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.

24 Mar 2026

FY26 sales upgraded – brand strategy improving

Ultimate Products has reported FY26 H1 results alongside upgraded FY26 sales guidance, with management now expecting group sales to be marginally ahead of expectations - supporting a stronger-than-expected H2 outcome.

Our FY26 sales forecast is increased to £141m (from £138m); H1 overall sales were -6%, with £5m EBITDA and £9.7m net debt reiterated from the February update.

Strategically, the mix is improving: owned brands (88% of revenue) grew +5% (branded incl. licensed +2%), led by Beldray +14% and George Wilkinson +22%, while third‑party clearance/white label fell -69% - consistent with the “Home of Brands” repositioning and the restructured commercial/sales set-up.

In our view, the valuation looks disconnected from progress, and the shares remain strikingly low for a business increasingly shaped around stronger, more pertinent brands.

We maintain our 165p/share fair value estimate (1.1x FY27 sales).

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