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.

14 Feb 2022

UPGS on track to scale new revenue heights

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UPGS’s achievement of 13.7% revenue growth in the first half of FY2022 and anticipation of full year growth in line with current expectations implies close to a 20% advance in sales revenue this financial year. Moreover, growth sustainability should be supported by a combination of effective brand management and enlarged distribution capacity. The company should also be credited with its ability to record steady revenue growth despite supply chain headwinds. There is now cautious optimism that the worst is behind the Group.

We retain our fair value of 275p per share for UPGS. Were the shares at this level, EV/sales would expand to 1.6x and EV/EBITDA to 14.0x - representing a premium to the company’s peer group. But such premiums are justified, in our view, by the demonstrable effectiveness of UPGS's leading brands, notably in the supermarket and online channels.

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