UP GLOBAL SOURCING HOLDINGS PLC Interim Results FY19 20 19 www.upgs.com
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INTRODUCTION UP Global Sourcing Holdings plc Interim Results FY19 Agenda Introduction Financial Review Strategy & Outlook Q Questions & Answers A INTEMPO Galaxy Collection Bring Your Music To Life 2
INTRODUCTION UP Global Sourcing Holdings plc Who We Are EST. IN EMPLOY SELL TO 300+ 1997 270+ IN MANCHESTER PEOPLE ACROSS RETAILERS ACROSS THE GROUP 36 COUNTRIES • Established in Manchester in 1997 • A brands house of consumer goods for the home • Mass market and value led • Six major product categories: Audio, Heating & Cooling, Housewares, Laundry, Luggage and Small Domestic Appliances • Employ over 270 people across the group • Offices and showrooms in Manchester, Cologne and Guangzhou • Sell to over 300 retailers across 36 countries and also online SALTER Megastone Gold • Source products from 15 countries Durable, Stylish Cookware 3
INTRODUCTION UP Global Sourcing Holdings plc KLEENEZE Laundry Baskets Functional, Practical and Collapsible H1 FY19 Summary REVENUE UNDERLYING PBT £65.8m £5.9m + 36.0% + 47.3% (H1 FY18: £48.4 m) (H1 FY18: £4.0 m) • Total revenue increased 36.0% to £65.8 m (H1 FY18: £48.4 m) • Normalised revenue growth of 20.8%, after allowing for one-off factors • Underlying EBITDA increased 48.4% to £6.6 m (H1 FY18: £4.5 m) • Gross margin stable at 22.4% (H1 FY18: 22.4%) • Underlying PBT increased 47.3% to £5.9 m (H1 FY18: £4.0 m) • Net debt of £14.0 m (up £7.3 m) and net debt/underlying EBITDA ratio of 1.6 x (H1 FY18: 0.9 x, 31 July 2019: 2.0 x) • Interim dividend of 1.16 p per share (FY18: Interim dividend 0.83 p, final dividend 1.89 p) 4
UP Global Sourcing Holdings plc UP Global Sourcing Holdings plc SALTER Skandi 1.7L Kettle Nordic Inspired Design H1 FY19 Financial Review Graham Screawn Income Statement Segmental Analysis Geographical & Strategic Pillar Brand Major Product Areas Profit After Tax Bridge Balance Sheet Cash Flow 5
H1 FY19 FINANCIAL REVIEW UP Global Sourcing Holdings plc 12M JUL 6M JAN 6M JAN Income Statement 2) 2018 £’m 2) 2019 £’m 1) 2018 £’m Revenue 87.6 48.4 65.8 • Revenue up £17.4 m (36%) on H1 FY18. Gross Profit 19.6 10.9 14.8 Growth benefited from the reversal of the % 22.4% 22.4% 22.4% one-off revenue deferral experienced in Overheads (6.4) (8.2) (13.1) FY18 as a major European customer switched from free on board to landed supply, along with the earlier timing of Underlying EBITDA 6.5 4.5 6.6 Chinese New Year in 2019 % 7.4% 9.2% 10.0% Share-based Payment Charges (0.2) (0.1) (0.1) • Gross margin stable at 22.4% despite a highly competitive market and price deflation for general merchandise Reported EBITDA 6.3 4.4 6.5 Depreciation (0.5) (0.3) (0.3) • Overheads up £1.8 m on H1 FY18 reflecting increased activity and investment in the international business, higher online sales Operating Profit 5.8 4.1 6.2 (increased cost to serve) and increased salary inflation Net Interest (0.4) (0.2) (0.3) • Underlying EPS of 5.8 p (H1 FY18: 3.9 p) Profit Before Tax 3.9 5.9 5.4 Taxation (1.1) (0.8) (1.2) • Interim dividend proposed of 1.16 p per share (FY18 interim 0.83 p, final 1.89 p) Profit After Tax 4.3 3.1 4.7 Underlying Profit Before Tax 5.6 4.0 5.9 Underlying Profit After Tax 4.5 3.2 4.7 1) Audited 2) Unaudited 6
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