Updates

UP Global Sourcing

May 2023

Investing in shares may lose you all or some of your money. Past performance is no indication of future performance. Some of the shares recommended here may be small company shares, which can be relatively illiquid and hard to trade and this makes such shares more risky than other investments.

UP Global’s H1 revenues rose by 2% year-on-year to a record £87.6m, a resilient outcome given the challenging macro backdrop and limited product price inflation. Revenues via online channels rose strongly by 78% (24% mix changes) vs 15% last year with buoyant online demand for energy efficient and money saving products offsetting a decline in revenues to supermarkets and discounters who faced overstocking issues post the pandemic. Encouragingly, stock levels at these customers appear to be receding in the UK and more normal patterns of order placing have started to recommence. Gross margins increased by 30bps to 24.7% driven by the positive mix benefit from higher online sales coupled with benefit of lower freight rates towards the end ...

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With small companies there is an above average degree of risk compared to buying blue chips. Please be aware that we have not assessed the suitability of any of these investments for you. The newsletter simply states a personal view and diarises the editor’s investment decisions. Please speak to your stockbroker or other qualified individual to ascertain whether any of these companies mentioned would form useful additions to your own portfolios. Past performance is no indication of future success.

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UP Global Sourcing

May 2023

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