CHADDERTON-based consumer products firm Ultimate Products has seen its half-year turnover jump 36 per cent to £65.8 million compared to the same period in the prior year.

Pre-tax profits also increased by 48.5 per cent to £5.9 million in the six months to January 31.

The firm, based at Manor Mill in Victoria Street, designs and develops a range of value-based consumer goods.

London Stock Exchange listed UP said Europe was continuing to be its largest contributor of international growth, reflecting the investment in an office and showroom in Cologne which opened in April 2018.

An interim dividend of 1.16p per share is recommended, which is an increase of 39.8%.

Current trading for full year of 2019 is comfortably in line with expectations, the group said.

The board said it continues to assess the implications of a ‘no deal’ Brexit and the potential impact on volumes and margins if it led to a material devaluation in Sterling.

However, it is confident in the adaptability and resilience of the group’s business model, as evidenced by the strong recovery in trading in the first half of financial year 2019, despite the background of a challenging UK consumer and retail market.

Chief executive Simon Showman said: “We are delighted with the strong recovery in trading that the business has delivered in the first half of the year.

“These results should be taken as a clear sign of the adaptability and resilience of our business model, especially when viewed against the ongoing difficult trading conditions within the UK general merchandise market.

“The performance has been driven by consistent growth across each of our four strategic channels, and we are particularly pleased with the way in which our international and online businesses are developing.”

He added: “Looking ahead, market conditions in the UK are likely to remain challenging for the foreseeable future.

“However, current trading is comfortably in line with expectations and we remain confident that a relentless focus on our tried and tested strategy will continue to deliver sustainable growth.”