Ultimate Products has suspended its interim dividend as part of a range of measures to preserve cash.<\/p>\n
The Oldham-based group, which designs and distributes low-cost consumer products, had achieved revenue and profit growth in the first half of its financial year, before the economic impact of the coronavirus took hold.<\/p>\n
Chief executive Simon Showman warned “these are extremely challenging times for any business in the general merchandise sector”.<\/p>\n
Ultimate Products increased revenues by 2.8% to \u00a367.7m in the six months to January, with international revenues increasing more sharply. Pre-tax profits were also up, rising 3.5% to \u00a36.0m.<\/p>\n
Showman said: “We take confidence from the fact that Ultimate Products has proved itself time and time again to be a hugely adaptive, resilient and flexible business that is capable of trading its way through the most challenging of environments.<\/p>\n
“The business is well capitalised with a strong balance sheet and good access to funding, and we believe that there may be attractive growth opportunities for Ultimate Products as we emerge from this crisis. As a result, despite the short-term uncertainty we remain confident in the long-term prospects of the business.”<\/p>\n
![\"\"](\"https:\/\/www.thebusinessdesk.com\/_files\/images\/mar_19\/karim-bitar-e1553509816305-300x200.jpg\")
Karim Bitar, chief executive of Convatec<\/p><\/div>Convatec’s share price rose 5% on opening this morning after it pubished an upbeat trading update.<\/p>\n
The FTSE 250 company, which supplies medical products internationally, has seen its share price enjoy a V-shaped recovery in recent weeks.<\/p>\n
It reached a year-high of 225p in mid-February, before plummeting to below 150p a month later. However it has now recovered almost all of its lost ground, and was above 210p in early trading today.<\/p>\n
Investors were buoyed by its “robust” first-quarter financial results, with revenues up 6.9% to $460m (\u00a3370m).<\/p>\n
Convatec’s chief executive Karim Bitar said: “We are maintaining our 2020 guidance; however, it is clear that risks across the business have increased and the operating environment contains a greater level of uncertainty and volatility in the months ahead.<\/p>\n
“Nevertheless, and whilst we still have much to do, the Group is performing, both operationally and financially, and we will continue to focus on executing against our clear strategy and priorities.” <\/p>\n
\n
James Fisher has withdrawn its financial guidance for the current financial year ahead of its AGM later today.<\/p>\n
The group has reaffirmed it has “a strong balance sheet and good liquidity”.<\/p>\n
However it acknowledged “it is impossible to forecast with any reliability” what the impact of the Covid-19 crisis will have and how quickly its businesses will recover.<\/p>\n
It has furloughed 400 staff, and deferred 20% of pay for 800. The group has also put in place a hiring freee, deferred all discretionary capital expenditure and suspended its final dividend.<\/p>\n","protected":false},"excerpt":{"rendered":"
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