Ultimate Products, a consumer goods conglomerate, has disclosed a decline in airfryer purchases among Brits, resulting in a four per cent decrease in revenues during the latter half of the year.
The company, which boasts ownership of Salter, Britain’s oldest houseware brand established in 1760, reported a revenue drop from £87.6m in the first half of 2023 to £84m. This dip, it explained, is primarily attributed to reduced sales of airfryers, renowned for their ability to swiftly crisp up various foods.
Based in Greater Manchester, Ultimate Products highlighted that this decline was partially offset by reduced shipping costs and enhanced productivity facilitated by increased automation, thereby boosting operating margins.
In its trading update on Tuesday, Ultimate Products stated, “shipping schedules are expected to stabilise in the second half of 2024, and peak air-fryer sales will move out of the prior year comparatives.”
The company anticipates achieving a full-year profit performance in line with current market expectations, encompassing adjusted pre-tax earnings of £21.6m and adjusted earnings per share of 15.6p.
Andrew Gossage, CEO of Ultimate Products, remarked, “The overstocking issues that have hindered ordering at many of our retail partners, particularly European supermarkets, continue to diminish.”
He added, “Given the robust underlying demand for our products and brands, customers who had paused their ordering are once again willing to make purchases.”
The company reaffirmed confidence in its future prospects, as evidenced by the implementation of its new Capital Allocation Policy.
Shares in the London-listed company have experienced a decline of nearly 12 per cent over the past year.
Ultimate Products, known for marketing Russell Hobbs cookware and laundry products under licence, in addition to owning the Beldray brands, made its debut on the London Stock Exchange through an IPO valued at over £100m in 2017.