Ultimate Products toasts to record revenues and profits

Consumer goods giant Ultimate Products is toasting to record revenues driven by its acquisition of Salter in June last year.

The Oldham-headquartered group, which owns several homeware brands, has reported a 13% rise in revenues to £154.2m despite the challenges of disrupted supply chains and ‘a deteriorating macroeconomic backdrop.’

In a trading update for the year to 31 July 2022, the group said growth has been particularly strong with supermarket customers, which now represent its largest sales channel.

Unaudited underlying EBITDA increased by 41% to a record £18.8m, up from £13.3m in the previous year and is line with market expectations of £18.7m.

Unaudited underlying pre-tax increased by 42% to £15.8m, that’s up from the previous year’s £11.2m.

Current trading for FY23 is in line with market expectations.

Simon Showman, CEO of Ultimate Products, said: “Increased sales into supermarkets, especially in Europe, have been key to this year’s performance and will continue to be critically important components of our future growth plans.

“Operationally, our robotics and automation initiatives are progressing well, and we are already starting to see some early productivity benefits.

“While the macroeconomic backdrop will continue to present headwinds, the resilience of this performance is yet another demonstration of Ultimate Products’ ability to navigate and adapt to challenging conditions.

“The Board therefore remains confident in the future prospects for the Group.”