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Visual21 Nov 2025
Data center suppliers
Ultimate Products (ULTP) investor relations material
Ultimate Products Q4 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q4 2025 earnings summary31 Oct, 2025
Executive summary
Revenue declined 3% year-over-year to £150.1m, with Salter and Beldray accounting for 60% of revenue and a focus on kitchen, laundry, and floor care products.
Adjusted EBITDA fell 31% to £12.5m, and adjusted EPS dropped 40% to 7.4p, reflecting challenging market conditions and reduced air fryer and third-party close-out sales.
Over 80% of revenue now comes from owned brands, with Beldray sales up 11% and UP brands growing 4%.
Management acknowledges a disappointing FY25, with sales and gross profit down due to external shocks and market headwinds.
Operational improvements include new PIM software, C-suite promotions, and transformation of the sales function.
Financial highlights
Revenue: £150.1m, down 3% year-over-year; gross profit fell 14% due to higher freight costs and sales mix.
Adjusted EBITDA: £12.5m, down 31%; adjusted EPS: 7.4p, down 40%; statutory EPS: 6.8p, down 44%.
Admin expenses remained flat for three years, offsetting inflation through productivity gains.
International business grew strongly, especially in EU discounters (up 42%), while UK sales were flat at £84m.
Net bank debt increased to £14.1m, leverage at 1.1x EBITDA, with net working capital and net debt up by £2.4m due to deferred customer orders.
Outlook and guidance
Trading and order book progressing well into FY26 despite a tough market; guidance for FY26 maintained.
Management expects changes in the sales function to yield results in FY27, with current order book visibility at 60–70%.
Board confident operational improvements will position the business for medium- and long-term growth.
Online and Christmas trading in November/December will be key for FY26 performance.
Focus remains on capitalizing on UK and international growth opportunities as conditions improve.
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
Q1 202616 Jan, 2026
Next Ultimate Products earnings date
Q1 202616 Jan, 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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