Low cost consumer products firm sees revenues soar to £123m
An Oldham based firm which designs and develops low cost consumer products has seen revenues increase by just over 40% in the first 12 months of the year.
Ultimate Products published a pre-close trading update this morning.
Group revenues increased by 40.8% to £123.3m, reflecting good growth across each of its four strategic markets – namely, UK and European discounters, UK supermarkets, online platforms and international customers.
International business accounted for 39.4% of the group’s revenue and the online business accounted for 9.2% of revenue.
Unaudited underlying EBITDA was up 53.4% to £9.9m and unaudited underlying PBT was up 50.5% to £8.5m driven by higher revenues.
The firm said it maintains comfortable levels of headroom within its bank facilities, with headroom at 31 July 2019 of £10.1m and continues to operate well within its banking covenants.
Trading is in line with market expectations with the order book moderately ahead of this time last year.
Over the longer term, the board is confident in the resilience of the group’s business model, and in particular the adaptability and versatility of its strategy.
