Ultimate Products
Ticker: ULTP Exchange: LSE www.upplc.com

Ultimate Products plc (ULTP) develops new, innovative concepts and brings professional, sought-after products to the mass market. Their offices span two continents, with headquarters in the UK, a sourcing office and showroom in China and a further showroom in Continental Europe. Key owned brands include Salter, Beldray, Progress, Kleeneze, Petra and Intempo. The company also markets non-electrical Russell Hobbs products under licence, now on a rolling four-year basis.

UPGS - Benefits of underlying strengths - Podcast - April 2020

UPGS’s interim results included a number of positive outcomes for underlying sales growth, profits and free cash flow in the half. Despite some Covid-19 related setbacks since then, UPGS appears well placed to emerge positively from the current pandemic crisis. In particular, the business benefited from underlying strengths built up over time. Moreover, we welcome the greater importance of UPGS’s online pillar in a post Covid-19 environment.

This year will see a sharp reduction in both sales revenue and profits, clearly. However, a significant portion of that expected decrease appears to have been reflected in the company’s share price decline – a 43% drop in the calendar year to date. Company guidance has been suspended for FY2021 and is currently of the order of £93m of sales revenue for FY2020. 


On that marked-down basis the FY2020 EV/sales ratio would be only 0.6x.  Listen to, and read, what our analyst Chris Wickham thinks:

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