Ultimate Products eyes above consensus sales despite cautious consumer

(Alliance News) - Ultimate Products PLC on Thursday said it expects full-year revenue to be slightly ahead of market consensus despite continued subdued consumer demand.

The Oldham, England-based branded homeware products, such as Salter, said revenue was GBP34.8 million in the three months to April, in line with the prior year, reflecting continued subdued consumer demand for general merchandise and the planned reduction in non-core third-party clearance sales.

Sales of Ultimate Products proprietary brands rose 9% in the period to GBP31.5 million, with overall branded sales up 3%, reflecting a continued strategic focus on growing proprietary brand sales.

The firm said it currently expects the flat trading trends seen in the third quarter of its financial year 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.

Ultimate Products put consensus for revenue for financial 2026 at GBP141.0 million, down from GBP150.1 million the year prior, and adjusted earnings before interest, tax, depreciation and amortisation at GBP9.9 million, down on-year from GBP12.5 million.

Ultimate Products' financial year runs to the end of July.

"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," it said.

On Wednesday, Ultimate Products said it had hired Harrison to be chief executive officer, joining the company in September. Harrison currently is CEO of Liverpool-based food and beverage maker Princes Group PLC, but the FTSE 250 listing last week said Harrison will be leaving on June 30 "to pursue another opportunity".

Shares in Ultimate Products were down 0.8% at 50.60 pence each in London on Thursday.

By Jeremy Cutler, Alliance News reporter

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