OLDHAM-based consumer products specialist Ultimate Products is celebrating a huge rise in profits to £8.2 million.

Pre-tax profits were 51 per cent in the year to July 31, from last year's figure of £5.4 million.

The London Stock Exchange-listed firm, headquartered at Manor Mill in Chadderton, saw its revenue rise from £87.6 million last year to £123.3 million - up 40.8 per cent.

Chief executive Simon Showman said hailed the results against "such a challenging economic backdrop".

He went on: "It is particularly pleasing that this growth has been broad-based across all of our channels and customer types, with our online and international businesses continuing to trade particularly strongly.

"Our broadening customer base and the ongoing development of our portfolio of outstanding brands means that we have greater sales and profit diversification than ever before. This has been achieved while maintaining the high levels of service and operational excellence that our customers have come to expect from Ultimate Products, and which set us apart from our competitors."

He said that market conditions "remain challenging" in the UK and the company, like many others, is faced with an "uncertain environment for customers, retailers and suppliers".

However, he said trading was in line with expectations and the 2020 order book was moderately ahead of this time last year.

He added: "Despite the wider market uncertainty, we remain confident in the future prospects of Ultimate Products."

The company's international business generated revenue growth of £24.5 million or 101.8 per cent compared to 2018. International sales now represent 39.4 per cent of total revenue with the Beldray, Russell Hobbs and Progress brands performing particularly well.

In September, Ultimate Products its licence agreement for exclusive use of the Russell Hobs trademark in the UK and European Union until March, 2023.

The company employs 270 people in Oldham.