- Consumer goods distributor UP Global Sourcing said first-half profit tumbled 41% amid a 'much tougher trading environment' for UK general merchandise retailers.

Pre-tax profit fell to £3.9m, as revenue slipped 29% to £48.4m.

The company said revenue had also been hurt by a change in supply arrangements with a large European customer.

'This has been a tough six months for both Ultimate Products and the wider general merchandise sector in the UK, as discretionary spend has continued to come under pressure due to low consumer confidence,' chief executive Simon Showman said.

'While the UK looks set to remain challenging, we are pleased with the early progress that is being made in Germany and are delighted to have opened our new 10,000 square foot showroom there earlier this month.'

At 9:11am: [LON:UPGS] UP Global Sourcing Holdings Plc share price was +1.65p at 37.85p

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