TIDMUPGS
RNS Number : 4632I
UP Global Sourcing Holdings PLC
14 December 2020
14 December 2020
UP Global Sourcing Holdings plc
"Ultimate Products" or the "Group"
TRADING UPDATE
Ultimate Products, the owner, manager, designer and developer of
an extensive range of value-focused consumer goods brands,
announces the following unscheduled trading update.
Since the Group announced its full year results on 3 November
2020, there has been continuing momentum in its order book. Sales
to Online and Supermarket channels have performed particularly
well, which continues the trend from recent years for these
channels to account for a growing share of Group revenue. This
means that Ultimate Products is increasingly well diversified
across its four pillars of Discounters, Supermarket, Online, and
International Retailers.
Beldray, Ultimate Products' proprietorial brand for laundry,
floor care, heating and cooling, has continued to be the standout
performer from across the Group's portfolio.
Within Online, the Group's enhanced capabilities in this area as
a result of the investments it has made in recent years have led to
exceptionally strong sales growth during the peak Autumn / Winter
trading period, especially on Amazon Prime Day, Black Friday and
Cyber Monday.
As a result, the Group now anticipates that Underlying EBITDA
will be above the market's current expectations. A relentless focus
on productivity enhancements and increased operating efficiencies
has also led to an improvement in the Group's operating margin.
Commenting on the update, Simon Showman, Chief Executive of
Ultimate Products, said:
"We are delighted with the start that we have made to our new
financial year. Our performance with Online customers in particular
has been exceptionally strong, but our brands also continue to
resonate well with supermarket shoppers in both the UK and Europe.
Our offer also appeals to customers who are prioritising their
spend on quality homeware products as they spend more time at home,
and our cookware, laundry, cleaning, floorcare and kitchen
electrical products are all trading very well. While market
conditions remain uncertain in the short-term, the strength of our
current performance and the ongoing resilience of our business
model means that we remain confident in our future prospects."
For more information, please contact:
Ultimate Products +44 (0) 161 627 1400
Simon Showman, CEO
Andrew Gossage, Managing Director
Graham Screawn, Finance Director
Shore Capital +44 (0) 20 7408 4090
Mark Percy
Edward Mansfield
Sarah Mather
Powerscourt +44 (0) 207 250 1446
Rob Greening
Sam Austrums
THIS ANNOUNCEMENT CONTAINS INSIDE INFORMATION FOR THE PURPOSES
OF ARTICLE 7 OF THE MARKET ABUSE REGULATION (EU) 596/2014.
Notes to Editors
Ultimate Products is an owner, manager, designer and developer
of a series of well-known brands focused on the home, selling to
over 300 retailers across 37 countries. It has six product
categories: Audio; Heating and Cooling; Housewares; Laundry;
Luggage; and Small Domestic Appliances. Its brands include Beldray
(laundry, floor care, heating and cooling), Intempo (audio), Salter
(kitchenware), Constellation (luggage), and Progress (cookware and
bakeware).
The Group's products are sold to a broad cross-section of both
large national and international multi-channel retailers as well as
smaller national retail chains, incorporating discount retailers,
supermarkets, general retailers and online retailers. Its
best-selling products include frying pans, mugs and speakers,
selling approximately one million of each every year.
Founded in 1997, Ultimate Products is headquartered in Oldham,
Greater Manchester, where it has design, sales, marketing, buying,
quality assurance, support functions and warehouse facilities
across two sites. Manor Mill, the Group's head office, includes a
spectacular 20,000 sq ft showroom that showcases each of its
brands. In addition, the Group has an office and showroom in
Guangzhou, China and in Cologne, Germany.
Ultimate Products' graduate development scheme was launched in
2012 and in 2018 it welcomed its one-hundredth graduate. In total,
Ultimate Products now employs over 250 staff.
Please note that Ultimate Products is not the owner of Russell
Hobbs or Salter. The company currently has licence agreements in
place granting it an exclusive licence to use the "Russell Hobbs"
trademark for cookware (NB this does not include Russell Hobbs
electrical appliances) and the "Salter" trademark for electrical
and cookware (NB this does not include Salter scales).
For further information, please visit www.upgs.com
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END
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