Ultimate Products follows up £105m IPO with spectacular half-year results

Ultimate Products, the innovative consumer goods group which listed on the LSE six weeks ago in a £105m float, has announced soaring revenue and profits.

Year-on-year turnover rose 62.2% to £68.1m in the six months to January 31 and pre-tax profits also increased to £8.4m – up 77.9%.

The company highlighted its successful IPO, which was one of the biggest of the year so far, and the appointment as Chairman of James McCarthy, the former chief executive of Poundland Group.

There has also been the refurbishment of Heron Mill in Oldham near completion – now the main warehouse facility carrying the majority of the group’s inventory, and where 180 of its staff are based.

“We offer people beautiful products for the home,” said managing director Andrew Gossage. “We are successful because we off high quality, branded innovative products at a price point the family can afford.

“We used to be a general importing and sourcing business, but at the end of 2013, we decided to concentrate on our own products and this has proved to be the key to our success.”

A big part in this success has been its marketing of the the Beldray vacuum cleaner which is sold in major markets.

Chief executive Simon Showman said: “This has been the most eventful and transformational period in Ultimate Products’ 20-year history.

“Following on from the group’s successful IPO last month, we are delighted to be announcing strong revenue and profit growth for the first six months of the financial year.

“Our strategy of developing a portfolio of brands that are focused on mass market, value-led, consumer goods for the home has continued to deliver profitable growth.

“We are pleased with the progress that we have made across our core customer base of UK and European discounters, and see significant potential for further growth both with UK supermarkets and online platforms, as well as through our own international expansion.

“This, combined with the proven viability of our strategy and the strength of our product range, means that we feel well placed to deliver further growth in the remainder of this year and continue to be confident in the long-term prospects of Ultimate Products.”