11th Feb 2019 10:02
LONDON (Alliance News) - UP Global Sourcing Holdings PLC shares spiked Monday after the company said its revenue in the first half rose 36% with trading in the second half so far ahead of expectations.
Shares in the marketing and distribution company were up 14% at 66.01 pence each.
UP Global Sourcing said its revenue in the six months to January 31 increased 36% year-on-year to GBP65.8 million from GBP48.4 million.
The company said the growth was driven by its performance in its four core businesses - discounters, UK supermarkets, online platforms and international customers.
UP Global said the "positive momentum" seen in the first half has carried into the second half, with "stronger than expected" revenue across its four core units.
As a result, UP Global expects its earnings before interest, tax, depreciation and amortisation for the full year to be above current market expectations. For the year to July 31, 2018, UP Global reported Ebitda of GBP6.3 million.
In a statement, the company said: "The group continues to assess the implications of a 'no-deal' Brexit and the potential impact on volumes and margins if it led to a material devaluation in sterling. However, in the longer term, the board is confident in the adaptability and resilience of the group's business model, as evidenced by the strong recovery in trading in the first half despite a challenging consumer and retail market."
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