The Manchester-headquartered group behind the likes of Russell Hobbs, Kleeneze and Salter increased its revenue and pre-tax profits during the first half of its financial year, new figures have revealed.
UP Global Sourcing Holdings has reported a revenue of £75.3m for the six months to January 31, 2021, up from £67.6m during the same period in the prior year.
The group’s pre-tax profits also increased from £6.1m to £7.1m.
During the period the group repaid all the money it received under the Coronavirus Job Retention Scheme, in addition to bringing up to date all payments which had been deferred under the government’s VAT deferral and Time to Pay initiatives.
It also purchased Petra, a Germany electrical kitchen brand, in February 2021.
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Chief executive Simon Showman said: “We are pleased to have delivered another good performance during the first half of the year, and today’s results illustrate yet again the resilience and adaptability of our business.
“As ever, I would like to thank all of our colleagues for their outstanding dedication, as well as for their efforts in helping Ultimate Products to provide much needed support to the local communities in which it operates.
“Since the pandemic began, a number of trends have emerged that clearly play to Ultimate Products’ strengths, and which we believe are here to stay.
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In association with headline sponsors Brewin Dolphin, CMS, LDC, PwC, Robert Walters and category sponsor Bolton School.
“The increase in home working and home cooking, the emphasis on cleaning and hygiene products, and a more considered approach to spending are all positive developments for us, given our strong portfolio of value-led brands for the home.
“In addition, the switch to online shopping is driving outstanding growth in our online segment, which in only a relatively short period of time has gone from a start-up to being a substantial contributor to our revenue and a key driver of our growth.
“As a result of these favourable and growing trends, as well as our customer base of leading retailers and the outstanding service that we are able to offer them, we remain confident in the future prospects for Ultimate Products.”