Consumer goods giant Ultimate Products is set to "benefit" from "structural changes to consumer behaviours" as Covid-19 restrictions ease including more home working and a greater emphasis on hygiene and cleanliness.
The Greater Manchester-headquartered company added that these changes, which also include "a more considered approach to spending", are "here to stay" and will help continue the growth it experienced during its latest financial year.
The listed business has reported its latest results for the 12 months to July 31, 2021, which show a rise in revenue from £115.6m to £136.3m while its pre-tax profits went from £8.3m to £9.5m.
International revenue increased from £41.6m to £43.5m while its online sales rose from £16.7m to £20.6m.
Just before the end of the financial year, Ultimate Products completed the £34m acquisition of Salter Brands from FKA Brands.
Ultimate Products also completed a deal for German kitchen electricals brand Petra for an undisclosed sum.
In a statement issued to the London Stock Exchange, the group added that its current trading remains "in line with expectations", with growth expected in its new financial year "despite the ongoing challenges of shipping availability and cost".
Chief executive Simon Showman said: "Once again, we are pleased to have demonstrated Ultimate Products' resilience and adaptability against the extremely challenging background of the Covid-19 pandemic.
"While protecting the business and colleagues, as well as continuing to grow and innovate, we have increased support for our local communities, targeting help at those who have been most disadvantaged by the crisis.
"Undoubtedly, these achievements have been aided by our flexible model and strong balance sheet, but the key driver has been the remarkable response of colleagues to these exceptional circumstances.
"As restrictions ease, it is becoming clear that the pandemic has ushered in structural changes to consumer behaviours, which are to the benefit of Ultimate Products and that we believe are here to stay.
"More home working and home cooking, a greater emphasis on hygiene and cleanliness, and a more considered approach to spending all complement our long-standing strategy of developing and building our portfolio of brands that focus on mass-market and value-led consumer goods for the home.
"The board therefore remains confident in the group's long-term prospects."
