Ultimate Products PLC, owner of homeware brands Salter and Beldray, reported interim results for the six months ended 31 January 2026. Key highlights include
Revenue declined 6% to £74.5 million due to subdued consumer demand and a strategic reduction in third-party clearance sales.
International branded sales grew 19% to £27.7 million, driven by a 91% increase in sales to EU discounters.
Adjusted EBITDA fell 29% to £5.0 million, impacted by non-recurring costs related to commercial function reorganization.
Net bank debt decreased 45% to £9.7 million, with an improved net bank debt/adjusted EBITDA ratio of 0.9x.
The company continued to strengthen its commercial function, promote senior management, and invest in operational efficiency through technology.
Despite macroeconomic uncertainties, the company expects trading trends to continue in the second half, with sales marginally ahead of market expectations and profitability in line with consensus.
In summary, Ultimate Products navigated a challenging market by focusing on branded product sales, international expansion, and operational improvements, positioning itself for future growth despite near-term headwinds.