Ultimate Products has announced its trading update for the year ended 31 July, 2023, with unaudited sales up 8%.
Group revenue increased 8% to a record £166.3m, up from £154.2m in 2022, which was driven by exceptional growth in the online division, where revenues were up 64% year-on-year, together with an improved sales mix.
Revenue growth for the period was achieved with no overall price inflation, to keep the company’s branded homeware products at prices which are attractive and affordable to consumers. Growth accelerated as the year progressed with revenues in the second half increasing 15% year-on-year.
Unaudited adjusted EBITDA increased by 8% to a record £20.2m, up from £18.8m in the previous year, which was in line with market expectations. Unaudited profit before tax increased by 6% to £16.8m, up from £15.8m in FY22, which was also in line with market expectations.
At year end, UPGS had a net bank debt of £14.8m, down from £24.3m in 2022, which represents a net bank debt/adjusted EBITDA ratio of 0.7x, compared to 1.3x in 2022.
Simon Showman, chief executive of Ultimate Products, commented: “We are delighted that our brands continue to resonate so well with our customers, enabling us to deliver strong revenue growth with no overall price inflation. In achieving this, we are making good on our purpose of providing beautiful and competitively priced products to every home.”
