Manchester products firm sees revenues soar by 36%

A firm which designs and develops a range of value based consumer goods said its revenues have increased by 36% to £65.8m.

Manchester based Ultimate Products issued a trading statement this morning.

Revenues increased by 36% to £65.8m in the first half, driven by good growth across each of the group’s four strategic pillars – discounters, UK supermarkets, online platforms and international customers.

Revenue in the prior period was reduced by approximately £4.5m as a result of the one-off timing impact of a key European customer moving from Free on Board to Landed arrangements.

The earlier timing of Chinese New Year in 2019, which has pulled forward approximately £1.9m of revenue.

International business continues to grow and accounted for 40% of the Group’s revenue.

The positive momentum has continued, with stronger than expected revenue growth across each of its four strategic pillars.

As a result the firm now anticipates that its EBITDA performance in the full year will be above the market’s current expectations.

The firm continues to assess the implications of a ‘no-deal’ Brexit and the potential impact on volumes and margins if it led to a material devaluation in the pound.

However, in the longer term, the company is confident in the adaptability and resilience of its business model, as evidenced by the strong recovery in trading despite a challenging consumer and retail market.