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Share Name | Share Symbol | Market | Type | Share ISIN | Share Description |
---|---|---|---|---|---|
Ultimate Products Plc | LSE:ULTP | London | Ordinary Share | GB00BYX7MG58 | ORDS 0.25P |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
8.00 | 5.52% | 153.00 | 150.50 | 155.00 | 153.00 | 149.50 | 149.50 | 93,057 | 16:28:46 |
Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
---|---|---|---|---|---|
Household Appliance Stores | 166.32M | 12.59M | 0.1409 | 10.65 | 133.97M |
TIDMULTP
RNS Number : 7070T
Ultimate Products PLC
17 November 2023
17 November 2023
Ultimate Products plc
("Ultimate Products" or "the Group")
Posting of Annual Report and Accounts and Notice of Annual General Meeting
Ultimate Products, the owner of a number of leading homeware brands including Salter (the UK's oldest houseware brand, est.1760) and Beldray (est.1872), announces that, following the release of its final results statement on 31 October 2023, it has today published its Annual Report and Accounts ("the Annual Report") for the year ended 31 July 2023.
The Company also announces that it will hold its Annual General Meeting at 2.00pm on Friday 15 December 2023 at the Company's registered office at Manor Mill, Victoria Street, Chadderton, Oldham, OL9 0DD.
Copies of the Annual Report and the Notice of the 2023 Annual General Meeting are available to view on the Company's website: www.upplc.com . They have also been submitted to the National Storage Mechanism and will shortly be available for inspection at https://data.fca.org.uk/#/nsm/nationalstoragemechanism in compliance with paragraph 9.6.1 of the FCA Listing Rules. Copies of these documents, together with a form of proxy for use in connection with the 2023 Annual General Meeting, have been posted or made available to the Company's shareholders.
The final results statement and presentation of 31 October 2023 included a set of condensed financial statements and a fair view of the development and performance of the business and the position of the Company. The information contained within the final results statement, together with the information set out below, all of which is extracted from the Annual Report for the year ended 31 July 2023, constitute the requirements of the Disclosure and Transparency Rule 6.3.5(2)(b). This announcement is not a substitute for reading the full Annual Report.
Directors' responsibility statement
The following Directors' responsibility statement is extracted from the Annual Report and Accounts (page 75):
The Directors are responsible for ensuring that the Annual Report and Accounts, taken as a whole, are fair, balanced and understandable, and provides the information necessary for shareholders to assess the Group's performance, business model and strategy.
Directors' responsibilities pursuant to DTR4
The Directors confirm to the best of their knowledge:
-- The financial statements have been prepared in accordance with the applicable set of accounting standards, give a true and fair view of the assets, liabilities, financial position and profit and loss of the Group and Company.
-- The Annual Report includes a fair review of the development and performance of the business and the financial position of the Group and Company, together with a description of the principal risks and uncertainties that they face.
Principal risks and uncertainties
The following description of the principal risks and uncertainties that the Group faces is extracted from the Annual Report and Accounts (pages 36 to 37):
The Board is responsible for the Group's risk management and internal control systems and for reviewing their effectiveness, supported by the Audit and Risk Committee. We review our business regularly to identify and document key business risks. Once identified, risks are assessed according to the likelihood and impact of the risk occurring and an appropriate mitigating response is determined. This risk mitigation plan is then regularly monitored by the Audit and Risk Committee with periodic review and discussion by the Board as a whole.
The table below sets out the Group's principal risks as determined by the Board, the gross risk movement from the prior year and the corresponding mitigating actions. This represents the Group's current risk profile and is not intended to be an exhaustive list of all risks and uncertainties that may arise.
Area Risk Mitigation Movement Macroeconomic Macroeconomic trends The Group's international factors affecting consumer confidence business provides economic and reducing non-food diversity and some protection spending such as inflationary against a downturn in pressures and the effect the UK economy. Despite of higher interest rates, the challenging market could conditions, affect retail demand. the Group sees the opportunity In the current year, to increase its market the global economy has share by developing new not fallen into customer relationships, recession as had been particularly internationally feared, as continued and through online channels. high employment and wage The Group's products, increases being mass-market and have supported consumer value-led, are well placed spending. This, however, in the event of an economic means that interest rate downturn. The business setting has well established agencies may need to procedures for managing keep interest rates higher, credit risk with its for longer, to bring customers including credit inflation back insurance, full details towards target, which of which can be found will eventually need on to affect aggregate demand. page 108 of the Annual As well as Report. affected demand for our goods, reduced retail demand can also impact the credit worthiness of our customers. ------------------------------------ ----------------------------------- --------- Sourcing A major loss of continuity The Group maintains close in the supply of goods relationships with its for resale could adversely suppliers through regular affect factory visits and interaction the Group's revenues. with its local teams. In addition, we have Wherever possible, multiple heavy reliance on China sources of supply are as a source of sourced for major products. products. Any deterioration The Group closely monitors in, or changes to political, developments in China economic or social conditions and continues to consider in and use alternative sources China could disrupt the when practicable and supply of goods or result viable. In the current in higher product cost year, buying teams have prices. begun to have an element of variable remuneration linked to decreasing geographical supply concentration. ------------------------------------ ----------------------------------- --------- Supply chain As a wholesaler, the Stock levels and purchasing management Group has a significant are closely managed, working capital requirement. with all purchase orders Inefficient being stock management could reviewed before being result in overstocking, placed. The Group's systems which may adversely affect facilitate close management working capital. Conversely, of the understocking could limit completion and timing the Group's ability to of purchase orders placed. maximise revenue opportunities. Stock is categorised In the current year we between 'free' have seen a reduction and (pre) 'sold' to ensure in the risks related that management focus to the shipping crisis on higher risk items. which affected global 'Free' stock is supply chains, particularly reviewed and prompt actions in relation to the costs are taken where necessary. and availability of shipping capacity. ------------------------------------ ----------------------------------- --------- Margin pressure As a wholesaler, the The Group's strategy Group faces consistent of international growth, price pressures from expansion of online channels retail customers, and
whilst facing changes increased penetration to input costs such as of supermarkets continues freight costs, exchange to provide greater diversity rate fluctuations, and a factory gate price and balanced-margin portfolio. changes in the costs The Group also employs of raw materials. In a combination of margin-enhancing the current year, the initiatives including fluctuations in relation monitoring profitability to the valuation of sterling of individual product were significant last lines, continued product Autumn, but have since innovation and refreshing steadied, and we have product ranges, balanced benefited from the fall against the need to ensure in shipping costs. that our products remain competitive. Furthermore, the Group seeks to constantly develop and implement productivity improvements. The Group actively manages foreign exchange risk through use of forward contracts. ------------------------------------ ----------------------------------- --------- Protection Failure to develop and A high level of new product of brands enhance the product range development focus is of our brands could result maintained and monitored in loss by the of our competitive advantage, Board. Buying teams attend which could impact on trade shows and carry the Group's turnover. out store and factory Failure visits to to develop or acquire ensure that they are new brands could restrict in touch with the latest growth, given the Group's consumer demands and brand-led strategy. Failure trends. The Group continues to renew or delays in to develop a "second renewing licences for tier" of brands and monitors key brands could impact opportunities to acquire turnover. During the new brands. The risk year, the Group renewed arising from the non-renewal its trademark licence of licences has reduced agreement with Spectrum significantly as a result Brands, which grants of the Group's acquisition the Group an exclusive of the Salter brand and licence to use the "Russell the renewal of our Russell Hobbs" trademark for Hobbs licence on a rolling non-electrical kitchen basis. During the year, and laundry products. we have appointed our first Brand Director who is helping to further formalise the way in which we develop and protect our brands. ------------------------------------ ----------------------------------- --------- Climate Climate change is a widely We have established a Change and acknowledged global emergency, Group-wide ESG Committee Environmental with the need to act to extend oversight and faster becoming evident. governance for monitoring Managing the greenhouse the delivery of the Group's gas emissions associated climate commitments. with We have stated a strong our supply chain is critical commitment to be Net to reducing our impact Zero by 2050. This pledge on climate change. The is in the process of physical and being supported by road financial impacts of maps and targeted decarbonisation climate change are already plans. We are working being felt and are set internally and with third-party to intensify. As it becomes organisations in developing increasingly likely that this suite of metrics targets set by intergovernmental to enable us to monitor bodies will be missed, progress. We also continue the long-term risk for to report our climate-related our business continues financial disclosures to increase despite the (see TCFD section). mitigating actions we are taking. ------------------------------------ ----------------------------------- --------- Legal and Failure to comply with The Board monitors the regulatory legal and regulatory changing landscape of requirements, including laws and regulations. environmental and New legal climate change developments, and regulatory requirements both in the UK and in are discussed by the other countries in which Audit and Risk Committee the Group operates, could whose result in fines or an members contribute insight adverse impact on the and experience of such Group's reputation. matters. External technical and consulting expertise is sought when required. The Group has procedures for ensuring ongoing compliance with legal obligations, including external annual audits, and runs a programme of new-starter/refresher annual training. ------------------------------------ ----------------------------------- --------- Human resources Failure to attract and The Group's Graduate retain high-quality individuals, Development Scheme, along both in the UK and internationally, with links to local universities, could impact on the delivery provides a steady inflow of the Group's strategy. of high-quality staff to support the future growth of the Group, whilst the Group's Senior Management Development Programme and its 'Introduction to Leadership' courses aim to create a succession of employees into senior roles. A number of steps are taken to encourage the retention of the employees, including the SAYE and PSP share ownership schemes to incentivise its workforce and to further improve retention. ------------------------------------ ----------------------------------- ---------
Cyber security Risk of cyber crime with The Group continues to the potential to cause review and invest, where operational disruption, appropriate, in the development loss or theft of information, and maintenance of its inability to operate IT infrastructure, systems effectively, loss of and security. An external online sales or reputational IT damage. security audit is carried out on an annual basis to ensure that any weaknesses in our systems are identified and can be rectified. New employees receive IT training to increase awareness of cyber risk. Disaster recovery, business continuity and crisis communication plans are maintained. ------------------------------------ ----------------------------------- ---------
For more information, please contact:
Ultimate Product s +44 (0) 161 627 1400
Simon Showman, CEO
Andrew Gossage, Managing Director
Chris Dent, Chief Financial Officer
Shore Capital +44 (0) 207 408 4090
Mark Percy
David Coaten
Iain Sexton
Malachy McEntyre
Isobel Jones
Cavendish Capital Markets Limited + 44 (0)20 7220 0500
Carl Holmes
Matt Goode
Abigail Kelly
Charlotte Sutcliffe
Powerscourt +44 (0) 207 250 1446
Rob Greening
Sam Austrums
Oliver Banks
Notes to Editors
Ultimate Products is the owner of a number of leading homeware brands including Salter (the UK's oldest houseware brand, established in 1760) and Beldray (a laundry, floor care, heating and cooling brand that was established in 1872). According to its market research, nearly 80% of UK households own at least one of the Group's products.
Ultimate Products sells to over 300 retailers across more than 40 countries, and specialises in five product categories: Small Domestic Appliances; Housewares; Laundry; Audio; and Heating and Cooling. Other brands include Progress (cookware and bakeware), Kleeneze (laundry and floorcare), Petra (small domestic appliances) and Intempo (audio).
The Group's products are sold to a broad cross-section of both large national and international multi-channel retailers as well as smaller national retail chains, incorporating discount retailers, supermarkets, general retailers and online retailers.
Founded in 1997, Ultimate Products employs over 370 staff, a significant number of whom have joined via the Group's graduate development scheme, and is headquartered in Oldham, Greater Manchester, where it has design, sales, marketing, buying, quality assurance, support functions and warehouse facilities across two sites. Manor Mill, the Group's head office, includes a spectacular 20,000 sq ft showroom that showcases each of its brands. In addition, the Group has an office and showroom in Guangzhou, China and Paris, France.
Please note that Ultimate Products is not the owner of Russell Hobbs. The Company has licence agreements in place granting it an exclusive licence to use the "Russell Hobbs" trademark for cookware (NB this does not include Russell Hobbs electrical appliances).
For further information, please visit www.upplc.com
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(END) Dow Jones Newswires
November 17, 2023 02:00 ET (07:00 GMT)
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