Brand growth central to investment case
Ultimate Products' FY2025 results release confirmed key figures and brand growth messages from the company’s 13th August trading update.The group’s owned brands overall maintained a positive momentum and grew by 4.3%. Other key segmental trends detailed in today’s statement included strength in housewares as re-branded Beldray advanced by 11.1%, and a 12.0% gain in the largest part of the group’s international business, discounters.
Year-end net debt was confirmed at £14.1m and adjusted EPS was 7.4p compared with 12.4p in FY2024. UP remains committed to creating shareholder value and maintains its 1.0x net debt to EBITDA target.
With international growth to partially offset another overall UK down year, we leave FY2026 forecasts unchanged and maintain our fair value estimate for the shares at 165p, noting that the EV/sales ratio stands at around 0.5x which appears unusually low for a company whose owned brands account for 81% of sales.
Up Global Sourcing Holdings is a supplier of household products to global markets. Co. is the owner, manager, designer and developer of a range of consumer goods brands, focused on the home. Co. sources, imports and sells products across a range of categories including small domestic appliances, audio, laundry, housewares, heating and cooling and luggage.
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