9th Sep 2019 11:46
(Alliance News) - UP Global Sourcing Holdings PLC said Monday its profit and revenue rose sharply in its recently ended financial year, driven by growth from all of its revenue streams.
UP Global Sourcing designs and develops a range of value-focused consumer brands, including household goods brand Kleeneze and George Wilkinson, which deals in kitchen goods.
For the year to the end of July, underlying pretax profit rose by 51% to GBP8.5 million from GBP5.6 million the year before, on revenue up 41% to GBP123.3 million from GBP87.6 million.
Revenue growth was driven by a strong performance from UP's four "strategic pillars", including UK and European discounters, UK supermarkets, online platforms, and international customers.
International business accounted for 39% of group revenue for the year, and online business made up 9.2% of revenue.
For its current financial year, UP is trading in line with expectations, with the order book moderately higher than the same time the prior year.
UP Global Sourcing will release its annual results on November 5.
Shares in UP Global Sourcing were up 4.5% at 74.70 pence on Monday in London.
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