Updates

UP Global Sourcing

April 2018

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 Sourcing issued another profit warning, covering the six months ended January. It noted H1 revenues were £48.4m down from £68.1m, a decline that it blamed on “ongoing challenges in general merchandise retail and the resulting continued caution from customers on placing orders.” There was also “a one-off impact of £4-£5m revenue as a result of the move from free on board to landed arrangements with a key European customer.”New orders have been won but begin in FY’19 rather than H2 ’18, which means it now expects EBITDA for FY’18 of £6m-£7m.In spite of its problems, funding headroom remains “comfortable” at £8m (31th July & ...

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