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06 Jul 2020 | 11:42

Strong online performance sees Ultimate Products raise expectations

(Sharecast News) - UP Global Sourcing, trading as Ultimate Products, released an unscheduled trading update on Monday, reporting that since its previous update on 8 June, the invoicing and delivery of its order book had continued to progress "at a good pace". The London-listed value-focussed consumer brands company said that was driven in particular by a strong performance online.

As a result, it said it now expected that revenue for the year ending 31 July would be above £111m, with underlying EBITDA topping £9.6m, and underlying profit before tax to be above £7.4m.

All of those figures, the board noted, were above the market's current expectations.

"We are pleased to be making better-than-expected progress against a backdrop that remains hugely uncertain and challenging," said chief executive officer Simon Showman.

"The investment that we have made in our online segment in recent years is delivering particularly good results, and our adaptive, resilient and flexible business model is standing us in good stead.

"At this time of unprecedented hardship for many people in the communities in which we operate, we are continuing to do everything that we can to help out through a range of initiatives."

At 1126 BST, shares in UP Global Sourcing Holdings were up 11.81% at 75.25p.
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