Interim Results

4imprint Group PLC
19 September 2000

                               
                               
                    INTERIM RESULTS FOR THE
                 SIX MONTHS ENDED 1 JULY 2000

4imprint Group Plc (formerly Bemrose Corporation), the focused
global distributor of imprinted promotional products, today
announces Interim results for the six months ended 1 July 2000.

*    Restructuring of the Company has been completed with the
     disposal of all the print based activities to two separate
     management teams

*    Turnover £68.83m (July 1999 £79.94m)

*    Continuing operations increased to £44.06m (July 1999
     £32.16m)

       -  Revenues for continuing businesses are now
          exclusively derived from traditional sales, catalogue
          marketing and Business to Business e-commerce
       -  Operating Profit increased 50% to £1.58m (July 1999
          £1.05m)
       -  UK and European sales revenue grew 53% to £26.1m
          (1999 £17.48m)
       -  North American sales revenue increased 18% to £17.34m
          (1999 £14.68m)

*    A joint franchise agreement to supply branded merchandise
     to Fortune Magazine ranked companies as part of the
     partnership with Lands' End (signed in July)

*    10% of sales through e-commerce

Commenting on today's announcement Rodger Booth, Chairman of
4imprint said;

'The major changes announced earlier in the year are complete.
The business is now clearly focussed and backed by excellent
technical and commercial skills.  Current trading is on plan
and we have substantial financial resources to invest in the
development of both our existing operations and new
opportunities.'

THERE WILL BE AN ANALYST BRIEFING AT BUCHANAN COMMUNICATIONS
107 CHEAPSIDE, EC2 ON TUESDAY 19 SEPTEMBER AT 09.30 AM.

For further information, please contact:

4imprint Group
Dick Nelson, Chief Executive                      020 7466 5000
(today only)
Richard Harrison, Finance Director                020 7466 5000
(today only)

Buchanan Communications
Mark Edwards, Jeremy Garcia, Alison Cole          020 7466 5000


Chairman's Statement

Introduction

During the first half of the year the restructuring of the
company described in our Preliminary Announcement of March 3rd
has been completed.  Our print based activities have been sold
to two separate management teams for a total consideration of
£40.8m (of which £2.5m is contingent on results achieved over
the next three years).

Our activities are now totally focussed on the sale and
distribution of imprinted promotional products on an
international basis.  Our revenues are achieved through a
combination of traditional sales, catalogue marketing and
business to business e-commerce.

Comments on the Financial Summary

Results from continuing operations are strong, with sales up
37% to £44.06m and Operating Profits up 50% to £1.58m. These
figures contain some one off' sales which will not be repeated
in the second half, when increases will be smaller.

As we have made disposals in both 1999 and 2000, sales from
discontinued operations are not comparable year on year.  The
losses of £2.31m are higher than we had anticipated reflecting
difficult market conditions within the printing industry.

As previously announced we have made an exceptional provision
of £44.5m in aggregate for losses on the disposals and
reorganisation costs associated with this strategy.  The
greatest cost is the write back of goodwill previously written
off.  However our balance sheet remains strong and we now have
net cash following the receipt of proceeds from the disposals
during July and August.
The interim dividend of 6.45p per share is maintained from our
reserves.

Segmental Review of Operations

United Kingdom/Europe

1999 (six months) Sales £17.48m   Operating Loss     (£0.06m)
2000 (six months) Sales £26.71m   Operating Profit    £0.97m



Sales up 53% for the period reflect a full contribution from
the prior year acquisitions of Bourne and PPI.

We have made substantial operational changes and cost
reductions in integrating the various businesses under the
4imprint banner.  This process is now broadly complete, and
should result in improved margins in the periods ahead.  We
have developed a major new 186 page catalogue, the largest in
the industry, to support our new 4imprint brand.

Our events division at PPI has contributed much of the sales
growth from business deriving from Euro 2000, which will not be
repeated in the second half of the year.  We continue to win

important new catalogue programmes including recent successes
with JCB, BAE Systems, and AMEC.

United States

1999 (six months) Sales £14.68m Operating Profit     £1.11m
2000 (six months) Sales £17.34m Operating Profit     £0.61m


Sales up 18% for the period include organic growth, and
exchange translation gains.  Operating profit is depressed by
additional marketing expenditure of around $1.1m on the
development of our e-commerce business.  We anticipate higher
margins in the second half.

Our base catalogue business has performed soundly, with growth
limited to single digits as a result of some migration of
customers to e-commerce, a trend which we encourage.

Through this period e-commerce sales represent some 10% of the
total, half of which are from new customers.  This is an
increase of 500% on the second half of 1999, and illustrates
the great potential of this medium. More recently, the
proportion of e-commerce sales has increased to 15%.  Growth is
continuing month by month, but most exciting are the new
opportunities which it is introducing to us.

Our partnership with Lands' End, signed in July, will provide
us with access for our products to their client base of 100,000
companies and organisations.  We are jointly marketing their
branded clothing and our full range of products to major US
companies.  Our first success has
been a joint franchise to supply branded merchandise to
companies ranked by Fortune Magazine.  Other contracts are in
the process of negotiation.  Key factors in winning the
confidence of these new customers are our enterprise operating
system, our industry leading internet facilities and our
European distribution capability.  Start up of new contracts of
this nature takes several months, and we anticipate that sales
will develop strongly through 2001 and beyond.

Other participants and new ventures are currently under
discussion.

Summary and Outlook

The major changes announced earlier in the year are complete.
The business is now clearly focussed and backed by excellent
technical and commercial skills.  Current trading is on plan
and we have substantial financial resources to invest in the
development of both our existing operations and new
opportunities.  Following the disposal of our print based
operations my role as Chairman is now non executive.  I have
every confidence that our new Chief Executive Dick Nelson and
his team will take the company forward in sales and
profitability over the months and years ahead.

Rodger Booth
Chairman

                                                               

Financial Summary
for the six months to 1 July 2000

                                Unaudited         Unaudited
                                   1 July            3 July
                                     2000              1999
                                                   
Turnover                                           
Continuing operations             £44.06m           £32.16m
Discontinued operations           £24.77m           £47.78m
                                  £68.83m           £79.94m
                                                   
Operating profit/(loss)                            
Continuing operations              £1.58m            £1.05m
Discontinued operations           £(2.31)m          £(0.31)m
                                  £(0.73)m           £0.74m
                                                     
Exceptional item (Disposals &    £(44.55)m           £1.00m
reorganisation)
                                                   
Dividends per share                                
Ordinary                            6.45p             6.45p
Special                                             100.00p
                                                   
                                                   
(Loss)/earnings per share                          
Basic                            (158.72)p           2.04p
Diluted                          (157.96)p           2.04p
                                                   
                                                   
Shareholders' funds              £47.32m           £59.53m
                                                   
                                                   
Net debt                         £5.32m            £4.77m
                                                   
                                                   
Gearing                             11%                8%

                                                               

Consolidated Profit & Loss Account
Unaudited, for the six months to 1 July 2000
                                                                 
                                                                    
                      Contin- Discontin-   Half   Half    Full 
                        uing       uied    Year   Year    Year 
                      Operat-     Opera-   2000   1999    1999
                        ions      tions 
                       £'000      £000     £000  £'000   £'000                  
      
                                                                 
Turnover              44,056     24,770  68,826 79,943 180,295
                                                                 
Operating profit/
(loss)                 1,579     (2,309)  (730)    744  11,863
                                                                
Exceptional item :                                              
provision for loss on
sale of businesses and  
fundamental reorganisation             (44,547)   998   1,600          

                                                                
Interest                                   (23)  (594)   (803)
                                                               
(Loss)/profit before                        
taxation                                   
                                       (45,300) 1,148  12,660  
                          
Taxation                                   807   (344) (3,842)
                                                              
                                                               
(Loss)/profit after taxation           (44,493)   804   8,818
                                
                                                               
Dividends: Ordinary & Preference        (1,822)(1,822) (5,249)
Special                                        (43,003)(43,003)
                                                  
                                                               
Transfer from reserves                 (46,315)(44,021)(39,434)
                                                               
(Loss)/earnings per share                                            

       Basic                          (158.72)p  2.04p  26.28p
                                           
       Diluted                        (157.96)p  2.04p  26.21p
                                            
                                                               
Ordinary dividend per
ordinary share:                         6.45p  6.45p    18.65p

Special dividend per
ordinary share:                              100.00p   100.00p
                                                               
These financial statements should be read in conjunction with
the notes on page 8.

                                                               


Reconciliation of Movement in Shareholders' Funds
Unaudited

                                      At         At         At
                                  1 July     3 July  1 January
                                    2000       1999       2000
                                   £'000      £'000      £'000
                                                        
(Loss)/profit for the financial   
period                            (44,493)      804      8,818
Dividends: Ordinary                (1,822)   (1,822)    (5,249)

           Special                          (43,003)   (43,003)
                                                    
                                  (46,315)  (44,021)   (39,434)
                                 
                                                        
Other recognised gains and losses     (33)    1,034        290
for the period
Shares issued in the period            54     1,388      1,499
Net increase in goodwill in the                            
period                                                     (47)
Goodwill written back on          
disposals                          29,789    42,168     42,554
                                                          
                                  (16,505)      569      4,862
                                  
                                                        
Opening shareholders' funds        63,822    58,960     58,960
                                                        
Closing shareholders' funds        47,317     59,529    63,822
                                                                 

                                                               
                                                               
                                                               
Consolidated Balance Sheet Unaudited
                                     At          At         At
                                 1 July      3 July  1 January
                                   2000        1999       2000
                                                           
Fixed assets                     34,099       34,154    33,331
                                                           
Current assets                   63,773       60,820    70,523
                                                           
Current liabilities             (42,006)     (33,633)  (45,466)
                                                           
Net current assets               21,767       27,187    25,057
                                                           
Pension cost prepayment          11,556       11,618    11,631
                                                           
Total assets less current         
liabilities                      67,422       72,959    70,019
                                                           
Other liabilities and
provisions                      (20,105)     (13,430)   (6,197)
                                                           
Net assets                       47,317       59,529    63,822
                                                           
Capital and reserves                                       
                                                           
Called up share capital          11,052       11,028    11,042
Other reserves                   36,265       48,501    52,780
                                                          
Shareholders' funds              47,317       59,529    63,822
                                                           
Analysis of shareholders' funds                            
                                                           
Equity                           47,109       59,321    63,614
Non-equity                          208          208       208
                                                           
                                 47,317       59,529    63,822
                                                           
Net debt                          5,316        4,770       604
                                                           
Gearing                             11%           8%        1%
                                                           

These financial statements should be read in conjunction with
the notes on page 8.

                                                               

Consolidated Cashflow
Unaudited, for the six months to 1 July 2000
                                                            
                                     Half      Half     Full
                                     Year      Year     Year
                                     2000      1999     1999
                                    £'000     £'000    £'000
                                                              
Cash inflow from operating                             
activities
Operating profit and depreciation  1,802      4,293   17,896
Increase in stocks                (7,905)   (10,881)  (1,699)
                                   
Decrease in debtors               15,468     22,677    3,074
Decrease in creditors             (4,371)    (7,941)  (2,477)
                                  
Expenditure against provisions       (10)        (5)     (16)
                                                       
                                   4,984      8,143    16,778
                                                       
Returns on investment and servicing 
of finance                           (23)    (1,057)   (1,256)
                                                       
Taxation                            (418)      (977)   (3,258)
                                                       
Capital expenditure               (3,902)    (4,840)   (6,705)
                                   
                                                       
Acquisitions                      (3,259)    (5,638)   (5,638)
                                 
                                                       
Disposals                          1,476     73,208    75,562
                                                       
Equity dividends paid             (3,430)   (47,881)  (49,688)
                                          
                                                       
Issue of shares                       54        408       569
                                                       
                                  (4,518)    21,366    26,364
                                 
                                                       
Loans and cash acquired with                   (951)   (1,101)
subsidiaries
Loans and cash disposed of with                        
subsidiaries                                             (725)
Translation difference              (194)      (246)     (203)
                                                        
Cash (outflow)/inflow in
the period                        (4,712)    20,169    24,335
                                 
                                                       
Opening net debt                    (604)   (24,939)  (24,939)
                                            
                                                       
Closing net debt                  (5,316)    (4,770)    (604)
                                 

                                                               
Notes to the Financial Statements

1 Basis of preparation

This Interim Report for the half year ended 1 July 2000 has not
been audited and does not constitute statutory accounts within
the meaning of S240 of the Companies Act 1985. The financial
information has been prepared on the basis of the accounting
policies set out in the group's Annual Report & Accounts for
the year ended 1 January 2000. These accounts carry an
unqualified auditor's report and have been delivered to the
Registrar of  companies. The comparative results for the year
ended 1 January 2000 are abridged, and as such do not represent
statutory accounts.

The balance sheet presented at 1 July 2000 comprises the assets
and liabilities of both the continuing and discontinued
businesses on a line by line basis.

2 Segmental                            2000            1999
  Analysis
                                  Sales     Op.   Sales    Op.
                                         profit         profit
                                  £'000   £'000   £'000  £'000
ORIGIN                                                        
United Kingdom                   26,711     971  17,480    (63)
United States                    17,345     608  14,685  1,111
Businesses disposed of           24,770  (2,309) 47,778   (304)
TOTAL                            68,826    (730) 79,943    744
                                                                 
PRODUCT                                                        
Promotional Marketing            44,056    1,579  32,165 1,048
Businesses disposed of           24,770   (2,309) 47,778  (304)
                            
TOTAL                            68,826     (730) 79,943   744
                                                               
3 Exceptional  item                                      £'000
 
                                                               
- Provision for loss on disposal of the                   
  Specialist Print Services division net assets         13,983
- Provision for the goodwill previously written          
  off on disposal of the Specialist Print              
  Services division                                     29,789
- Costs of fundamental   reorganisation                    775
                                                        ------
                                                        44,547
                                                       -------      
The  loss  relating  to  the disposal of the  Specialist  Print
Services  division  represents  the  directors'  best   current
estimate of the final outcome of this transaction.

4  Taxation

Taxation credit on                                          226
operating activities
Taxation credit on exception items                          581
                                                        -------
                                                            807
                                                        -------
                                                           
The  taxation  credit on operating activities is calculated  by
applying the Directors' best estimate of the group's annual tax
rate  to the loss before taxation and exceptional item for  the
period.

5 Dividend

The interim dividend for 2000 of 6.45p per ordinary share (1999
:  6.45p)  will  be  paid  on  13  November  2000  to  ordinary
shareholders  on the register at the close of  business  on  20
October 2000.

6 Loss Per Share

The Loss Per Share for the half year is based on the loss after
tax  and  preference dividends of £45,219,000 (1999:  Profit  -
£793,000)  and  weighted average shares in issue of  28,038,032
(1999: 38,979,000).

The  Diluted Loss Per Share for the half year is based  on  the
same  loss and profit figures as above, but takes into  account
the   dilutive  effect  of  share  options  outstanding,  which
increases  the weighted average number of shares in  issue  for
Diluted   Loss   Per   Share  purposes  to  28,172,635   (1999:
39,079,000).