOW WE DO IT Our business operations are focused around a highly developed direct marketing business model. Organic growth is delivered by using a wide range of data-driven, online, offline and brand-based direct marketing techniques to capture market share in the large and fragmented promotional product markets that we serve. Reaching our customers Our product range Innovative marketing allows us Our merchandisers work closely to introduce millions of potential with our suppliers to continuously customers to tens of thousands update and curate our extensive of customised products. product range. Looking after our customers Application of technology We have an exceptional culture Our appetite for technology delivers revolving around the delivery of an attractive customer experience, remarkable customer service, and an efficient order processing a robust satisfaction guarantee platform and sophisticated that our customers can rely on. data-driven analytics. 35754_4Imprint_AR2020.indb 3 08/04/2021 15:37 04 4imprint Group plc Annual Report 2020 CHAIRMAN’S STATEMENT 35754_4Imprint_AR2020.indb 4 08/04/2021 15:37 05 4imprint Group plc Annual Report 2020 COVID-19 impact • We worked together with our suppliers In order to maintain maximum liquidity, 2020 was an unprecedented year. In more closely than ever to ensure the we continue to take a prudent view on common with many other businesses availability of product despite a rapidly dividend payments. Consequently, we are OVERVIEW worldwide, 4imprint’s operational and changing product mix and a challenging not proposing a final dividend for 2020, financial performance was dominated by production environment. We are very although it is important to note that the the spread of the COVID-19 pandemic and grateful for the perseverance, Board has not changed its dividend policy its devastating impact on our trading collaboration and support of our and will reassess the position over coming environment. From mid-March onwards supplier partners who faced pandemic months as the timing and trajectory of the the Group experienced severe operational issues of their own during such a recovery becomes clearer. disruption alongside significantly decreased difficult year. demand for promotional products. • We regularly and extensively Board STRATEGIC REPORT STRATEGIC recalibrated our marketing activities John Warren will step down as Non- Weekly order counts (the most direct in order to reduce spend materially in Executive Director, Senior Independent KPI addressing the immediate health of the context of substantially reduced Director and Audit Committee Chair at the business) plunged from around 13% revenue, whilst keeping the 4imprint the AGM in May 2021. John has given nine ahead of 2019 for the first two months of name in front of both existing and years of impeccable service to 4imprint; the year to a low point in mid-April of less prospective customers, protecting the his calm approach and wise counsel will be than 20% against the same comparative. longer-term prospects of the business. missed. After an extensive search exercise, we Since that point, order counts steadily • We emphasised cost control and cash appointed John Gibney as a Non-Executive recovered to a fourth quarter run rate conservation to preserve liquidity, Director on 8 March 2021 with the intention of around 70% of prior year.
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