TIDMUPGS
RNS Number : 2835J
UP Global Sourcing Holdings PLC
15 August 2023
15 August 2023
UP Global Sourcing Holdings plc
"Ultimate Products" or "the Group"
PRE-CLOSE TRADING UPDATE AND NOTICE OF RESULTS
Record financial performance, driven by online expansion and an
improved sales mix
Growth achieved with no overall price inflation
Ultimate Products, the owner of a number of leading homeware
brands including Salter (the UK's oldest houseware brand, est.1760)
and Beldray (est.1872), is pleased to announce its trading update
for the financial year ended 31 July 2023 ("FY23").
Overview
Unaudited Group revenues increased 8% to a record GBP166.3m
(FY22: GBP154.2m), driven by exceptional growth at the Group's
online division, where revenues were up 64% year-on-year, together
with an improved sales mix. Revenue growth in the period was
achieved with no overall price inflation helping to keep the
Group's branded homeware products at prices which are attractive
and affordable to consumers. Growth accelerated as the year
progressed with H2 revenues increasing 15% year-on-year.
Unaudited adjusted EBITDA* increased by 8% to a record GBP20.2m
(FY22: GBP18.8m), in line with market expectations (GBP20.1m).
Unaudited adjusted PBT* increased by 6% to GBP16.8m (FY22:
GBP15.8m), in line with market expectations (GBP16.8m).
At the year end, the Group had a net bank debt of GBP14.8m
(FY22: GBP24.3m), which represents a net bank debt / adjusted
EBITDA ratio of 0.7x (FY22: 1.3x). As announced on 17 July 2023,
the improved net debt performance is due to ongoing improvements in
working capital management and the phasing of trading during the
second half of the year.
Current trading
Current trading for FY24 is in line with market
expectations.
Commenting on the performance, Simon Showman, Chief Executive of
Ultimate Products, said:
"We are delighted that our brands continue to resonate so well
with our customers, enabling us to deliver strong revenue growth
with no overall price inflation. In achieving this, we are making
good on our purpose of providing beautiful and competitively priced
products to every home."
Notice of results
The Group intends to announce its full year financial results on
31 October 2023.
*Adjusted measures are stated before share-based payment expense
and non-recurring items
For more information, please contact:
Ultimate Products +44 (0) 161 627 1400
Simon Showman, CEO
Andrew Gossage, Managing Director
Chris Dent, Chief Financial Officer
Shore Capital +44 (0) 20 7408 4090
Mark Percy
Malachy McEntyre
David Coaten
Iain Sexton
Powerscourt +44 (0) 207 250 1446
Rob Greening
Sam Austrums
Oliver Banks
Notes to Editors
Ultimate Products is the owner of a number of leading homeware
brands including Salter (the UK's oldest houseware brand,
established in 1760) and Beldray (a laundry, floor care, heating
and cooling brand that was established in 1872). According to its
market research, nearly 80% of UK households own at least one of
the Group's products.
Ultimate Products sells to over 300 retailers across 38
countries, and specialises in five product categories: Small
Domestic Appliances; Housewares; Laundry; Audio; and Heating and
Cooling. Other brands include Progress (cookware and bakeware),
Kleeneze (laundry and floorcare), Petra (small domestic appliances)
and Intempo (audio).
The Group's products are sold to a broad cross-section of both
large national and international multi-channel retailers as well as
smaller national retail chains, incorporating discount retailers,
supermarkets, general retailers and online retailers.
Founded in 1997, Ultimate Products employs over 370 staff, a
significant number of whom have joined via the Group's graduate
development scheme, and is headquartered in Oldham, Greater
Manchester, where it has design, sales, marketing, buying, quality
assurance, support functions and warehouse facilities across two
sites. Manor Mill, the Group's head office, includes a spectacular
20,000 sq ft showroom that showcases each of its brands. In
addition, the Group has an office and showroom in Guangzhou, China
and in Cologne, Germany.
Please note that Ultimate Products is not the owner of Russell
Hobbs. The company currently has licence agreements in place
granting it an exclusive licence to use the "Russell Hobbs"
trademark for cookware (NB this does not include Russell Hobbs
electrical appliances).
For further information, please visit www.upgs.com
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END
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