StockMarketWire.com - Consumer goods group UP Global Sourcing, also known as Ultimate Products, said it expected to report a 37% rise in annual underlying profit underpinned by growth at supermarkets and other retail channels.

Underlying pre-tax profit for the year through July was seen rising to £11.2 million, up from £8.2 million year-on-year and ahead of market consensus of £10.8 million.

Revenue was expected to jump 18% to £136.4 million, with growth across each of the company's four 'strategic pillars, including international, supermarkets, online channels and discount retailers.

Ultimate Products said trading remained in line with expectations, with growth expected in the 2022 financial year both from the core business and through the acquisition of Salter.

It affirmed guidance even while stating that shipping availability continued to present challenges, with forward orders from retail customers being prioritised ahead of stock purchases.

'Management expects that global shipping will remain disrupted until after Chinese New Year (February 2022),' it added.

Chief executive Simon Showman said the company was pleased to deliver a result ahead of market expectations against the challenging backdrop of the pandemic.

'In addition, the acquisition of Salter, the UK's oldest housewares brand, has delivered a step change in the depth and quality of the group's brand portfolio, providing further opportunities for future growth both domestically and internationally,' he said.


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