Ultimate Products has reported its FY22 results, showing adjusted pre-tax profit of £15.8 million, up 42% from £11.2 million in FY21.
The report also showed a significant growth with supermarkets over the last four years, with sales up 52% since 2018. Online growth has been primarily in the UK, with sales doubling in three years. Discount retailers have been flat, but the company expects to see opportunities during the cost of living crisis. UPGS currently sells to a broad base of over 300 retailers in over 45 countries.
Highlights during the year, included the acquisition of Salter; the relaunch of the Petra brand; successful management of the global shipping crisis and the associated supply chain challenges; the launch of a major automated robotics process programme; the refurbishment of the UK head office; and the installation of solar panels as part of the company’s ESG journey.
Sales of UP owned brands over the year increased 26% from £45,680 to £116,184, while licensed sales dropped by 1% from £20,763 to £20,165. Own label sales dropped 4% from £21,128 to £17,842.
International revenue currently represents 34% of total sales, and while there is currently a low penetration compared to the UK, there is a growth opportunity for international business through taking market share.
Looking forward, the company said: “The board anticipates profit performance for FY23 will be in line with current market expectations. Whilst the current cost of living crisis represents a substantial challenge to all consumer-facing businesses, the group is well placed to respond to this given its relentless focus on delivering value and growth.”
