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Ultimate Products plc
(LSE:ULTP)
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Rating:61Neutral
Price Target:
49.00 p
▼(-7.20% Downside)
Action:Downgraded
Date:10/29/26
The score is held back primarily by deteriorating operating performance (shrinking revenue and compressed margins) and weak technical trend signals. Support comes from manageable/improving leverage with positive free cash flow, an attractive valuation (low P/E and high yield), and an earnings call that was operationally positive but guided to flat FY2027 trading.
Positive Factors
Owned-brand growth
Owned brands are central to the company’s long-term growth and shareholder value, while rising proprietary and overall branded sales indicate ongoing customer demand. A stronger branded mix can support differentiation, repeat purchasing, and improved commercial leverage over the next several quarters.
Negative Factors
Shrinking revenue and margins
The sustained revenue decline points to continuing demand or pricing pressure, while lower gross and operating margins show that earnings power is being squeezed. If this trajectory persists, reduced scale and weaker profitability could limit reinvestment and make recovery more difficult.
Read all positive and negative factors
Positive Factors
Negative Factors
Owned-brand growth
Owned brands are central to the company’s long-term growth and shareholder value, while rising proprietary and overall branded sales indicate ongoing customer demand. A stronger branded mix can support differentiation, repeat purchasing, and improved commercial leverage over the next several quarters.
Read all positive factors
Ultimate Products plc (ULTP) vs. iShares MSCI United Kingdom ETF (EWC)
Market Cap
£42.40M
Dividend Yield6.03%
Average Volume (3M)81.16K
Price to Earnings (P/E)11.7
Beta (1Y)0.71
Revenue Growth-3.48%
EPS Growth-36.60%
CountryUK
Employees300
SectorConsumer Cyclical
Sector Strength84
IndustryFurnishings, Fixtures & Appliances
Share Statistics
EPS (TTM)0.04
Shares Outstanding86,330,130
10 Day Avg. Volume104,846
30 Day Avg. Volume81,161
Financial Highlights & Ratios
PEG Ratio-0.35
Price to Book (P/B)0.95
Price to Sales (P/S)0.32
P/FCF Ratio4.69
Enterprise Value/Market CapN/A
Enterprise Value/RevenueN/A
Enterprise Value/Gross ProfitN/A
Enterprise Value/EbitdaN/A
Forecast
1Y Price Target
£75.00Price Target Upside42.05% Upside
Rating ConsensusModerate Buy
Number of Analyst Covering1
EPS Forecast (FY)0.05
Revenue Forecast (FY)£145.47M
Ultimate Products plc Business Overview & Revenue Model
Company Description
Ultimate Products Plc, with its various divisions, operates as a leading provider of branded homeware products, serving customers across the United Kingdom, Germany, wider Europe, and other global regions. The company offers a comprehensive select...
Ultimate Products plc Earnings Call Summary
Earnings Call Date:Oct 27, 2026
(Q4-2026)
| % Change Since: |
Next Earnings Date:Mar 30, 2027
Earnings Call Sentiment Positive
The call was strategically constructive, with strong progress in branded sales internationally, brand marketing, automation, technology systems, and operational efficiency. However, FY2026 financial performance was weaker, with revenue, margins, EBITDA, adjusted profit before tax, and adjusted EPS all declining, while UK branded sales remained under pressure and FY2027 trading is expected to be relatively flat. The number and breadth of operational and commercial positives outweighed the explicitly stated challenges.Positive Updates
Proprietary Brand Sales Increased
Sales of proprietary brands reached GBP 128 million in FY2026, up 5% from the prior year and from GBP 51 million in FY2017. Management said the brands remain central to long-term growth and shareholder equity value.
Negative Updates
Revenue Declined Following Clearance Exit
Revenue declined 3%, from GBP 150 million to GBP 145 million, primarily because the company closed its third-party clearance division. Third-party clearance and white label sales declined 60%.
Read all updates
Q4-2026 Updates
Positive
Negative
Proprietary Brand Sales Increased
Sales of proprietary brands reached GBP 128 million in FY2026, up 5% from the prior year and from GBP 51 million in FY2017. Management said the brands remain central to long-term growth and shareholder equity value.
Read all positive updates
Company Guidance
Management said current trading remains in line with market expectations and is “currently looking at trading being relatively flat for FY 2027,” with the short-term priority to ensure the U.K. base is solid and the U.K. core returns to growth. The operational base could support “GBP 200 million to GBP 300 million of revenue” with “only a couple more heads,” while RPA initiatives continue to deliver “2 to 4-week paybacks.” Capital allocation remains to maintain net debt at “around 1x EBITDA,” invest in the business, and return “around 50% of post-tax profits to shareholders through dividends”; the business also expects its ERP go-live date to be August, “fingers crossed,” ahead of peak trading.Ultimate Products plc Financial Statement Overview
Summary
Income Statement
56
Neutral
Balance Sheet
70
Positive
Cash Flow
63
Positive
| Breakdown | Jul 2026 | Jul 2025 | Jul 2024 | Jul 2023 | Jul 2022 |
|---|---|---|---|---|---|
Income Statement | |||||
| Total Revenue | 144.91M | 150.13M | 155.50M | 166.31M | 154.19M |
| Gross Profit | 30.66M | 32.70M | 38.26M | 40.51M | 36.29M |
| EBITDA | 6.67M | 11.90M | 17.88M | 19.47M | 18.35M |
| Net Income | 3.62M | 5.81M | 10.53M | 12.59M | 12.37M |
Balance Sheet | |||||
| Total Assets | 104.26M | 106.23M | 116.24M | 109.73M | 115.09M |
| Cash, Cash Equivalents and Short-Term Investments | 6.61M | 4.06M | 4.73M | 5.09M | 6.20M |
| Total Debt | 18.43M | 21.60M | 19.40M | 24.98M | 33.22M |
| Total Liabilities | 55.79M | 59.84M | 66.48M | 63.59M | 71.60M |
| Stockholders Equity | 48.47M | 46.40M | 49.76M | 46.14M | 43.49M |
Cash Flow | |||||
| Free Cash Flow | 9.86M | 5.44M | 12.88M | 18.25M | 1.84M |
| Operating Cash Flow | 10.63M | 5.77M | 14.18M | 19.25M | 3.68M |
| Investing Cash Flow | -906.00K | -466.00K | -1.30M | -1.99M | -3.80M |
| Financing Cash Flow | -7.18M | -5.98M | -13.26M | -18.38M | 6.19M |
Ultimate Products plc Technical Analysis
Positive
52.80
Price Trends
48.69
Positive
49.64
Positive
48.75
Positive
Market Momentum
0.10
Negative
56.54
Neutral
68.95
Neutral
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For GB:ULTP, the sentiment is Positive. The current price of 52.8 is above the 20-day moving average (MA) of 47.17, above the 50-day MA of 48.69, and above the 200-day MA of 48.75, indicating a bullish trend. The MACD of 0.10 indicates Negative momentum. The RSI at 56.54 is Neutral, neither overbought nor oversold. The STOCH value of 68.95 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Positive sentiment for GB:ULTP.
Ultimate Products plc Peers Comparison
UnderperformOutperform
Sector (61)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
79 Outperform | £40.14M | 10.74 | 6.05% | 5.75% | -1.20% | -26.38% | |
63 Neutral | £63.45M | 9.79 | 22.35% | 0.46% | 5.39% | 29.75% | |
61 Neutral | $18.38B | 12.79 | -2.54% | 3.03% | 1.52% | -15.83% | |
61 Neutral | £42.40M | 11.69 | 7.63% | 6.03% | -3.48% | -36.60% | |
61 Neutral | £308.50M | 8.91 | 12.31% | 0.75% | 2.64% | 43.99% | |
57 Neutral | £52.39M | 17.99 | 4.12% | 2.07% | 4.46% | ― | |
46 Neutral | £22.67M | -0.77 | -15.27% | 1.56% | -1.44% | -9296.83% |
* Consumer Cyclical Sector Average
GB:ULTP
Ultimate Products plc
50.60
-10.93
-17.76%
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Ultimate Products plc Corporate Events
Business Operations and StrategyExecutive/Board ChangesFinancial Disclosures
Ultimate Products Sets Date for 2026 Results and Investor Presentation
Positive
Sep 21, 2026
Ultimate Products plc, the owner of prominent homeware brands such as Salter and Beldray, plans to publish its audited results for the year ended 31 July 2026 on 27 October 2026. The announcement underscores the Group’s broad retail reach ac...
Business Operations and StrategyExecutive/Board Changes
Ultimate Products installs new CEO designate as leadership transition begins
Positive
Sep 7, 2026
Ultimate Products plc has confirmed the arrival of Simon Harrison as Chief Executive Officer designate, ahead of his formal appointment as CEO on 26 October 2026. He joins from Princes Group with more than 25 years of FMCG leadership experience, u...
Other
Ultimate Products details EBT share sale and CFO share transfer
Neutral
Aug 27, 2026
Ultimate Products plc has disclosed that its Employee Benefit Trust has sold 41,522 ordinary shares at 53.5 pence each, leaving the trust with 3,559,989 shares, or about 4.1% of the company’s issued share capital. The EBT is used to hold sha...
Business Operations and StrategyFinancial Disclosures
Ultimate Products Boosts Proprietary Brands as Revenue Dips and Debt Falls
Neutral
Aug 19, 2026
Ultimate Products reported unaudited FY26 revenues of £144.9m, down 3.5% year-on-year, as subdued consumer demand and a planned reduction in non-core third-party clearance sales weighed on overall performance. However, sales from its propriet...
Business Operations and Strategy
Ultimate Products appoints Shore Capital as nominated adviser and sole broker
Positive
Aug 3, 2026
Ultimate Products plc, the homeware brands group behind Salter and Beldray, has appointed Shore Capital and Corporate Limited as its Nominated Adviser and Shore Capital Stockbrokers Limited as its sole broker with immediate effect. The move aligns...
Glossary
BuyA stock rated as a "Buy" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock is likely to deliver higher returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
HoldA stock rated as a "Hold" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly compelling nor unfavorable for investment. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
SellA stock rated as a "Sell" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock may deliver lower returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
Disclaimer
This AI Analyst Stock Report is automatically generated by our AI systems using advanced algorithms and publicly available financial, technical, and market data. While the information provided aims to be accurate and insightful, it is intended for informational purposes only and should not be considered financial advice. Any content created by an AI (Artificial Intelligence) system may contain inaccuracies and/or contain errors. Investing in stocks carries inherent risks, and past performance is not indicative of future results. This report does not account for your personal financial circumstances, objectives, or risk tolerance. Always conduct your own research or consult with a qualified financial advisor before making investment decisions. The analysis and recommendations provided are based on historical and current data and may not fully reflect future market conditions or unexpected developments. Neither the creators of this report nor its affiliated entities guarantee the accuracy, completeness, or reliability of the information presented. Use this report at your own discretion and risk.