Consumer goods group Ultimate Products has said Brits are buying fewer airfryers than before, leading revenues to drop four per cent in the second half of the year.
Ultimate Products, which owns Britain’s oldest houseware brand Salter founded in 1760, reported revenues of £84m, down from £87.6m in the first half of 2023, which it said was due to waning sales of the machines that can quickly crisp up anything.
The Greater Manchester-based company said this was partly offset by lower shipping rates and increased productivity thanks to more automation, driving up operating margins.
In the second half of 2024, “shipping schedules are expected to settle, and peak air-fryer sales will move out of the prior year comparatives,” Ultimate Products said in a trading update on Tuesday.
It expects a full year profit performance in line with current market expectations, which include adjusted pre-tax earnings of £21.6m and adjusted earnings per share of 15.6p.
Andrew Gossage, chief executive of Ultimate Products, said: “The overstocking issues that have held back ordering at many of our retail partners, especially European supermarkets, continue to subside.
“As the underlying demand for our products and brands remains robust, customers who had paused their ordering are once more open to buy.
“As a result, we remain confident in our prospects, as demonstrated by our new Capital Allocation Policy.”
Shares in the London-listed company have dropped nearly 12 per cent over the past year.
The group, which sells Russell Hobbs cookware and laundry products under licence as well as owning the Beldray brands, floated on the London Stock Exchange in an IPO worth more than £100m in 2017.