TIDMUPGS
RNS Number : 1984A
UP Global Sourcing Holdings PLC
10 September 2018
10 September 2018
UP Global Sourcing Holdings plc
"Ultimate Products" or "the Group"
PRE-CLOSE TRADING UPDATE AND NOTICE OF RESULTS
Ultimate Products, the owner, manager, designer and developer of
an extensive range of value-focused consumer goods brands,
announces its trading update for the financial year ended 31 July
2018 ("FY18").
Overview
-- Unaudited Group revenues decreased by 20.4% to GBP87.6m
(FY17: GBP110.0m), reflecting: a much tougher trading environment
for general merchandise in the UK; and the one-off impact of
revenue deferral due to a change in supply arrangements for a major
European customer
-- Significant growth in online revenue, supported by the new
dedicated facilities at Heron Mill and now representing 7.9% of
Group revenue
-- Unaudited underlying EBITDA* down 43.8% to GBP6.5m (FY17:
GBP11.5m), in line with previous guidance, driven by lower
revenues
-- The Group maintains comfortable levels of headroom within its
bank facilities, with headroom at 31 July 2018 of GBP9.1m (31 July
2017: GBP6.2m)
Current trading and outlook
-- Currently trading in line with market expectations
-- Against a continued tough retail backdrop in the UK, the FY19
order book is ahead of this time last year, with international
business representing an increased share
-- Management continue to focus on delivering growth via its four strategic pillars:
(1) increased listings and the store expansion of UK and
European discounters;
(2) increased penetration of UK supermarkets;
(3) growth in sales via online platforms; and
(4) international expansion.
Notice of Results
The Group intends to announce its full year financial results on
6 November 2018.
* Underlying EBITDA is a non-GAAP measure. Underlying EBITDA is
calculated after adding back exceptional items and share based
payment charges
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
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 38 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.
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 a newly established showroom in Cologne,
Germany. In total, Ultimate Products now employs over 200
staff.
For further information, please visit www.upgs.com
This information is provided by RNS, the news service of the
London Stock Exchange. RNS is approved by the Financial Conduct
Authority to act as a Primary Information Provider in the United
Kingdom. Terms and conditions relating to the use and distribution
of this information may apply. For further information, please
contact rns@lseg.com or visit www.rns.com.
END
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