4imprint Group PLC (LON:FOUR) reported a 99% decline in profits for the first half of the year as the coronavirus pandemic wiped out demand.
The promotional merchandise group’s revenues fell 34% to US$266mln, with North America down 34% to US$261mln and UK sales halved to US$5mln.
Underlying profit before tax plummeted to US$0.25mln from almost US$20mln a year earlier, with reported PBT down almost 100% to just a few thousand dollars above breakeven.
Orders, however, have picked up from the 80% slump seen in April to around 50% of the level seen last year.
The group said its financial position remains healthy, including a cash balance at the half year of US$37.49mln and an undrawn bank facility of US$20mln.
Chairman Paul Moody said: “Although significant uncertainty remains over the likely duration and extent of the pandemic, the board is confident that the core strength of the group's highly flexible business model and competitive positioning will allow it to take advantage of the opportunity presented by a recovering market, leaving it well placed to re-establish the growth pattern of recent years.”