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UP Global Sourcing revenue up thanks to online division

15th Aug 2023 10:03

(Alliance News) - UP Global Sourcing Holdings PLC on Tuesday said that annual revenue rose, driven by its online arm, where revenue surged 64%.

Shares in the Manchester-based owner of homeware brands, including Salter and Beldra were up 3.4% to 128.50 pence each in London on Tuesday morning.

Revenue in the financial year ended July 31 is expected to increase 8% to a "record" GBP166.3 million from GBP154.2 million a year earlier. It said that this was driven by growth at its online division, where revenue was up 64% year-on-year, together with an improved sales mix.

Ultimate Products added that revenue growth in the period was achieved with no overall price inflation helping to keep the company's branded homeware products at prices which are "attractive and affordable to consumers."

Further, growth accelerated as the year progressed with second half revenue increasing 15% year-on-year.

Adjusted earnings before interest, tax, depreciation and amortisation increased by 8% to GBP20.2 million from GBP18.8 million. Whilst, adjusted pretax profit increased by 6% to GBP16.8 million from GBP15.8 million.

Both were in line with market expectations, Ultimate Products noted.

Looking ahead, Ultimate Products said that current trading for financial 2024 is in line with market expectations.

Chief Executive Simon Showman 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."

The company intends to announce its full year financial results on October 31.

By Sophie Rose, Alliance News reporter

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