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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 : 9450H
UP Global Sourcing Holdings PLC
20 November 2018
20 November 2018
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
Ultimate Products (LSE: UPGS), the owner, manager, designer and developer of an extensive range of value-focused consumer goods brands, announces that, following the release of its final results statement on 6 November 2018, it has today published its Annual Report and Accounts ("the Annual Report") for the year ended 31 July 2018.
The Company also announces that it will hold its Annual General Meeting at 2.00pm on Friday 14 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 2018 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 2018 Annual General Meeting, have been posted or made available to the Company's shareholders.
The final results statement and presentation of 6 November 2018 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 2018, 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 85 to 86):
The Directors are responsible for ensuring that the Annual Report and Accounts, taken as a whole, are fair, balanced and understandable, and provide 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 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 risk and uncertainties that may arise.
Key to Risk Movement
NR
No change Increased Decreased
New Risk
Hot Features
Premium
Area Risk Mitigation Movement
Macroeconomic Macroeconomic trends The Group sees the opportunity
factors affecting consumer confidence to increase its market
and depressing consumer share by developing new
non-food spending could customer relationships,
affect retail demand. particularly internationally
Additionally, an increase via its new German showroom
in food prices could which opened in April
similarly reduce non-food 2018, and from growth
spending with consumers in online channels, mitigating
prioritising food expenditure. the risk from macroeconomic
factors affecting the
overall market.
The Group's products,
being mass-market and
value-led, are well-placed
in the event of an economic
downturn.
--------------------------------- ----------------------------------- ---------
Brexit The UK's decision to The Group is closely NR
leave the EU has led following developments
to a period of economic in this area and will
and political uncertainty, adapt its strategy as
likely to continue until the impact of Brexit
exit negotiations have becomes clearer.
been concluded and beyond. The Group maintains a
This situation may further foreign exchange hedging
adversely impact consumer policy to mitigate the
demand and trading performance. impact of short-term
In addition, the application currency fluctuations.
of import tariffs on
EU sourced food would
lead to higher food prices
and the risk of a 'no
deal' Brexit in March
2019 could result in
a further weakening of
Sterling.
--------------------------------- ----------------------------------- ---------
Margin dilution A tough retail environment, The Group's strategy
the impact of weakened of international growth,
Sterling (discussed below) expansion of online channels
and customer mix (large and increased penetration
concentration on discounters) of UK supermarkets continues
could put pressure on to provide greater diversity
gross margin. and a balanced-margin
portfolio.
The Group also employs
a combination of margin-enhancing
initiatives including
monitoring profitability
of individual product
lines, continued product
innovation and refreshing
product ranges, balanced
against the need to ensure
that our products remain
competitive.
--------------------------------- ----------------------------------- ---------
Loss of continuity Heavy reliance on China The Group closely monitors
of supply as a source of products. developments in China
of goods for Any deterioration in, and continues to consider
resale or disruption to political, and use alternative sources
economic or social conditions when practicable and
in China could impact viable.
the Group's sales and
operating profits. Potential
changes in Chinese law
could impact margins.
--------------------------------- ----------------------------------- ---------
Customer concentration A large proportion of The Group continues to
the Group's turnover develop relationships
is derived from a small with other existing customers
number of customers. and target new customers,
Loss of a key customer with specific focus on
could have an adverse international and online
impact on the Group's sales, in order to widen
turnover and operating its portfolio and spread
profit. risk.
In addition, in-store
A decline in traditional penetration of the Group's
high-street shopping brands and products offers
in favour of online shopping some commercial protection
could impact the Group's against customer loss.
sales and operating profits.
--------------------------------- ----------------------------------- ---------
Retention Failure to develop and A high level of new product
of competitive enhance our product range development focus is
advantage and ensure that products maintained and monitored
through innovation continue to have resonance by the Board. Buying
with consumers, or lack teams and senior management
of awareness of trends regularly attend trade
and changes in consumer shows and carry out store
behaviour, could result and factory visits to
in loss of our competitive ensure that they are
advantage, which could in touch with the latest
impact on the Group's consumer demands and
turnover and margins. trends.
--------------------------------- ----------------------------------- ---------
Brands Failure to renew or delays The risk of non-renewal
in renewing licences is mitigated by maintaining
for key brands could strong revenues to and
impact turnover. good working relationships
with licensors.
Failure to develop or Licences are negotiated
acquire new brands could for as long as possible
restrict growth, given and as early as possible,
the Group's brand-led in order to provide greater
strategy. certainty around future
revenues.
The Group continues to
develop a 'second tier'
of brands and to acquire
potential new brands,
such as Kleeneze during
the current year.
--------------------------------- ----------------------------------- ---------
Stock As the share of landed Stock levels and purchasing
management sales increases due to are closely managed,
online growth and increased with all purchase orders
sales from stock, the being reviewed by senior
Group is likely to experience management before being
continued upward pressure placed.
on stock levels. Inefficient Stock is categorised
stock management could between 'free' and (pre)
result in overstocking, 'sold' to ensure that
which may adversely affect management focus on higher
working capital. Conversely, risk items. 'Free' stock
understocking could limit is reviewed at Director
the Group's ability to level and prompt actions
take advantage of these are taken where necessary.
opportunities.
--------------------------------- ----------------------------------- ---------
Legal and Failure to comply with Non-Executive Directors
regulatory new legal and regulatory bring additional knowledge
requirements could result and experience of regulatory
in fines or adverse impact and compliance matters.
on the Group's reputation. Issues are raised and
discussed by the Audit
and Risk Committee and
external technical and
consulting resources
are employed when necessary.
Resource and training
requirements are reviewed
on an ongoing basis.
--------------------------------- ----------------------------------- ---------
Human Failure to attract and The Group takes a number
resources retain high-quality individuals of steps to encourage
could impact on the delivery the retention of its
of the Group's strategies. senior management, as
set out in the Remuneration
Report.
The Group's Graduate
Development Scheme provides
a steady inflow of high-quality
staff to support the
future development of
the Group, and at the
senior level, the Group
is in the process of
introducing a Senior
Management Team Development
Programme.
--------------------------------- ----------------------------------- ---------
Cyber attacks A heightening risk of The Group continues to
cybercrime with the potential review and invest where
to cause business interruption, appropriate in the development
loss of key systems, and maintenance of our
loss of online sales, IT infrastructure, systems
theft of data or damage and security. We have
to reputation. in place disaster recovery
and business continuity
plans.
--------------------------------- ----------------------------------- ---------
Financial The Group's operations
risks expose it to a variety
of financial risks that
include the following:
The Group continually
-- price risk monitors the price and
availability of materials
and labour but the costs
of managing the exposure
to price risk exceed
any potential benefits
given the extensive range
of products and suppliers.
-- foreign currency risk The Group's exposure
to 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
contracts to reduce the
risk of volatility in
revenue and cost of goods.
-- credit risk The Group's sales are
primarily made with credit
terms, exposing it to
the risk of non-payment
from customers. The Group
has implemented policies
that require credit checks
on potential customers
and the maintenance of
appropriate credit limits.
Trade receivable balances
are vigilantly managed
and prompt action taken
on overdue accounts.
In addition, the Group
maintains a suitable
level of credit insurance
against its trade receivables
book.
-- liquidity risk Cash flow requirements
are monitored by short
and long-term forecasts,
with headroom against
facility limits and banking
covenants assessed regularly.
--------------------------------- ----------------------------------- ---------
Financial -- Interest rate cashflow The Group's interest
risks (continued) risk 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 Holdings +44 (0) 161 627 1400
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 36 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.
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 and a newly established showroom in Cologne, Germany. In total, Ultimate Products now employs over 240 staff.
For further information, please visit www.upgs.com
This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact rns@lseg.com or visit www.rns.com.
END
MSCLLFLELSLIFIT
(END) Dow Jones Newswires
November 20, 2018 10:19 ET (15:19 GMT)
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