Q3 2026 Trading Update
Ultimate Products plc reported Q3 2026 unaudited revenues of £34.8m, matching the prior year, with proprietary brand sales increasing by 9% to £31.5m, indicating a strategic shift towards higher-margin products. Despite subdued consumer demand and a challenging macroeconomic environment, the company anticipates flat trading trends to continue for the remainder of the year, with overall sales expected to be marginally ahead of market expectations and profitability in line with consensus. The company is investing in operational capabilities and anticipates future growth opportunities with the upcoming arrival of a new CEO.
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Ultimate Products, the owner of leading homeware brands including Salter (the UK's oldest houseware brand, est.1760) and Beldray (est.1872), announces its trading update for the three months ended 30 April 2026 ("Q3 2026").
Unaudited Group revenues during Q3 were £34.8m, in line with the prior year (£34.8m), reflecting continued subdued consumer demand for general merchandise and the planned reduction in non-core third-party clearance sales. Sales of UP proprietary brands rose 9% in the period to £31.5m, with overall branded sales up 3%, reflecting the Group's continued strategic focus on growing proprietary brand sales.
Current trading and outlook
Notwithstanding the subdued macroeconomic backdrop and the unpredictable geopolitical environment, the Board currently expects the flat trading trends seen in Q3 to continue throughout the balance of the year. This means that, while the general merchandise market remains soft, particularly in the UK, Group sales are expected to be marginally ahead of market expectations, with profitability remaining in line with consensus, reflecting the change in sales mix. The Board is confident that the ongoing investment in the Group's operational capabilities, together with the forthcoming arrival of Simon Harrison as CEO, will enable it to maximise future growth opportunities.
Commenting on the performance, Andrew Gossage, Chief Executive of Ultimate Products, said:
"Against what remains a challenging backdrop, we are pleased that overall revenues were stable in the quarter, which was slightly ahead of our expectations. Our focus continues to be on our self-help strategy to optimise the business for future growth. I am confident that our refreshed and invigorated commercial function is well placed to grow market share, and that our continued focus on operational productivity in all areas of the business will underpin our future success."
Consensus market expectations immediately prior to this announcement
| FY25 (Actual) | FY26 (Consensus) | FY27 (Consensus) | |
|---|---|---|---|
| Revenue | £150.1m | £141.0m | £144.9m |
| Adjusted EBITDA | £12.5m | £9.9m | £11.4m |
| Adjusted EPS | 7.4p | 5.2p | 7.1p |
*Adjusted measures are before share-based payment expenses and non-recurring items
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