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.

19 Aug 2026

Owned brands accelerate in H2

Ultimate Products' trading matched both market and our own expectations in FY2026. Sales revenue was £144.9m and adjusted EBITDA was £10.0m, while year-end net debt was £8.6m, down from £14.1m a year earlier. Looking ahead, the company expects the FY2027 outlook to be broadly flat.

Sales growth for the company’s owned brands accelerated in the second half of FY2026, generating a 5.3% overall increase for the full year. Branded sales, including Salter and Beldray, grew in both halves.

The faster growth of UP’s proprietary brands lends support to the Salter and Beldray re-brands and the company’s increased focus on its owned brand portfolio. Over the past two years, the portion of business generated by owned brands has increased from 75% to 89%.

Trading conditions for general merchandise remain tough, with the company reiterating that conditions are “soft” domestically and in Europe. We reduce our FY2027 forecasts accordingly, but continue to view UP’s focus on brands as positive for future growth and shareholder value creation. We maintain our 165p/share fair value estimate.

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