Counselor Top 40 distributor Stran Promotional Solutions (asi/337725), a publicly traded company, shared preliminary unaudited financial results on Monday Feb. 3 that show the firm increased sales in 2024.

Stran said sales reached approximately $83 million in 2024, a more than 9% rise over the prior year. For the fourth quarter in particular, sales leapt nearly 18% year over year to a reported $27 million.

Still, the full-year figures don’t quite tell the complete story of Stran’s financial performance in 2024, as they exclude about $31 million in revenue from Gander Group, a California-based provider of casino continuity and loyalty programs that Stran acquired last year.

Due to rules on how publicly traded firms can report revenue, Stran couldn’t include the $31 million from Gander that was generated prior to closing the acquisition, said Stran CEO Andy Shape, a member of Counselor’s Power 50 list of the promotional products industry’s most influential people.

In reporting revenue for consideration for Counselor’s annual Top 40 rankings of the industry’s largest distributors, Stran isn’t bound by as strict a standard and plans to include the $31 million from Gander, as it has done in years past regarding the top-line numbers from other companies it has acquired.

“We remain optimistic about our long-term growth prospects and will continue to invest in strategic initiatives to maximize value for our shareholders.” Andy Shape, Stran Promotional Solutions (asi/337725)

By including Gander Group’s $31 million, Stran’s 2024 revenue tallies up to about $114 million – a rise of about 39% on the apples-to-apples $82.1 million figure for 2023 that Stran reported to Counselor, which likewise included the full-year revenue of acquired companies for that year, Shape told ASI Media.

“With our enhanced capabilities and expanded customer base in the gaming, casino and entertainment sectors, we continue to identify new cross-selling opportunities and drive operational efficiencies,” Shape said in a statement to investors. “Looking ahead, we remain optimistic about our long-term growth prospects and will continue to invest in strategic initiatives to maximize value for our shareholders.”

#Promoproducts distributor showed their grit to overcome a plethora of challenges and achieve another annual #merch industry sales record in 2024.

Promo Industry Achieves Record Sales in 2024 Despite Challenges https://t.co/rf3JZHrouk

— Chris Ruvo (@ChrisR_ASI) January 24, 2025

In announcing its preliminary top-line results, Stran did not share word on profitability. That’s expected to come when the firm releases fully audited results.

For full-year 2024, promotional products distributors collectively increased sales on average by 1.8% to $26.6 billion – a new industry record achieved despite a plethora of challenges, according to the most recent Distributor Quarterly Sales Survey from ASI Research.

In January, Stran released newly audited reports that restate financial numbers for the years 2022 and 2023. The firm had to have a new auditor re-audit the financials after the U.S. Securities and Exchange Commission (SEC) slapped Stran’s prior auditor, the defunct and disgraced BF Borgers, with a $14 million settlement.

BF Borgers engaged in “deliberate and systemic failures” to comply with standards of the Public Company Accounting Oversight Board in audits and reviews incorporated in 1,500 SEC filings between January 2021 and June 2023, according to the SEC.

Companies that had relied on the firm for audits, like Stran, needed to have new audits performed. Stran has been working through that process and is not accused of any wrongdoing.