(Reuters) - Promotional products retailer 4imprint Group on Wednesday warned of lower first-half results and said it expected a modest level of operating profit before pension and share option charges, sending its shares down as much as 17 percent. "The group has a modest level of net debt and maintains tight control over its cash and working capital resources," 4imprint, which distributes promotional items mainly to corporate clients, said in a statement.
Its End User unit is expected to see a 24 percent fall in sales for the first half ending June 27, while the Direct Marketing unit is expected to see a 5 percent fall in sales for the period in U.S. dollar terms, the company said.
Sales in the Trade unit is estimated to be about 21 percent below first half of 2008 due to a fall in demand, 4imprint said.
4imprint shares were down 13.5 percent at 135 pence at 1442 GMT.
(Reporting by Kumar Alagappan in Bangalore; Editing by Gopakumar Warrier)
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