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UP Global Sourcing Holdings PLC - Oldham, England-based consumer brands owner - Posts annual profit rise and says trading in recently commenced financial year is in line with forecasts. Underlying pretax profit in the financial year ended July 31 grows 42% to £15.8 million from £11.2 million a year ago. Revenue is up 13% to £154.2 million from £136.4 million. Says trading in the current financial year in line with market expectations.
‘We are delighted to have delivered record results despite the challenges of disrupted supply chains and a deteriorating macroeconomic backdrop. 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,’ says Chief Executive Officer Simon Showman.
Looking ahead, he adds: ‘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 consumer brands owner aims to release its full-year results on November 3.
Current stock price: 128.86 pence, up 2.5% on Monday
12-month change: down 39%
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