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Birmingham Post
Birmingham Post
Business
Jon Robinson

Russell Hobbs, Salter and Kleeneze retailer 'cautiously optimistic' as half-year sales rise

Half-year sales at Ultimate Products, which sells the likes of Salter, Kleeneze and Russell Hobbs under licence, rose by almost 15% during the first half of its current financial year.

The Greater Manchester-headquartered group has said its revenue increased by 13.7% to £85.7m during the six months to January 31, 2022.

The group, which completed the acquisition of Salter for £34m in July 2021, also sells brands such as Beldray, Intempo and Dreamtime.

READ MORE: Studio Retail Group calls in administrators after £25m funding bid fails

In a statement to the London Stock Exchange, Ultimate Products said Salter was "performing well" and is expected to be "significantly earnings enhancing in FY22".

It added that supermarkets will potentially surpass discounters as the group's largest channel, driven by strong organic growth and the Salter acquisition.

The statement added: "The board anticipates a full year performance in line with current market expectations.

"The well-documented global supply chain challenges continue to represent a headwind for the business.

"While the situation remains uncertain and subject to change, conditions have recently shown early signs of improvement and the board is cautiously optimistic that the worst is behind the group."

The group is expected to announce its interim financial results on Friday, April 29.

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