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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 : 9606T
UP Global Sourcing Holdings PLC
19 November 2019
19 November 2019
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 5 November 2019, it has today published its Annual Report and Accounts ("the Annual Report") for the year ended 31 July 2019.
The Company also announces that it will hold its Annual General Meeting at 2.00pm on Friday 13 December 2019 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 2019 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 2019 Annual General Meeting, have been posted or made available to the Company's shareholders.
The final results statement and presentation of 5 November 2019 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 2019, 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 95 to 96):
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.
-- They consider 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.
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 22 to 27):
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 reducing consumer share by developing new
non-food spending could customer relationships,
affect retail demand. particularly internationally
Additionally, an increase via its German showroom
in food prices could and international sales
similarly reduce non-food team 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 Board continues to
leave the EU and the monitor developments
ongoing uncertainty around in this area and assess
the terms of its departure the potential impact
has led to a period of of Brexit on volumes
economic and political and margin to ensure
volatility which, in that the business is
turn, has contributed well prepared and able
to an already challenging to adapt to the eventual
retail market. The risk outcome.
of a 'no deal' Brexit
could result in a further The Group maintains a
weakening of Sterling, foreign exchange hedging
putting additional pressure policy to mitigate the
on gross margin and adversely impact of short-term
impacting upon consumer currency fluctuations.
demand and trading performance. The Group's international
growth will also offer
economic diversity and
some protection against
movements in Sterling.
The Group has implemented
a range of initiatives
to mitigate margin pressures
as discussed below.
------------------------------------- ----------------------------------- ---------
Margin pressure A tough retail environment The Group's strategy
and the impact of weakened of international growth,
Sterling (discussed above) expansion of online channels
could put pressure on and increased penetration
gross margin. In addition, of UK supermarkets continues
increased resource requirements to provide greater diversity
could also put pressure and a balanced-margin
on net 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.
Furthermore, the Group
seeks to constantly develop
and implement productivity
improvements.
------------------------------------- ----------------------------------- ---------
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 particularly internationally,
could have an adverse in order to widen its
impact on the Group's portfolio and spread
turnover and operating risk. In addition, in-store
profit. penetration of the Group's
brands and products offers
some commercial protection
against customer loss.
The Group continues to
A decline in traditional focus on growing online
high-street shopping sales in order to provide
in favour of online shopping further diversification
could impact the Group's from traditional bricks
sales and operating profits. and mortar retailers.
------------------------------------- ----------------------------------- ---------
Loss of continuity A major loss of continuity The Group maintains close
of supply in the supply of goods relationships with its
of goods for for resale could adversely suppliers through regular
resale affect the Group's revenue factory visits and interaction
and operating profit. with its local teams.
Wherever possible, multiple
sources of supply are
sourced for major products.
Heavy reliance on China The Group closely monitors
as a source of products. developments in China
Any deterioration in, and continues to consider
or changes to political, and use alternative sources
economic or social conditions when practicable and
in China could disrupt viable.
the supply of goods or
result in higher product
cost prices.
------------------------------------- ----------------------------------- ---------
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. Licences
are negotiated for as
long as possible and
as early as possible,
in order to provide greater
Failure to develop or certainty around future
acquire new brands could revenues.
restrict growth, given
the Group's brand-led The Group continues to
strategy. develop a 'second tier'
of brands and monitors
opportunities to acquire
new brands.
------------------------------------- ----------------------------------- ---------
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 management could Stock is categorised
result in overstocking, between 'free' and (pre)
which may adversely affect 'sold' to ensure that
working capital. Conversely, management focus on higher
understocking could limit risk items. 'Free' stock
the Group's ability to is reviewed at Director
take advantage of these level and prompt actions
opportunities. are taken where necessary.
------------------------------------- ----------------------------------- ---------
Legal and Failure to comply with The Board monitors the
regulatory legal and regulatory changing landscape of
requirements, both in laws and regulations.
the UK and in other countries New legal and regulatory
in which the Group operates, requirements are discussed
could result in fines by the Audit and Risk
or adverse impact on Committee whose members
the Group's reputation. contribute insight and
experience of such 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 Failure to attract and The Group's Graduate
resources 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 strategies. of high-quality staff
to support the future
growth of the Group,
whilst the Group's Senior
Management Development
Programme, introduced
in December 2018, and
its Introduction to Leadership
course 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
introduced in the year
to incentivise its workforce
and to further improve
retention.
------------------------------------- ----------------------------------- ---------
Cyber security Risk of cybercrime with The Group continues to
the potential to cause review and invest, where
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.
to reputation.
An external IT security
audit is carried out
on an annual basis to
ensure that any weaknesses
in our systems are identified
and can be rectified.
We have 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.
The Group's exposure
* foreign currency risk 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.
The Group's sales are
* credit risk 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.
The Group maintains a
high level of credit
insurance on its trade
receivables, averaging
in excess of 95 % insured
over FY 19 with the uninsured
accounts closely monitored.
Trade receivable balances
are vigilantly managed
and prompt action taken
on overdue accounts.
Cash flow requirements
* liquidity risk are monitored by short
and long-term forecasts,
with headroom against
facility limits and banking
covenants assessed regularly.
The Group's interest
* Interest rate cash flow 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
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. Its best-selling products include frying pans, mugs and speakers, selling approximately one million of each every year.
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 in Cologne, Germany.
Ultimate Products' graduate development scheme was launched in 2012 and in 2018 it welcomed its one-hundredth graduate. In total, Ultimate Products now employs over 290 staff.
Please note that Ultimate Products is not the owner of Russell Hobbs or Salter. The company currently 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) and the "Salter" trademark for electrical and cookware (NB this does not include Salter scales).
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
MSCLLFVRLFLALIA
(END) Dow Jones Newswires
November 19, 2019 11:37 ET (16:37 GMT)
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