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Ultimate Products (ULTP) investor relations material
Ultimate Products H2 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.H2 2025 earnings summary31 Oct, 2025
Executive summary
Revenue declined 3% year-over-year to £150.1m, reflecting challenging market conditions and anticipated reductions in air fryer and third-party close-out sales.
Branded consumer goods business with Salter and Beldray accounting for 60% of revenue; focus on mass market, affordable, and attractive products.
Significant transformation since IPO in 2017: over 80% of revenue now from owned brands, reduced customer and channel concentration, and improved operational execution.
Operational improvements included new PIM software, C-suite promotions, and sales function transformation.
UP brands, now 80% of sales, grew 4% and continued to outperform, with Beldray sales up 11%.
Financial highlights
Revenue: £150.1m, down 3% from £155.5m year-over-year; gross profit fell 14% due to higher freight costs.
Adjusted EBITDA: £12.5m, down 31% from £18.0m; adjusted EPS: 7.4p, down 40%; statutory EPS: 6.8p, down 44%.
Gross margin at 23.2%, impacted by freight costs and sales mix.
International sales, especially in the EU discounter channel, grew 42% (GBP 8.6m), while UK sales were flat at £84m.
Net bank debt increased to £14.1m (1.1x EBITDA), mainly due to working capital tied up in deferred customer orders.
Outlook and guidance
Trading and order book progressing well at the end of Q1 FY26; guidance for FY26 maintained, with expectations for improvements in FY27 as sales function changes take effect.
Current trading in line with expectations; external headwinds expected to persist short term.
Board confident operational improvements will position the business for medium- and long-term growth.
Order book visibility at 60-70% for the year, with key trading months ahead, especially for online.
Freight costs normalized but remain volatile due to geopolitical risks.
Sales function changes: When will revenue impact be seen
Gross margin impact from closeout sales reduction
Will ERP productivity gains offset its costs?
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Next Ultimate Products earnings date
H1 202625 Mar, 2026
Next Ultimate Products earnings date
H1 202625 Mar, 2026
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Frequently asked questions
Ultimate Products Plc (formerly UP Global Sourcing Holdings plc), together with its subsidiaries, is engaged in the supply of branded homeware products. The company offers a range of durable household products, including vacuum cleaners, food prep, storage solutions and ironing board covers under Beldray Brand; kitchenware products under Salter brand; audio products under Intempo brand; non-electrical kitchen and laundry products under Russell Hobbs brand; travel luggage and accessories under ZFrame brand; floorcare, healthy living and party appliances under PROlectrix brand; bone China kitchenware products under Portobello brand; pillows, duvets mattress protectors and toppers under Dreamtime brand; and bakeware cookware textiles
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