OLDHAM-based consumer products company Ultimate Products Global Sourcing is celebrating a 50 per cent increase in profits to almost £10 million.

In a trading update on the London Stock Exchange, the company headquartered at Manor Mill in Chadderton also reports a 40.8 per cent increase in revenue from £87.6 million in 2018 to £123.3 million this year.

The company, which employs 270 people in the town, said its results "reflect good growth across each of its four strategic pillars - namely, UK and European discounters, UK supermarkets, online platforms and international customers".

Unaudited underlying EBITDA (earnings before tax, interest, depreciation and amortisation) was up to £9.9 million compared to £6.5 million last year, and unaudited underlying profit before tax was up 50.5 per cent to £8.5 million against £5.6 million in 2018.

In its trading update, the company said: "The group maintains comfortable levels of headroom within its bank facilities, with headroom at July 31 of £10.1 million. The group continues to operate well within its banking covenants.

"We are currently trading in line with market expectations with the 2020 order book moderately ahead of this time last year.

"Over the longer term, the board is confident in the resilience of the group's business model, and in particular the adaptability and versatility of its strategy."

Ultimate Products is an owner, manager, designer and developer of a series of well-known brands focused on the home, selling to more than 300 retailers across 36 countries. It has six product categories: Audio; heating and cooling; housewares; laundry; luggage; and small domestic appliances. Its brands include Beldray (laundry, floor care, heating and cooling), Intempo (audio), Salter (kitchenware), Constellation (luggage), and Progress (cookware and bakeware).

Founded in 1997, Ultimate Products has design, sales, marketing, buying, quality assurance, support functions and warehouse facilities across two sites. Manor Mill, the group's head office, includes a spectacular 20,000 sq ft showroom that showcases each of its brands. In addition, the group has an office and showroom in Guangzhou, China and in Cologne, Germany.