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.
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 --