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.

28 Oct 2025

Brand growth central to investment case

Ultimate Products' FY2025 results release confirmed key figures and brand growth messages from the company’s 13th August trading update.

The group’s owned brands overall maintained a positive momentum and grew by 4.3%. Other key segmental trends detailed in today’s statement included strength in housewares as re-branded Beldray advanced by 11.1%, and a 12.0% gain in the largest part of the group’s international business, discounters.

Year-end net debt was confirmed at £14.1m and adjusted EPS was 7.4p compared with 12.4p in FY2024. UP remains committed to creating shareholder value and maintains its 1.0x net debt to EBITDA target.

With international growth to partially offset another overall UK down year, we leave FY2026 forecasts unchanged and maintain our fair value estimate for the shares at 165p, noting that the EV/sales ratio stands at around 0.5x which appears unusually low for a company whose owned brands account for 81% of sales.

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