Consumer goods firm announces third profits upgrade of the year

Oldham-based Ultimate Products, which designs and develops a range of value-based consumer goods, said today that full year results are expected to be better than previous forecasts.

This is the third profits upgrade so far this financial year.

In an unscheduled trading update today, the firm said: “The group has continued to trade strongly since its interim results, announced on 29 April 2019, and there has been better than expected revenue growth across each of its four strategic pillars: Discounters, UK supermarkets, online platforms, and international customers.

“As a result, the board now anticipates that FY19 revenue will be between £121.5m and £122m, and that the underlying profit before tax performance in FY19 will, therefore, be above the market’s current expectations.

“The board will provide a further update on the group’s trading performance following the conclusion of the financial year, ending 31 July 2019, on 9 September 2019.

The group said its products have been spotted on the current series of reality TV show Love Island.

The show’s contestants have been pictured using Ultimate Products’ Cambridge range of Eco Friendly Bamboo Dinnerware Cups, an Amazon #1 Best Seller, and Bamboo Flamingo Reusable Coffee Travel Mugs, an Amazon’s Choice product.

In the April first half update, the firm revealed that turnover in the six months to January 31 was ahead by 36% to £65.8m driven by growth across all four of the group’s channels.

Profit before tax jumped by 48.5% to £5.9m.