Cimpress reports fourth-quarter revenue up 9%

Getting your Trinity Audio player ready...

Vistaprint parent Cimpress closed 2023 with a strong fourth quarter, in which consolidated revenue grew 9% on both reported and organic constant-currency bases, the company said. Full-year revenue grew 7% on a reported basis and 11% on an organic constant currency basis. As discussed further below, operating income and adjusted EBITDA grew significantly compared to the same quarter last year. The strong Q4 financial results exceeded our expectations thanks to strong performance by Vista and our Upload & Print businesses. We maintain strong momentum as we move into FY2024, a year in which we expect our financial trajectory to continue in a favorable direction.

The company said its Vistaprint business showed strong revenue growth, “driven by the continuation of both year-over-year pricing increases and new customer growth; constant-currency revenue growth was well-balanced across geographic regions and core product categories. Segment profitability expanded year over year by $65.7 million in Q4 FY2023, also in a balanced manner: $21.9 million of gross profit growth, $20.5 million of reduced advertising, and reductions in other operating expenses of approximately $23.3 million. The comparison to last year is striking and illustrates Vista’s improved pricing, reduced cost base, increased focus of investments, and the shift of development resources from technology migration to activities such as user experience improvements, experimentation, and new product introduction. ”