StockMarketWire.com - Consumer goods group UP Global Sourcing, also known as Ultimate Products said it expected its annual profit and revenue to beat market expectations.

'Since the group provided its previous update on 8 June, the invoicing and delivery of its order book has continued to progress at a good pace, driven in particular by a strong performance in online,' the company said.

Revenue for the year through July was now expected to be above £111.0m, with underlying earnings before interest, tax, depreciation and amortisation above £9.6m and underlying pre-tax profit above £7.4m.

'We are pleased to be making better-than-expected progress against a backdrop that remains hugely uncertain and challenging,' chief executive Simon Showman said.

'The investment that we have made in our online segment in recent years is delivering particularly good results, and our adaptive, resilient and flexible business model is standing us in good stead.

'At this time of unprecedented hardship for many people in the communities in which we operate, we are continuing to do everything that we can to help out through a range of initiatives.'




Story provided by StockMarketWire.com