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UP Global Sourcing Holdings PLC - Manchester-based owner of homeware brands, including Salter - Hikes dividend on the back of higher annual profit helped by demand for energy efficient products. Pretax profit in the financial year that ended July 31 grows 62% to £15.4 million from £9.5 million a year ago. Revenue climbs 13% to £154.2 million from £136.4 million, outpacing cost of sales, which increase by 9.1% to £115.8 million from £106.1 million. Chief Executive Officer Simon Showman says: "It is pleasing to see that our energy efficient products, such as air fryers, are performing well and helping consumers save on energy costs. This aligns with our wider purpose of providing beautiful and more sustainable products for every home."
Firm hikes full-year dividend by 42% to 7.12 pence per share from 5.02p.
Looking ahead, UP Global expects financial year 2023 profit performance in line with current market expectations. "Whilst the current cost of living crisis represents a substantial challenge to all consumer-facing businesses, the group is well-placed to respond to this given its relentless focus on delivering value and growth," it says.
Current stock price: 138.70 pence, up 5.9% on Thursday
12-month change: down 34%
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