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UP Global Sourcing sees annual earnings beating current market expectations

Consumer goods group UP Global Sourcing, also known as Ultimate Products, said it saw its annual earnings beating current market expectations thanks to a jump in sales.

Revenue for the six months through January rose 36% to £65.8m, driven by growth across each strategic pillar: discounters, UK supermarkets, online platforms and international customers.

Allowing for one-off factors, underlying revenue grew 21% over the same period.

UP Global Sourcing said it continued to assess the implications of a 'no-deal' Brexit and the potential impact on volumes and margins if it led to a material devaluation in the pound.

'However, in the longer term, the board is confident in the adaptability and resilience of the group's business model, as evidenced by the strong recovery in trading in the first half despite a challenging consumer and retail market,' the company said.

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