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| Share Name | Share Symbol | Market | Type | Share ISIN | Share Description |
|---|---|---|---|---|---|
| Up Global Sourcing Holdings Plc | LSE:UPGS | 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 | |
|---|---|---|---|---|---|---|---|---|---|---|
| 0.00 | 0.00% | 120.00 | 114.50 | 120.00 | 0.00 | 01:00:00 |
| Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
|---|---|---|---|---|---|
| 0 | 0 | N/A | 0 |
From Apr 2019 to Apr 2024
TIDMUPGS
RNS Number : 9574W
UP Global Sourcing Holdings PLC
20 November 2017
20 November 2017
UP Global Sourcing Holdings plc
"Ultimate Products" or the "Group" or the "Company"
Posting of Annual Report and Accounts and Notice of Annual General Meeting
Following the release on 7 November 2017 of its final results statement, Ultimate Products (LSE: UPGS), the owner, manager, designer and developer of a range of value-focused consumer goods brands, announces that it has today published its Annual Report and Accounts ("the Annual Report") for the year ended 31 July 2017.
The Company also announces that it will hold its Annual General Meeting at 2.00pm on Friday 15 December 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 2017 Annual General Meeting are available to view on the Company's website: www.upgs.com. They have also been submitted to the National Storage Mechanism and will shortly be available for inspection at www.morningstar.co.uk/uk/nsm 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 2017 Annual General Meeting, have been posted or made available to the Company's shareholders.
The final results statement and presentation of 7 November 2017 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 2017, 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 (pages 90 to 91):
The Directors are responsible for ensuring that the annual report and accounts, taken as a whole, are fair, balanced and understandable, providing 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 Group Financial Statements have been prepared in accordance with International Financial Reporting Standards (IFRSs) as adopted by the European Union and Article 4 of the IAS Regulation and give a true and fair view of the assets, liabilities, financial position and profit and loss of the Group.
-- The annual report includes a fair review of the development and performance of the business and the financial position of the Group and parent 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 19 to 23):
Risk management approach
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.
The principal risks as determined by the Board are listed in the table below, together with corresponding mitigating actions. This is not intended to be an exhaustive list of all risk and uncertainties that may arise.
Hot Features
Premium
Area Risk Mitigation
----------------- ------------------------- -------------------------------------
Macro economic Macro economic The Group sees the opportunity
factors trends affecting to increase market share
consumer confidence by developing new customer
and depressing relationships, particularly
consumer non-food internationally, and from
spending, in growth in online channels,
particular mitigating the risk from
uncertainty macro-economic factors affecting
regarding Brexit, the overall market.
could affect The Group's products, being
retail demand. mass market and value led,
are well-placed in the event
of an economic downturn.
----------------- ------------------------- -------------------------------------
Margin A tough retail The Group mitigates this
dilution environment, risk by a combination of
the impact margin enhancing initiatives
of weakened including monitoring profitability
sterling (discussed of individual product lines,
below), and continued product innovation
customer mix and refreshing product ranges,
(large concentration balanced against the need
on discounters) to ensure that our products
could put pressure remain competitive.
on gross margin. The Group's strategy of
growing international and
online sales is expected
to provide greater diversity
and a balanced-margin portfolio.
----------------- ------------------------- -------------------------------------
Loss of The Group is The Group closely monitors
continuity heavily reliant developments in China and
of supply on China as continues to consider and
of goods a source of use alternative sources
for resale products. Any when practicable and viable.
deterioration
in, or disruption
to political,
economic or
social conditions
in China could
impact the
Group's sales
and operating
profits. Potential
changes in
Chinese law
could impact
margins.
----------------- ------------------------- -------------------------------------
Customer A large proportion The Group continues to develop
concentration of the Group's relationships with other
turnover is existing customers and target
derived from new customers, with specific
a small number focus on international and
of customers. online sales, in order to
Loss of a key widen its portfolio and
customer could spread risk.
have an adverse In addition, in-store penetration
impact on the of the Group's brands and
Group's turnover products offer some commercial
and operating protection against customer
profit. loss.
----------------- ------------------------- -------------------------------------
Retention Failure to A high level of new product
of competitive develop and development focus is maintained
advantage enhance our with and monitored by the
through product range Board. Buying teams and
innovation and ensure senior management regularly
that products attend trade shows and carry
continue to out store and factory visits
have resonance to ensure they are in touch
with consumers, with the latest consumer
or lack of demands and trends.
awareness of
trends and
changes in
consumer behaviour,
could result
in loss of
our competitive
advantage,
which could
impact on the
Group's turnover
and margins.
----------------- ------------------------- -------------------------------------
Brands Failure to The risk of non-renewal
renew or delays is mitigated by maintaining
in renewing strong revenues to and good
licences for working relationships with
key brands licensors.
could impact Licences are negotiated
turnover. Failure for as long as possible
to develop and as early as possible,
or acquire in order to provide greater
new brands certainty around future
could restrict revenues.
growth, given The Group continues to develop
the Group's a 'second tier' of brands
brand-led strategy. and to look for potential
new brands to acquire.
----------------- ------------------------- -------------------------------------
Stock management Inability to Stock levels and purchasing
efficiently are closely managed, with
manage stocks all purchase orders being
could adversely reviewed by senior management
affect the before being placed.
business. Understocking Stock is categorised between
could hold 'free' and (pre)'sold' to
back online ensure management focus
growth or customer on higher risk items. 'Free'
call-off, whilst stock is reviewed at Director
overstocking level and prompt actions
could adversely are taken where necessary.
affect working
capital.
----------------- ------------------------- -------------------------------------
Legal and The Group may The appointment of Non-Executive
regulatory fail to comply Directors in March 2017
with additional has strengthened the Group's
regulations knowledge of regulatory
arising as and compliance issues, along
a result of with training provided to
its public the Directors in preparation
status. The for the Group's listing.
Group may have Issues are raised and discussed
inadequate by the Audit Committee and
resources to external consulting resources
manage the are employed when necessary.
additional
workload.
----------------- ------------------------- -------------------------------------
Human Resources The success The Group takes a number
of the Group of steps to encourage the
is dependent retention of its senior
upon the retention management, as set out in
of key individuals the Remuneration Report.
and the recruitment The Group's Graduate Development
of high-quality Scheme provides a steady
staff to develop inflow of high-quality staff
and implement to support the future development
its strategies. of the Group.
----------------- ------------------------- -------------------------------------
Cyber Attacks Cyber attacks The Group continues to review
are becoming and invest where appropriate
increasingly in the development and maintenance
common and of our IT infrastructure,
have the potential systems and security. We
to cause business have in place disaster recovery
interruption, and business continuity
loss of key plans.
systems, loss
of online sales
or theft of
data.
----------------- ------------------------- -------------------------------------
Financial The Group's
risks operations
expose it to
a variety of
financial risks
that include The Group continually monitors
the following: the price and availability
of materials and labour
- price risk but the costs of managing
the exposure to price risk
exceed any potential benefits
given the extensive range
of products and suppliers.
- foreign currency The Group's exposure to
risk foreign currency risk is
partially hedged by virtue
of invoicing a proportion
of its turnover in US Dollars.
In addition, the Group maintains
a hedging policy and uses
foreign exchange forward
- credit risk contracts to reduce the
risk of volatility in revenue
and cost of goods.
The Group's sales are primarily
made with credit terms,
exposing it to the risk
of non-payment by customers.
The Group has implemented
policies that require credit
- liquidity checks on potential customers
risk and the maintenance of appropriate
credit limits. Trade receivable
balances are vigilantly
managed and prompt action
- interest taken on overdue accounts.
rate cash flow In addition, the Group maintains
risk a suitable level of credit
insurance against its trade
receivables book.
Cash flow requirements are
monitored by short and long-term
forecasts, with headroom
against facility limits
and banking covenants assessed
regularly.
The Group's interest bearing
liabilities expose it to
the financial risks of changes
in interest rates. The Group
has a policy of maintaining
a portion of its banking
facilities under the protection
of interest rate swaps and
caps to ensure the certainty
of future interest cash
flows.
----------------- ------------------------- -------------------------------------
For more information please contact:
UP Global Sourcing +44 (0) 161 627 1400
Holdings plc Simon Showman, CEO
Andrew Gossage, Managing Director
Graham Screawn, Chief Financial
Officer
Powerscourt +44 (0) 207 250 1446
Rob Greening
Isabelle Saber
Sam Austrums
Notes to Editors
Ultimate Products is an owner, manager, designer and developer of a series of well-known brands focused on the home, selling to over 300 retailers across 38 countries. It has six product categories: Audio; Heating and Cooling; Housewares; Laundry; Luggage; and Small Domestic Appliances. Its brands include Beldray (laundry, floor care, heating and cooling), Intempo (audio), Salter (kitchenware), Constellation (luggage), and Progress (cookware and bakeware).
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. Major customers include Action, Aldi, Amazon, Argos, Asda, B&M, Matalan, Morrisons, tofs (The Original Factory Shop), Robert Dyas, Sainsbury's, Tesco and The Range.
Founded in 1997, Ultimate Products 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. In total, Ultimate Products now employs over 200 staff.
For further information, please visit www.upgs.com
This information is provided by RNS
The company news service from the London Stock Exchange
END
STRLIFSALSLIFID
(END) Dow Jones Newswires
November 20, 2017 04:46 ET (09:46 GMT)
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