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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 owned brands rising from under 50% in FY17 to over 80% in FY25.
Adjusted EBITDA fell 31% to £12.5m, and adjusted EPS dropped 40% to 7.4p, reflecting challenging market conditions and anticipated reductions in air fryer and third-party close-out sales.
Business diversified channels, reducing reliance on discount retailers and customer concentration, with a more balanced mix including supermarkets and online.
Operational improvements through automation, AI, and new PIM software led to flat OpEx over three years despite inflation.
Management acknowledges a disappointing FY25, with sales and gross profit down, but UP brands grew 4% and Beldray sales rose 11%.
Financial highlights
Revenue: £150.1m, down 3% year-over-year; gross profit fell 14% due to higher freight costs from Red Sea disruptions.
Adjusted EBITDA: £12.5m, down 31%; 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 (EBITDA ratio 1.1x), 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, with current trading in line with expectations, but market remains challenging.
FY26 guidance maintained; management expects sales function changes to impact results in FY27.
Board confident operational improvements will position the business for medium- and long-term growth.
Order book visibility is about 60-70% for the year, with key trading months ahead, especially online.
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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