UP Global Sourcing profit jumps 48% on sales boost
Source - SMW
Consumer goods supplier UP Global Sourcing Holdings, also known as Ultimate Products, posted a 48% rise in first-half profit as it boosted sales and held its margins steady.
Pre-tax profit for the six months through January rose to £5.9m, up from £3.9m on-year.
Revenue jumped 36% to £65.8m, which the company said was driven by growth across all four of its channels: UK and European discounters, UK supermarkets, online revenue and international retailers.
The company declared an interim dividend of 1.16p per share, up 40% on-year.
'The market conditions for general merchandise remain challenging in the UK and Ultimate Products, like many others, is faced with an uncertain environment for consumers, retailers and suppliers,' Ultimate Products said.
'Despite these challenges, the group has delivered strong growth and a good set of results for the first half through a relentless focus on its tried and tested strategy.
'The group is well invested, retains a strong balance sheet and maintains comfortable levels of funding headroom within its bank facilities.'
'Current trading is comfortably in line with expectations and, while the conditions in the UK look set to remain challenging for the foreseeable future, the board remains confident about the group's future prospects.'