4imprint (FOUR) has scrapped its final dividend, saving the marketing group $16m (£12.9m), after daily order counts have plummeted 80 per cent compared with the same period last year due to lockdowns in the UK and the US.
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Management anticipates that the limited level of activity will continue until restrictions are lifted and economic activity improves. The group said that it was tightly controlling discretionary costs and has reshaped its marketing budget.
House broker Peel Hunt slashed its forecast for pre-tax profits by 85 per cent to $8.3m, assuming that second-quarter trading continues at current levels and third- and fourth-quarter sales decline by 60 per cent and 25 per cent, respectively.
