Manchester-based consumer goods developer Ultimate Products has reported a drop in full-year revenues.
The listed company, headquartered in Oldham, said the year had been one of “resilience” against “an extremely challenging backdrop”.
Total revenue dropped 6.1 per cent to £115.7m, down from £123.3m reported the previous year.
The group said it “reflected order cancellations and deferrals due to the Covid-19 pandemic”, which was offset by a “strong growth” in sales to supermarkets and online retailers.
However, the group reported pre-tax profit was up 2.9 per cent, from £8.1m to £8.4m.
Its underlying pre-tax profit was down 2.7 per cent to £8.2 m, from £8.4 m in 2019.
Simon Showman, chief executive of Ultimate Products, said: “We are pleased to have delivered such a resilient performance amidst the unprecedented challenges brought about by COVID-19.
“Through a relentless focus on our strategy and the extraordinary commitment, professionalism and adaptability of our colleagues, our performance has substantially exceeded the expectations that we had at the beginning of the pandemic.
“These results are another clear illustration of the strength of our business model and the importance of having a diversified customer base.
“Time and time again, we have also found that in difficult trading conditions, retailers require suppliers that can provide them with certainty through compelling value, quality and supply, which plays squarely to our strengths.
“While the market conditions for general merchandise look set to remain challenging in the UK and Europe in the short-term, we remain confident in the long-term prospects of Ultimate Products.”
The company repaid £465,237 it received under the Coronavirus Job Retention Scheme, which it announced in August, it said, with All VAT and PAYE payments up to date having ceased using those deferral schemes.
