Proactiveinvestors United Kingdom UP Global Sourcing Holdings PLC https://www.proactiveinvestors.co.uk Proactiveinvestors United Kingdom UP Global Sourcing Holdings PLC RSS feed en Wed, 20 Feb 2019 11:47:08 +0000 http://blogs.law.harvard.edu/tech/rss Genera CMS action@proactiveinvestors.com (Proactiveinvestors) action@proactiveinvestors.com (Proactiveinvestors) <![CDATA[RNS press release - Presentation at ShareSoc Growth Company Seminar ]]> https://www.proactiveinvestors.co.uk/companies/rns/15684/LSE20190220113123_13975871/ Wed, 20 Feb 2019 11:31:23 +0000 https://www.proactiveinvestors.co.uk/companies/rns/15684/LSE20190220113123_13975871/ <![CDATA[RNS press release - EBT Share Purchase ]]> https://www.proactiveinvestors.co.uk/companies/rns/15684/LSE20190215145251_13971564/ Fri, 15 Feb 2019 14:52:51 +0000 https://www.proactiveinvestors.co.uk/companies/rns/15684/LSE20190215145251_13971564/ <![CDATA[RNS press release - Employee Share Scheme ]]> https://www.proactiveinvestors.co.uk/companies/rns/15684/LSE20190213100125_13967997/ Wed, 13 Feb 2019 10:01:25 +0000 https://www.proactiveinvestors.co.uk/companies/rns/15684/LSE20190213100125_13967997/ <![CDATA[News - Ultimate Products revenues rise by a third as international sales grow ]]> https://www.proactiveinvestors.co.uk/companies/news/214349/ultimate-products-revenues-rise-by-a-third-as-international-sales-grow-214349.html UP Global Sourcing Holdings PLC’s (LON:UPGS) saw its shares jump on Monday as the household brands group said its revenues have rebounded as international sales have picked up.

Sales rose by 36 % or £17.4m to £65.8mln in the half year to January, helped by the unwinding of a timing issue with one customer and the Chinese New Year coming earlier.

READ: UP Global Sourcing on the up as it raises expectations

Stripping those out, revenues rose by 21% with the share from international doubling to 40% of the total.

The group recently opened a showroom in Germany to diversify its ‘squeezed middle’ core of customers in Britain.

Ultimate Products as the group used to be known said it is assessing the implications of a no-deal Brexit and especially a slide in the pound, but otherwise underlying profits [EBITDA] are on course to beat market forecasts.

In late morning trading, shares in UP Global were 13.8% higher at 66p.

Broker ups forecasts

In a note to clients, analysts at ‘house’ broker Shore Capital pointed out that the firm issued “a strong trading update, … confirming the momentum reported in its surprise post-Christmas update (7th January) has continued.”

They added: “With EBITDA guided to be ‘above’ current market expectation, we are again raising our EBITDA forecast by 10% to £8.6m, which takes CPTP to £7.2m and EPS to 6.9p, an 11% EPS upgrade on recently raised expectations.”

The analysts concluded: “With very strong trading momentum, a broadening customer base and an attractive multi-pillared growth strategy a July FY2019 PER of 8.4x, falling to 8.0x appears very undemanding.”

 -- Adds share price, broker comment --

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Mon, 11 Feb 2019 08:35:00 +0000 https://www.proactiveinvestors.co.uk/companies/news/214349/ultimate-products-revenues-rise-by-a-third-as-international-sales-grow-214349.html
<![CDATA[RNS press release - Equity Development publishes research note ]]> https://www.proactiveinvestors.co.uk/companies/rns/15684/LSE20190211080812_13964563/ Mon, 11 Feb 2019 08:08:12 +0000 https://www.proactiveinvestors.co.uk/companies/rns/15684/LSE20190211080812_13964563/ <![CDATA[RNS press release - Trading Update and Notice of Reults ]]> https://www.proactiveinvestors.co.uk/companies/rns/15684/LSE20190211070005_13964071/ Mon, 11 Feb 2019 07:00:05 +0000 https://www.proactiveinvestors.co.uk/companies/rns/15684/LSE20190211070005_13964071/ <![CDATA[RNS press release - Oldham Site Visit ]]> https://www.proactiveinvestors.co.uk/companies/rns/15684/LSE20190123070005_13943386/ Wed, 23 Jan 2019 07:00:05 +0000 https://www.proactiveinvestors.co.uk/companies/rns/15684/LSE20190123070005_13943386/ <![CDATA[RNS press release - Equity Development publishes research note ]]> https://www.proactiveinvestors.co.uk/companies/rns/15684/LSE20190108103122_13927483/ Tue, 08 Jan 2019 10:31:22 +0000 https://www.proactiveinvestors.co.uk/companies/rns/15684/LSE20190108103122_13927483/ <![CDATA[News - UP Global Sourcing on the up as it raises expectations ]]> https://www.proactiveinvestors.co.uk/companies/news/212032/up-global-sourcing-on-the-up-as-it-raises-expectations-212032.html Consumer goods company UP Global Sourcing Holdings PLC (LON:UPGS) expects underlying earnings in the current fiscal year will be above expectations.

The company said the positive momentum the group reported in November when it published its fiscal 2018 results had continued.

READ: UP Global Sourcing eyes overseas expansion as Britain tightens its belt

There has been stronger than expected revenue growth across each of the four main segments Ultimate Products targets, namely discounters, UK supermarkets, online platforms, and international customers, with international business continuing to account for a larger share.

The group will announce its half-year results on February 11.

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Mon, 07 Jan 2019 08:03:00 +0000 https://www.proactiveinvestors.co.uk/companies/news/212032/up-global-sourcing-on-the-up-as-it-raises-expectations-212032.html
<![CDATA[RNS press release - Trading Statement ]]> https://www.proactiveinvestors.co.uk/companies/rns/15684/LSE20190107070004_13925000/ Mon, 07 Jan 2019 07:00:04 +0000 https://www.proactiveinvestors.co.uk/companies/rns/15684/LSE20190107070004_13925000/ <![CDATA[RNS press release - Director Declaration ]]> https://www.proactiveinvestors.co.uk/companies/rns/15684/LSE20190104142537_13924605/ Fri, 04 Jan 2019 14:25:37 +0000 https://www.proactiveinvestors.co.uk/companies/rns/15684/LSE20190104142537_13924605/ <![CDATA[RNS press release - AGM Results ]]> https://www.proactiveinvestors.co.uk/companies/rns/15684/LSE20181214160258_13904958/ Fri, 14 Dec 2018 16:02:58 +0000 https://www.proactiveinvestors.co.uk/companies/rns/15684/LSE20181214160258_13904958/ <![CDATA[RNS press release - EBT Share Purchase ]]> https://www.proactiveinvestors.co.uk/companies/rns/15684/LSE20181123070002_13877909/ Fri, 23 Nov 2018 07:00:02 +0000 https://www.proactiveinvestors.co.uk/companies/rns/15684/LSE20181123070002_13877909/ <![CDATA[RNS press release - Annual Report 2018 and Notice of AGM ]]> https://www.proactiveinvestors.co.uk/companies/rns/15684/LSE20181120151925_13873999/ Tue, 20 Nov 2018 15:19:25 +0000 https://www.proactiveinvestors.co.uk/companies/rns/15684/LSE20181120151925_13873999/ <![CDATA[RNS press release - EBT Share Purchase ]]> https://www.proactiveinvestors.co.uk/companies/rns/15684/LSE20181120070006_13872689/ Tue, 20 Nov 2018 07:00:06 +0000 https://www.proactiveinvestors.co.uk/companies/rns/15684/LSE20181120070006_13872689/ <![CDATA[News - UP Global Sourcing eyes overseas expansion as Britain tightens its belt ]]> https://www.proactiveinvestors.co.uk/companies/news/209285/up-global-sourcing-eyes-overseas-expansion-as-britain-tightens-its-belt-209285.html UP Global Sourcing Holdings PLC (LON:UPGS) specialises in what it calls British heritage brands.

Salter for example is 250 years old, Beldray 100 years and Progress almost ninety while latest acquisition Kleeneze dates back to 1923.

WATCH: UP Global keen to snap up lucrative UK supermarket home product spots

These are well-known names but were either unloved or distressed when we bought them, says UP managing director Andrew Gossage.

Another common thread is that UP generally buys them for a song.

Kleneeze cost £100,000, Progress £10,000 with a similar amount paid for luggage group Constellation, another UK household stalwart.

The stable also includes the distributing rights to Russell Hobbs products and headphones and speaker maker Intempo.

UP floated on the main market in March 2017, netting £52.6mln for a group of existing shareholders that included Gossage and chief executive Simon Showman.

'Squeezed middle'

Trading since the float has been tough, Gossage admits.

Changes to the way one large customer booked sales hit revenues, while UP’s target market of the ‘squeezed middle’ has been pushed even by harder by a combination of Brexit, sterling’s weakness and wage deflation.

That has meant the non-food items UP specialises such as kitchen equipment, kettles, music devices, vacuum cleaners and cleaning kit taking a smaller share of an already shrunk basket.

But resilience is feature of the business says Gossage and the company has already adapted its plans to cope with what remains a challenging UK environment.

Orders have picked up in the current year, especially from its international operation and expansion abroad is one of the ‘main pillars’ of the group’s long-term strategy.

A new showroom opened in Germany in April, while Gossage is also eyeing the Nordic region where he believes UP’s range of British brands might chime with the local populations.

International’s shares of revenues rose from 20% in the first half of the year to 37% by the end.

Online sales jump 52%

Online sales are another avenue that UP is starting to explore more.

Sales here rose 52% or to 7.9% of total group sales of £88mln in the year to July.

UP uses the major established online distribution channels for its sales, it is not an internet retailer.

Gossage says it will work to increase revenues through the big four supermarkets to offset the struggles in its core UK market, which also includes discount stores.

While Aldi, Asda, Iceland, Lidl, Morrisons, Sainsbury's, Tesco and Waitrose are customers, its presence in the largest groups is low.

Prices are pitched below the market leading brands in a way that the retailer can maintain an online margin even though it is selling a mass-market, branded consumer product.

More opportunities

Gossage believes the current tough market might offer up more brands, though these will likely be opportunistic deals – “three at once or none at all.”

The emphasis on mass market consumer goods will remain at the core on the business.

“We have to be low-cost to hit the price point of the everyday consumer.

“And we have to manage our overheads tightly and source our products very cost effectively.

“We acquire our brands in a cost-effective way as well as we really want to be mass-market.”

Orders improve

Christmas and Black Friday are important periods for the group and though Gossage says last year ended in a more promising fashion, “We’ll have to see where it goes,” is all he say about the rest of this year.

Numbers in the market suggest revenues will recover 10% this year to £97mln in the year to July 2019 albeit helped by a contribution from Kleeneze.

Underlying profits will be about £7.1mln, according to house researcher Equity Development, which would give earnings of 5.6p.

Gossage says one of the key strengths of the group is its product sourcing infrastructure, which should be something it can flex more effectively if it can develop the international and online operations.

UP Global pays out half of earnings as dividends so, on that basis, the forward yield at present is 6.1% which provides some support to the shares.

Equity Development expects sales to grow by 5% organically over the long term and if it can manage that, at 46p and compared to the float price of 128p there looks to be recovery potential as well.

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Thu, 15 Nov 2018 11:30:00 +0000 https://www.proactiveinvestors.co.uk/companies/news/209285/up-global-sourcing-eyes-overseas-expansion-as-britain-tightens-its-belt-209285.html
<![CDATA[Media files - UP Global keen to snap up lucrative UK supermarket home product spots ]]> https://www.proactiveinvestors.co.uk/companies/stocktube/11170/up-global-keen-to-snap-up-lucrative-uk-supermarket-home-product-spots-11170.html Mon, 12 Nov 2018 10:48:00 +0000 https://www.proactiveinvestors.co.uk/companies/stocktube/11170/up-global-keen-to-snap-up-lucrative-uk-supermarket-home-product-spots-11170.html <![CDATA[RNS press release - Director's share purchase ]]> https://www.proactiveinvestors.co.uk/companies/rns/15684/LSE20181107084401_13858141/ Wed, 07 Nov 2018 08:44:01 +0000 https://www.proactiveinvestors.co.uk/companies/rns/15684/LSE20181107084401_13858141/ <![CDATA[RNS press release - Equity Development publishes research note ]]> https://www.proactiveinvestors.co.uk/companies/rns/15684/LSE20181106082158_13856416/ Tue, 06 Nov 2018 08:21:58 +0000 https://www.proactiveinvestors.co.uk/companies/rns/15684/LSE20181106082158_13856416/ <![CDATA[RNS press release - Final Results ]]> https://www.proactiveinvestors.co.uk/companies/rns/15684/LSE20181106070005_13855891/ Tue, 06 Nov 2018 07:00:05 +0000 https://www.proactiveinvestors.co.uk/companies/rns/15684/LSE20181106070005_13855891/ <![CDATA[RNS press release - Director Disclosure Update ]]> https://www.proactiveinvestors.co.uk/companies/rns/15684/LSE20181105112559_13855116/ Mon, 05 Nov 2018 11:25:59 +0000 https://www.proactiveinvestors.co.uk/companies/rns/15684/LSE20181105112559_13855116/ <![CDATA[RNS press release - TR-1: Notification of Major Holdings ]]> https://www.proactiveinvestors.co.uk/companies/rns/15684/LSE20181019144805_13836115/ Fri, 19 Oct 2018 14:48:05 +0100 https://www.proactiveinvestors.co.uk/companies/rns/15684/LSE20181019144805_13836115/ <![CDATA[RNS press release - Equity Development initiates research ]]> https://www.proactiveinvestors.co.uk/companies/rns/15684/LSE20181002154955_13813719/ Tue, 02 Oct 2018 15:49:55 +0100 https://www.proactiveinvestors.co.uk/companies/rns/15684/LSE20181002154955_13813719/ <![CDATA[RNS press release - Pre-Close Trading Update and Notice of Results ]]> https://www.proactiveinvestors.co.uk/companies/rns/15684/LSE20180910070005_13783827/ Mon, 10 Sep 2018 07:00:05 +0100 https://www.proactiveinvestors.co.uk/companies/rns/15684/LSE20180910070005_13783827/ <![CDATA[RNS press release - TR-1: Notification of Major Holdings ]]> https://www.proactiveinvestors.co.uk/companies/rns/15684/LSE20180830085801_13772845/ Thu, 30 Aug 2018 08:58:01 +0100 https://www.proactiveinvestors.co.uk/companies/rns/15684/LSE20180830085801_13772845/ <![CDATA[RNS press release - EBT Share Purchase ]]> https://www.proactiveinvestors.co.uk/companies/rns/15684/LSE20180814151516_13755281/ Tue, 14 Aug 2018 15:15:16 +0100 https://www.proactiveinvestors.co.uk/companies/rns/15684/LSE20180814151516_13755281/ <![CDATA[RNS press release - Purchase of the Kleeneze Brand ]]> https://www.proactiveinvestors.co.uk/companies/rns/15684/LSE20180614070006_13679046/ Thu, 14 Jun 2018 07:00:06 +0100 https://www.proactiveinvestors.co.uk/companies/rns/15684/LSE20180614070006_13679046/ <![CDATA[RNS press release - Director?s share purchase ]]> https://www.proactiveinvestors.co.uk/companies/rns/15684/LSE20180502172907_13627912/ Wed, 02 May 2018 17:29:07 +0100 https://www.proactiveinvestors.co.uk/companies/rns/15684/LSE20180502172907_13627912/ <![CDATA[RNS press release - Interim results ]]> https://www.proactiveinvestors.co.uk/companies/rns/15684/LSE20180430070007_13622706/ Mon, 30 Apr 2018 07:00:07 +0100 https://www.proactiveinvestors.co.uk/companies/rns/15684/LSE20180430070007_13622706/ <![CDATA[RNS press release - TR-1: Notification of Major Holdings ]]> https://www.proactiveinvestors.co.uk/companies/rns/15684/LSE20180427135253_13622144/ Fri, 27 Apr 2018 13:52:53 +0100 https://www.proactiveinvestors.co.uk/companies/rns/15684/LSE20180427135253_13622144/ <![CDATA[RNS press release - TR-1: Notification of Major Holdings ]]> https://www.proactiveinvestors.co.uk/companies/rns/15684/LSE20180420131545_13613089/ Fri, 20 Apr 2018 13:15:45 +0100 https://www.proactiveinvestors.co.uk/companies/rns/15684/LSE20180420131545_13613089/ <![CDATA[RNS press release - TR-1: Notification of Major Holdings ]]> https://www.proactiveinvestors.co.uk/companies/rns/15684/LSE20180416142742_13606120/ Mon, 16 Apr 2018 14:27:42 +0100 https://www.proactiveinvestors.co.uk/companies/rns/15684/LSE20180416142742_13606120/ <![CDATA[RNS press release - Price Monitoring Extension ]]> https://www.proactiveinvestors.co.uk/companies/rns/15684/LSE20180404163528_13592062/ Wed, 04 Apr 2018 16:35:28 +0100 https://www.proactiveinvestors.co.uk/companies/rns/15684/LSE20180404163528_13592062/ <![CDATA[RNS press release - TR-1: Notification of Major Holdings ]]> https://www.proactiveinvestors.co.uk/companies/rns/15684/LSE20180328171014_13585687/ Wed, 28 Mar 2018 17:10:14 +0100 https://www.proactiveinvestors.co.uk/companies/rns/15684/LSE20180328171014_13585687/ <![CDATA[RNS press release - Director Share Trade ]]> https://www.proactiveinvestors.co.uk/companies/rns/15684/LSE20180228114111_13549322/ Wed, 28 Feb 2018 11:41:11 +0000 https://www.proactiveinvestors.co.uk/companies/rns/15684/LSE20180228114111_13549322/ <![CDATA[RNS press release - TR-1: Notification of Major Holdings ]]> https://www.proactiveinvestors.co.uk/companies/rns/15684/LSE20180216175817_13536939/ Fri, 16 Feb 2018 17:58:17 +0000 https://www.proactiveinvestors.co.uk/companies/rns/15684/LSE20180216175817_13536939/ <![CDATA[RNS press release - TR-1: Notification of Major Holdings ]]> https://www.proactiveinvestors.co.uk/companies/rns/15684/LSE20180216070004_13535520/ Fri, 16 Feb 2018 07:00:04 +0000 https://www.proactiveinvestors.co.uk/companies/rns/15684/LSE20180216070004_13535520/ <![CDATA[RNS press release - TR-1: Notification of Major Holdings ]]> https://www.proactiveinvestors.co.uk/companies/rns/15684/LSE20180214160019_13533491/ Wed, 14 Feb 2018 16:00:19 +0000 https://www.proactiveinvestors.co.uk/companies/rns/15684/LSE20180214160019_13533491/ <![CDATA[RNS press release - TR-1: Notification of Major Holdings ]]> https://www.proactiveinvestors.co.uk/companies/rns/15684/LSE20180214155515_13533487/ Wed, 14 Feb 2018 15:55:15 +0000 https://www.proactiveinvestors.co.uk/companies/rns/15684/LSE20180214155515_13533487/ <![CDATA[RNS press release - Director Share Purchase ]]> https://www.proactiveinvestors.co.uk/companies/rns/15684/LSE20180212153412_13530251/ Mon, 12 Feb 2018 15:34:12 +0000 https://www.proactiveinvestors.co.uk/companies/rns/15684/LSE20180212153412_13530251/ <![CDATA[RNS press release - Trading Update and Notice of Results ]]> https://www.proactiveinvestors.co.uk/companies/rns/15684/LSE20180212070004_13528880/ Mon, 12 Feb 2018 07:00:04 +0000 https://www.proactiveinvestors.co.uk/companies/rns/15684/LSE20180212070004_13528880/ <![CDATA[RNS press release - Annual General Meeting (AGM) Results ]]> https://www.proactiveinvestors.co.uk/companies/rns/15684/LSE20171215160715_13467986/ Fri, 15 Dec 2017 16:07:15 +0000 https://www.proactiveinvestors.co.uk/companies/rns/15684/LSE20171215160715_13467986/ <![CDATA[RNS press release - Annual Report 2017 and Notice of AGM ]]> https://www.proactiveinvestors.co.uk/companies/rns/15684/LSE20171120094631_13437160/ Mon, 20 Nov 2017 09:46:31 +0000 https://www.proactiveinvestors.co.uk/companies/rns/15684/LSE20171120094631_13437160/ <![CDATA[RNS press release - TR-1: Notification of Major Holdings ]]> https://www.proactiveinvestors.co.uk/companies/rns/15684/LSE20171109173049_13426823/ Thu, 09 Nov 2017 17:30:49 +0000 https://www.proactiveinvestors.co.uk/companies/rns/15684/LSE20171109173049_13426823/ <![CDATA[RNS press release - Director Share Purchases ]]> https://www.proactiveinvestors.co.uk/companies/rns/15684/LSE20171107104034_13422999/ Tue, 07 Nov 2017 10:40:34 +0000 https://www.proactiveinvestors.co.uk/companies/rns/15684/LSE20171107104034_13422999/ <![CDATA[RNS press release - Final Results ]]> https://www.proactiveinvestors.co.uk/companies/rns/15684/LSE20171107070003_13422304/ Tue, 07 Nov 2017 07:00:03 +0000 https://www.proactiveinvestors.co.uk/companies/rns/15684/LSE20171107070003_13422304/ <![CDATA[RNS press release - TR-1: Notification of Major Holdings ]]> https://www.proactiveinvestors.co.uk/companies/rns/15684/LSE20171018155018_13401239/ Wed, 18 Oct 2017 15:50:18 +0100 https://www.proactiveinvestors.co.uk/companies/rns/15684/LSE20171018155018_13401239/ <![CDATA[RNS press release - TR-1: Notification of Major Holdings ]]> https://www.proactiveinvestors.co.uk/companies/rns/15684/LSE20170915160039_13364995/ Fri, 15 Sep 2017 16:00:39 +0100 https://www.proactiveinvestors.co.uk/companies/rns/15684/LSE20170915160039_13364995/ <![CDATA[RNS press release - TR-1: Notification of Major Holdings ]]> https://www.proactiveinvestors.co.uk/companies/rns/15684/LSE20170915075112_13364118/ Fri, 15 Sep 2017 07:51:12 +0100 https://www.proactiveinvestors.co.uk/companies/rns/15684/LSE20170915075112_13364118/ <![CDATA[RNS press release - TR-1: Notification of Major Holdings ]]> https://www.proactiveinvestors.co.uk/companies/rns/15684/LSE20170915070004_13363771/ Fri, 15 Sep 2017 07:00:04 +0100 https://www.proactiveinvestors.co.uk/companies/rns/15684/LSE20170915070004_13363771/