News January 20, 2023
Another 10-Figure Distributor: 4imprint Says 2022 Revenue Topped $1.1 Billion
The announcement comes on the heels of HALO Branded Solutions also revealing that 2022 revenue exceeded $1 billion, meaning this year’s Counselor Top 40 rankings could feature billion-dollar distributors for the first time.
And then there were two.
Top 40 distributor 4imprint (asi/197045) announced today that its total revenue for 2022 was approximately $1.14 billion. The announcement comes about a week after Top 40 firm HALO Branded Solutions (asi/356000) also revealed that its sales reached 10 figures.
Both milestones are industry firsts: Counselor’s annual ranking of the 40 largest promotional products distributors has never featured a billion-dollar firm. Now this year’s list, due out this summer, could have two once a final analysis is performed. There are currently three billion-dollar Top 40 suppliers.
In a financial update to investors, publicly traded 4imprint noted that an unaudited tally of sales showed that 2022 revenue increased 45% over 2021 to the $1.14 billion range. Final audited results are due in March, which is when the company will reveal profit/net income. Preliminary results show that profit before tax will be above $100 million, 4imprint said.
David Seekings, 4imprint’s chief financial officer, said the company enjoyed “a particularly strong finish to the year.”
4imprint’s board is “delighted with the (company’s) progress in 2022, which reflects clarity of strategy, the flexibility and resilience of the business model, and the outstanding dedication of the team. The group enters 2023 with optimism,” Seekings said in the trading update.
4imprint further noted that its unaudited net cash balance at the end of 2022 was $86.7 million, more than double the $41.6 million it had at the conclusion of 2021.
The announcement on 2022 sales comes after 4imprint forecasted the 10-figure achievement several times last year, including in a trading update issued in November.
With reported 2021 North American promotional product revenue of $773.7 million, 4imprint ranked second on Counselor’s most recent list of the largest distributors in the industry. HALO was first.
While headquartered in London, U.K., 4imprint’s main operations are in Wisconsin and it generates the vast majority of its sales in North America. The company operates an ecommerce business model, selling directly to end-buyers online.
Cimpress (asi/162149), another Top 40 firm that owns National Pen and Vistaprint, has also posted revenue above $1 billion in the past but that has come from international sales too and through sales beyond just promo.