Ultimate Products PLC on Wednesday said that proprietary brand sales rose in its latest half year, although overall revenue declined, and that current trading is proceeding as expected.
The Oldham, England-based homeware company said total revenue for the six months ended January 31 decreased 6% to £74.5 million, from £79.5 million the previous year.
However, Ultimate Products, whose brands include Beldray and Salter, also said that sales of UP brands rose 5% to £65.8 million from £62.6 million, as it ‘continues its strategy of increasing its focus on its own proprietary brands.’
Ultimate Products expects adjusted earnings before interest, tax, depreciation and amortisation for the period, stated before share-based payment expenses and non-recurring items, of about £5.0 million, down on-year from £7.0 million and ‘reflecting the operational gearing impact of reduced sales.’
Ultimate Products added: ‘Current trading remains in line with market expectations.
‘Whilst the market for general merchandise remained soft over the period, especially in the UK, the board is confident that the ongoing investment in the group’s operational capabilities will strengthen its commercial focus, enabling it to maximise growth opportunities as macroeconomic conditions improve.’
Ultimate Products said it will report its first-half earnings on March 24.
‘Although we continue to operate in a challenging environment, we are pleased to see the ongoing growth in sales of our own UP brands,’ Chief Executive Andrew Gossage commented. ‘These remain a key differentiator for us, and our strategic focus on them will drive long-term value creation.’
Ultimate Products shares were down 0.2% at 53.50 pence on Wednesday afternoon in London.
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