Exports provide a fillip for Ultimate Products
HOUSEHOLD products importer Ultimate Products grew its sales by 28% in the year to July 31 to £78.3m on the back of growth in overseas markets.
The Oldham-based company, which sources homeware brands sold under licence for chefs Anthony Worral-Thompson and Gino D’Acampo as well as audio-visual and electrical equipment for high street retailers such as Argos and Tesco, said that sales to the US had now topped £10m and that exports now make up more than a third of its total sales.
As a result, earnings before interest, tax, depreciation and amortisation (ebitda) are also up by 31% to £6.8m.
The business, which is run by co-founder Simon Showman and is backed by private equity firm LDC, now employs more than 230 people. It made three acquisitions during the year (including luggage brand Japinda), completed a £15m refinancing with HSBC, overhauled its IT systems and opened a new sales office in mainland China.
Chief executive officer Simon Showman said: “Our business is now diversified across multiple product categories, retail sectors and geographic markets, which, together with careful cost control and tight cash management, has enabled us to navigate our way through the downturn much better than others.”
“We’re now a critical part of the machinery for many retailers.”
Showman co-founded the company as a stock clearance business in 1997 with business partner Barry Franks, who sold his stake in a £25m deal which saw LDC take 48% of the company in 2005.
The firm from a 175,000 sq ft warehouse in Oldham and has offices in Belgium, India, China and Hong Kong.
