Online revenue surged at Ultimate Products during the first half of its financial year but 'caution' saw sales to retailers cut.
The Oldham-based company, which sells Russell Hobbs cookware and laundry products under licence, has revealed its online sales jumped by 78% in the six months to the end of January this year to £22.9m.
The business said the rise was "supported by continued normalisation of global supply chains".
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However, its sales to retailers were cut by 11% to £64.7m after being "hampered by caution in forward ordering arising from post-COVID overstocks amongst retailers".
Last month Ultimate Products confirmed its overall revenue for the period had increased by 2% to £87.6m.
Its pre-tax profits dipped slightly in the period from £9.7m to £9.2m.
Shares in Ultimate Products fell by almost 8% in early trading.
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Founder and chief executive Simon Showman said: "We have delivered a robust performance, with exceptional growth from online, amidst a tough trading environment.
"Our amazing team has built a resilient and scalable business, based on a strong portfolio of homeware brands with a wide range of products and channels to market.
"The business has been tested by some of the toughest trading conditions and headwinds seen in recent times, but we are emerging stronger, more focused and more profitable than ever.
"This resilience puts us in a strong position to accelerate our growth as the macroeconomic uncertainty starts to clear.
"We therefore remain confident in the future prospects for Ultimate Products."
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