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Birmingham Post
Birmingham Post
Business
Jon Robinson

Salter buy helps revenue rise at Russell Hobbs and Kleeneze retailer Ultimate Products

Revenue and pre-tax profits increased at Ultimate Products, which sells the likes of Salter and Kleeneze as well as Russell Hobbs under licence, during the first half of its financial year.

The Greater Manchester-headquartered company has posted a revenue of £85.7m for the six months to January 31, 2022, up from the £75.3m it achieved during the same period in the prior year.

Its pre-tax profits also increased from £7.1m to £9.7m.

READ MORE: Share price hit as AO warns of revenue cut amid cost of living crisis

In a statement issued to the London Stock Exchange, Ultimate Products said the rise in its revenue was due to its acquisition of the Salter brand for £34m in July 2021.

Chief executive Simon Showman said: "We are very pleased with these results, which once again demonstrate Ultimate Products' resilience and adaptability when faced with significant headwinds.

"The Salter brand has been integrated seamlessly into our business and is performing well.

"In particular, we are seeing a continuing trend towards consumers buying products that are less energy intensive, such as air fryers as opposed to oil fryers, and mechanical scales rather than battery powered ones.

"Looking forward, we expect shipping to continue to normalise as availability and capacity improve.

"While the increased cost of living inevitably represents a challenging backdrop for any consumer-focused company, we believe that our relentless focus on high quality, value-led products means that we are well placed to successfully navigate our way through the current market conditions.

"We therefore remain confident in the future prospects for Ultimate Products."

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