Page 1

RNS Number : 2079R Ultimate Products PLC 19 August 2026 THIS ANNOUNCEMENT CONTAINS INSIDE INFORMATION AS DEFINED UNDER ASSIMILATED REGULATION ( EU ) NO . 596/2014 WHICH IS PART OF THE LAWS OF THE UNITED KINGDOM BY VIRTUE OF THE EUROPEAN UNION ( WITHDRAWAL ) ACT 2018 ( AS AMENDED ) 19 August 2026 UP ULTIMATE PRODUCTS HOME OF BRANDS Ultimate Products plc ( " Ultimate Products " , the " Company " or the " Group " ) PRE - CLOSE TRADING UPDATE FY26 in line with expectations ; continued focus on UP proprietary brands 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 financial year ended 31 July 2026 ( " FY26 " , or " the period " ) . Overview FY26 £ m FY25 FY24 Change : FY26 vs FY25 £ m UP proprietary brands Licensed brands 128.4 121.9 £ m 116.9 £ m % 6.5 5.3 % 11.0 14.4 12.1 ( 3.4 ) -23.6 % 3P clearance and white label 5.5 13.8 26.6 ( 8.3 ) -60.0 % Total 144.9 150.1 155.6 ( 5.2 ) -3.5 % Unaudited Group revenues were £ 144.9m ( FY25 : £ 150.1m ) , down 3.5 % , reflecting subdued consumer demand for general merchandise and the planned reduction in non - core third - party clearance sales . Sales of UP proprietary brands rose by 5.3 % to £ 128.4m , as the Group continued its strategic focus on building the equity of its proprietary brands . Unaudited adjusted EBITDA * was £ 10.0m , as sales mix reduced Gross Margin to 22.6 % ( FY25 : 23.2 % ) . Operating costs remained broadly stable at £ 22.8m ( FY25 : £ 22.3m ) and included £ 760,000 of restructuring costs related to the transformation of the Group's commercial function . At the year end , the Group had net bank debt of £ 8.6m ( FY25 : £ 14.1m ) , which represents a net bank debt / adjusted EBITDA ratio of 0.9x ( FY25 : 1.1x ) , marginally below the Group's targeted policy of 1.0x . The rolling 12 - month average was 1.4x ( FY25 : 1.3x ) . Current trading and outlook Group H2 revenue was broadly flat ( down 0.3 % year - on - year ) , an improvement on the 5.8 % decline reported in H1 , despite cautious ordering across the wider general merchandise market . Looking ahead to FY27 , whilst the Group continues to strengthen its commercial function , the Board expects the current backdrop of subdued consumer demand and geopolitical uncertainty to persist . As a result , while it is early in the financial year , the Board currently expects FY27 trading to be similar to FY26 . In the longer term , the Board is confident that the ongoing investment in the Group's operational capabilities and commercial function will position the Group to maximise future growth opportunities . Commenting on the performance , Chris Dent , Chief Financial Officer of Ultimate Products , said : " Our primary focus during the year has been the transformation of our commercial function to drive the growth of our proprietary brands . Although the broader trading environment remains challenging , we believe the changes we are making will support our ambition to grow both market share and brand equity , allowing our key brands of Salter and Beldray to fulfil their potential . " Consensus market expectations immediately prior to this announcement FY25 ( Actual ) FY26 ( Consensus ) FY27 ( Consensus )