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.

11 Feb 2019

Underlying H1 sales soar 21% - Game on!

UPGS' latest trading statement confirms the group's improved sales momentum. Moreover, with all four growth pillars performing positively, FY2018's setback can be seen as exceptional, rather than the norm. We remain positive on the outlook for both UPGS' sales and profitability, which is in our view available to investors at a very attractive share price valuation.

UPGS' financials and valuation tend to support a positive investment view. We take this opportunity to raise our FY2019 EBITDA forecast from £7.9m to £8.7m as we increase our sales forecast from £108.2m to £117.5m. Based on a 58p closing price and our new numbers, UPGS trades on 7.5x EV/EBITDA, an 8.3x P/E ratio and boasts a generous 6.0% dividend yield. Interim results are due 29^th April. Game on!

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