14th Feb 2023 10:31
(Alliance News) - UP Global Sourcing Holdings PLC on Tuesday said it expects its performance for financial year 2023 to July 31 to be in line with current market expectations, which it did not specify.
UP Global Sourcing is a Manchester-based owner of homeware brands, including Salter and Beldray. UP stands for Ultimate Products.
In the six months that ended January 31, revenue increased 2.2% to GBP87.6 million from GBP85.7 million a year previous.
"Encouragingly, the level of general retailer overstocking experienced during 2022 which, along with the challenging macroeconomic environment, caused retailer customers to be cautious in the size of their forward orders, is now reducing in the UK and more normal patterns of order placing have recommenced," UP Global said.
The company explained online channels were the main drive of growth, supported by the continued normalisation of global supply chains.
Chief Executive Simon Showman says: "Looking ahead, we expect that the current softness in global shipping pricing, as well as the partial recovery in Sterling, will provide additional relief against the ongoing inflationary backdrop."
The company will release its full results for the half-year to January 31 on March 29.
UP Global shares were 2.5% lower at 162.36 pence each in London on Tuesday morning.
By Tom Budszus, Alliance News reporter
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