Ultimate Products Share Price (ULTP)

"UP wins Salsify digital technology award for 2026" - brief new research note freely accessible here: https://www.equitydevelopment.co.uk/research/up-wins-salsify-digital-technology-award-for-2026

UP awarded Salsify’s Digital Shelf Transformer Award 2026, one of only four global recipients, validating genuine operational transformation and execution rigor, reinforcing focus on efficiency and scalable systems.

Salsify PIM centralises complex product data across c.2,500 SKUs, improving data accuracy and consistency while materially facilitating the Oracle NetSuite ERP rollout by migrating critical information outside the core system.

Technology investment is delivering tangible benefits, c.9,000 working hours saved annually, enabling redeployment of resources to higher‑value brand and customer interface work across Salter, Beldray and homewares.

Award follows FY26 sales upgrade and reflects improving brand strategy and leadership depth, we maintain fair value at 165p, based on 1.1x FY27 sales.

Looking good…wondered why no RNS…

BRV Capricorn

"FY26 sales upgraded – brand strategy improving" - link to new research note freely accessible here: https://www.equitydevelopment.co.uk/research/fy26-sales-upgraded-brand-strategy-improving

Ultimate Products has reported FY26 H1 results alongside upgraded FY26 sales guidance, with management now expecting group sales to be marginally ahead of expectations - supporting a stronger-than-expected H2 outcome.

Our FY26 sales forecast is increased to £141m (from £138m); H1 overall sales were -6%, with £5m EBITDA and £9.7m net debt reiterated from the February update.

Strategically, the mix is improving: owned brands (88% of revenue) grew +5% (branded incl. licensed +2%), led by Beldray +14% and George Wilkinson +22%, while third‑party clearance/white label fell -69% - consistent with the “Home of Brands” repositioning and the restructured commercial/sales set-up.

In our view, the valuation looks disconnected from progress, and the shares remain strikingly low for a business increasingly shaped around stronger, more pertinent brands.

We maintain our 165p/share fair value estimate (1.1x FY27 sales).

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), will be conducting a live investor presentation following the release of their Interim Results for the period to 31st January 2026.

The event will take place at 11.00am on Friday 27th March.

The online presentation will be hosting by Andrew Gossage (CEO) & Chris Dent (CFO) and is open to all existing & potential shareholders. Questions can be submitted during the presentation and will be addressed at the end.

Register to sign up here:

https://www.equitydevelopment.co.uk/news-and-events/ultimate-products-interim-results-investor-presentation-27th-march-2026

"Proprietary brands deliver 5% growth in first half" - new research freely accessible here: https://www.equitydevelopment.co.uk/research/proprietary-brands-deliver-5-growth-in-first-half

While UP’s sales fell 6% in the first half of FY2026, performance in its proprietary brands was strong, delivering a valuable 5% increase that was offset by a sharp decline in third party clearance sales. Furthermore, despite still challenging trading conditions for consumer durables, the company confirms it is on track to meet full year expectations.

Proprietary brand sales were equivalent to 88% of sales in H126 compared with 79% a year earlier. In our view, today’s announcement is a strong vindication of UP not only prioritising its proprietary brands but also its major management reorganisation last year.

Following today’s release, we leave our full year forecasts unchanged. Our current FY2026 sales estimate of £138m implies a full year 8% decline and a 10% drop in H2. With owned brand sales becoming even more important and delivering growth, consensus expectations appear on track to being met.

We maintain our 165p/ share Fair Value estimate. At 165p, FY2027 EV/sales would be 1.1x, which is arguably more appropriate given the growth status of UP’s dominant proprietary brands.