Revenues climb for ‘cautiously optimistic’ consumer goods group

Ultimate Products, the owner of  homeware brands including Salter and Beldray said it was being “cautiously optimistic” as half year revenues climbed by 13.7%.

Turnover for the six months to 31 January 2022 grew by £10.4m to £85.7m with its Salter brand performing well since its acquisition and is expected to be “significantly earnings enhancing” in FY22.

The Oldham-based group said supermarkets will potentially surpass discounters as the group’s largest channel driven by strong organic growth and the Salter acquisition

Ultimate Products recently opened distribution centre in the Netherlands which will assist the European roll out of the group’s online business.

It expects revenues from the European business to account for at least 30% of total revenues.

It said supply chain challenges “remain heightened, but have recently shown signs of improvement.”

Looking ahead, the group said: “The Board anticipates a full year performance in line with current market expectations.

“The well-documented global supply chain challenges continue to represent a headwind for the business.

“While the situation remains uncertain and subject to change, conditions have recently shown early signs of improvement and the Board is cautiously optimistic that the worst is behind the Group.”