In a recent announcement, Up Global Sourcing Holdings revealed a significant increase in revenue for fiscal 2023. This growth was primarily driven by exceptional performance from its online division and an improved sales mix. The company also confirmed that its performance in fiscal 2024 aligns with market expectations.
Revenue for the year ending July 31 reached £166.3 million ($211 million), up from £154.2 million in fiscal 2022. Notably, the online division experienced an impressive 64% year-on-year increase in revenue.
Adjusted pretax profit, a key metric that excludes exceptional and other one-off items, rose by 6% to £16.8 million, which is in line with market projections. Additionally, adjusted earnings before interest, taxes, depreciation, and amortization increased by 8% to £20.2 million, slightly surpassing market expectations of £20.1 million.
It is important to note that all figures remain unaudited at this time. The company plans to release full results on October 31.
In conclusion, Up Global Sourcing Holdings has achieved remarkable revenue growth, driven by its online division and a favorable sales mix. The company's financial performance continues to meet or exceed market expectations.
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