H1 2026 Trading Update and Notice of Results
Ultimate Products plc reported H1 2026 unaudited revenues of £74.5 million, a 6% decrease from £79.5 million in H1 2025, primarily due to a reduction in third-party clearance sales. However, sales of UP proprietary brands increased by 5% to £65.8 million, aligning with the Group's strategic focus. Adjusted EBITDA for the period is expected to be around £5.0 million, and net bank debt stood at £9.7 million, resulting in a net bank debt to adjusted EBITDA ratio of 0.9x. Trading remains in line with market expectations, and the Group will announce its interim financial results on March 24, 2026.
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Ultimate Products, the owner of a number of leading homeware brands including Salter (the UK's oldest houseware brand, est.1760) and Beldray (est.1872), announces its trading update for the six months ended 31 January 2026 ("H1 2026").
Overview
| H1 2026 | H1 2025 | Change | Change | |
|---|---|---|---|---|
| £m | £m | £m | % | |
| UP proprietary brands | 65.8 | 62.6 | 3.2 | 5% |
| Licensed brands | 5.7 | 7.5 | -1.8 | -24% |
| Third party clearance & white label | 3.0 | 9.4 | -6.4 | -68% |
| Total revenue | 74.5 | 79.5 | -5.0 | -6% |
Unaudited Group revenues were £74.5m, down 6% (H1 2025: £79.5m), reflecting continued subdued consumer demand for general merchandise and the anticipated reduction in non-core third party clearance sales. However, sales of UP brands rose by 5% in the period to £65.8m, as the Group continues its strategy of increasing its focus on its own proprietary brands.
Adjusted EBITDA* for H1 2026 is expected to be around £5.0m, reflecting the operational gearing impact of reduced sales. At the period end, the Group had net bank debt of £9.7m (31 July 2025: £14.1m), which represents a net bank debt/ adjusted EBITDA ratio of 0.9x (31 July 2025: 1.1x), marginally below the Group's targeted policy of 1.0x. The rolling 12-month average was 1.4x (31 July 2025:1.3x).
Current trading
Current trading remains in line with market expectations. Whilst the market for general merchandise remained soft over the period, especially in the UK, the Board is confident that the ongoing investment in the Group's operational capabilities will strengthen its commercial focus, enabling it to maximise growth opportunities as macroeconomic conditions improve.
Notice of Results
The Group will announce its interim financial results on Tuesday 24 March 2026.
Commenting on the performance, Andrew Gossage, Chief Executive of Ultimate Products, said:
"Although we continue to operate in a challenging environment, we are pleased to see the ongoing growth in sales of our own UP brands. These remain a key differentiator for us, and our strategic focus on them will drive long-term value creation."
*Adjusted measures are stated before share-based payment expense and non-recurring items
A financial summary, including consensus market expectations, is set out below
| FY25 (Actual) | FY26 (Consensus) | |
|---|---|---|
| Revenue | £150.1m | £137.7m |
| Adjusted EBITDA | £12.5m | £9.9m |
| Adjusted EPS | 7.4p | 5.2p |
Cleaned text: letterheads, contacts and legal notices removed. View the original announcement ↗ · Company filings. Not investment advice.