Ultimate Products has reported a 4 per cent fall in first-half revenues – down to £84m from £87.6m for the six months to January 31st, ’24.
It attributed the decrease to supermarket ordering being held back by overstocking issues and the prior year delivering an exceptionally heavy demand for airfryers.
The business has appointed Andrew Gossage as its new CEO, replacing Simon Showman who switches to the role of chief commercial officer. Gossage said: “Amidst a tough but improving consumer backdrop, we are pleased to have delivered a resilient performance.
“The overstocking issues that have held back ordering at many of our retail partners, especially European supermarkets, continue to subside. As the underlying demand for our products and brands remains robust, customers who had paused their ordering are once more open to buy. As a result, we remain confident in our prospects, as demonstrated by our new capital allocation policy.”
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