olivLaw · European equity research
Ultimate Products plc ULTP.L
United Kingdom · London Stock Exchange · ISIN GB00BYX7MG58 · Vertical: Listed companies from United Kingdom
Ultimate Products plc designs and sells household products under owned brands such as Salter and Beldray through supermarkets, discounters and online channels in the UK and Europe. In fiscal 2025 revenue slipped slightly to 150.1 million pounds amid weak consumer demand, and adjusted EBITDA fell sharply to 12.5 million pounds, showing how sensitive the company is to the consumer cycle.
At the close of 05 Nov 2026, Ultimate Products plc (ULTP.L) stock was 0.51 GBP (+3.46% on the day), with market capitalisation 43.4 m GBP, P/E 7.6 on diluted EPS of 0.07 GBP over the last 12 months, dividend yield 12.72%, beta 0.33, 52-week range 0.41–0.64 GBP.
Data as of · AI analysis dated · Source: ESEF annual reports and closing prices, computed by olivLaw.
Price history
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Technical reading
- RSI (14)
- 55.8
- strong (55–70)
- Bollinger (20, 2)
- 0.44 – 0.51
- in the upper half of the band · %B 0.91 · band width 15.5%
- SMA 50 / 200
- 0.48 / 0.49
- mixed trend
- MACD (12, 26, 9)
- 0.01 / 0.00
- MACD above signal
Indicators describe past prices; on their own they do not predict direction. On our history the RSI ≤ 40 filter added no return (see the signals methodology).
Performance
| Company | EURO STOXX 50 | vs EURO STOXX 50 | Vertical median | |
|---|---|---|---|---|
| 1 month | +7.2% | −0.6% | +7.8 pp | — |
| 3 months | −7.3% | −4.2% | −3.1 pp | — |
| 6 months | +10.4% | +4.3% | +6.1 pp | — |
| Year to date | −13.9% | +7.5% | −21.4 pp | — |
| 1 year | −17.3% | +9.9% | −27.2 pp | +5.8% |
| 3 years | −60.8% | +49.8% | −110.6 pp | +26.3% |
| 5 years | −76.3% | +42.8% | −119.1 pp | — |
Price returns, dividends excluded.
Quarterly results
ESEF annual reports carry no quarters: the results are annual (below).
E/P over time
E/P = trailing-12-month diluted EPS / price at quarter end. E/P is the inverse of P/E and stays defined when earnings are negative.
Today's P/E sits at the 0 percentile of its own 3-quarter history (min 8.7, median 8.8, max 11.7; quarters with earnings only).
Fiscal years
| Fiscal year | 2023 | 2024 | 2025 |
|---|---|---|---|
| Revenue | 166.3 m | 155.5 m | 150.1 m |
| Revenue YoY | unavailable | −6.5% | −3.4% |
| Net income | 12.6 m | 10.5 m | 5.8 m |
| Net income YoY | unavailable | −16.4% | −44.8% |
| Diluted EPS | 0.14 | 0.12 | 0.07 |
| Diluted EPS YoY | unavailable | −16.1% | −44.2% |
| net % | 7.6% | 6.8% | 3.9% |
| Free cash flow | 19.4 m | 14.1 m | 7.0 m |
Balance sheet & financial health
Fiscal year 2025 · 31 Jul 2025
- Cash
- 4.1 m GBP
- Financial debt
- 18.2 m GBP
- Net debt
- 14.1 m GBP
- Equity
- 46.4 m GBP
- Total assets
- 106.2 m GBP
- Debt / equity
- 0.39x
- Current ratio
- 1.25x
- ROE
- 12.1%
- ROA
- 5.2%
- FCF margin
- 4.6%
Financial statements (source on every figure)
Revenue and net income (GBP)
Margins
Income statement · GBP
| Line | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|
| Revenue | 166.3 m | 155.5 m | 150.1 m | esef· 18 Nov 2025verified |
| Cost of revenue | 123.6 m | 115.0 m | 115.3 m | esef· 18 Nov 2025verified |
| Gross profit | 42.7 m | 40.5 m | 34.8 m | esef· 18 Nov 2025verified |
| Operating income | 17.1 m | 15.7 m | 9.7 m | esef· 18 Nov 2025verified |
| Interest expense | 1.1 m | 1.4 m | 1.7 m | esef· 18 Nov 2025verified |
| Pre-tax income | 16.0 m | 14.3 m | 8.0 m | esef· 18 Nov 2025verified |
| Income tax | 3.4 m | 3.8 m | 2.2 m | esef· 18 Nov 2025verified |
| Net income | 12.6 m | 10.5 m | 5.8 m | esef· 18 Nov 2025verified |
| Diluted EPS | 0.14 | 0.12 | 0.07 | esef· 18 Nov 2025verified |
| Dividend per share | 0.07 | 0.07 | 0.06 | esef· 18 Nov 2025derived |
Balance sheet · GBP
| Line | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|
| Cash | 5.1 m | 4.7 m | 4.1 m | esef· 18 Nov 2025verified |
| Receivables | 29.9 m | 29.7 m | 26.8 m | esef· 18 Nov 2025verified |
| Inventories | 28.1 m | 36.6 m | 32.5 m | esef· 18 Nov 2025verified |
| Current assets | 64.3 m | 71.7 m | 63.4 m | esef· 18 Nov 2025verified |
| Property, plant & equipment, net | 8.4 m | 7.6 m | — | esef· 12 Nov 2024verified |
| Total assets | 109.7 m | 116.2 m | 106.2 m | esef· 18 Nov 2025verified |
| Accounts payable | 30.0 m | 39.1 m | 29.7 m | esef· 18 Nov 2025verified |
| Short-term debt | 15.9 m | 15.2 m | 18.2 m | esef· 18 Nov 2025verified |
| Long-term debt | 4.0 m | 0 | — | esef· 12 Nov 2024verified |
| Current liabilities | 48.5 m | 56.1 m | 50.6 m | esef· 18 Nov 2025verified |
| Total liabilities | 63.6 m | 66.5 m | 59.8 m | esef· 18 Nov 2025verified |
| Equity | 46.1 m | 49.8 m | 46.4 m | esef· 18 Nov 2025verified |
| Shares outstanding at year end | 86.2 m | 86.3 m | 85.4 m | esef· 18 Nov 2025derived |
Cash flow · GBP
| Line | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|
| Operating cash flow | 20.4 m | 15.4 m | 7.3 m | esef· 18 Nov 2025verified |
| Capex | 999.0 k | 1.3 m | 330.0 k | esef· 18 Nov 2025verified |
| Free cash flow | 19.4 m ≈ | 14.1 m ≈ | 7.0 m ≈ | esef· 18 Nov 2025derived |
| Investing cash flow | -2.0 m | -1.3 m | -466.0 k | esef· 18 Nov 2025verified |
| Financing cash flow | -19.5 m | -14.4 m | -7.5 m | esef· 18 Nov 2025verified |
| Dividends paid | 6.3 m | 6.4 m | 5.5 m | esef· 18 Nov 2025verified |
| Share repurchases | 0 | 1.0 m | — | esef· 12 Nov 2024verified |
≈ computed by olivLaw from the reported lines of the same year: Operating cash flow − Capex.
Computed indicators
Growth
Profitability
Returns
Balance sheet
Liquidity
Cash
Efficiency
Market and valuation
1 indicators that do not apply to the sector.
Valuation
olivLaw classification
Score: 72 / 100
A scoring methodology on indicators and valuation, not investment advice.
score >= 65 · margin_of_safety >= 0.15 · agreement in ['high', 'medium']
Closing price
05 Nov 2026Source: olivLaw, closing series
Market cap: 43.4 m GBP
Key indicators
Coverage and freshness
The data is older than the freshness threshold.
Score by group
- Quality57
- Returns83
- Balance sheet55
- Valuation94
Estimated value range
unavailable — no valuation assumptions for the reporting currency
Valuation assumptions are editorial choices, not measured; beta is not measured.
Valuation methods
Assumptions (illustrative, editorial)
- Risk-free rate
- 6.5%
- Equity risk premium
- 6.0%
- Beta (default)
- 1.00
- Cost of equity
- 12.5%
- Terminal growth
- 3.0%
Factor scorecard
Attractive profile · Score 72/100
| Factor | Value | Score | Weight used |
|---|---|---|---|
| ROIC · Quality | 11.6% | 46 (vs peers) | 17% |
| Net margin · Quality | 3.9% | 34 (vs peers) | 10% |
| FCF conversion · Quality | 120.0% | 100 (on a fixed band) | 10% |
| Revenue CAGR 3Y · Growth | unavailable | unavailable | — |
| EPS CAGR 3Y · Growth | unavailable | unavailable | — |
| Net debt / EBITDA · Balance sheet | unavailable | unavailable | — |
| Interest coverage · Balance sheet | 5.9x | 67 (on a fixed band) | 10% |
| Current ratio · Balance sheet | 1.3x | 38 (on a fixed band) | 7% |
| P/E (TTM) · Valuation | 7.6x | 89 (vs peers) | 17% |
| EV/EBITDA · Valuation | unavailable | unavailable | — |
| FCF yield · Valuation | 16.1% | 100 (on a fixed band) | 13% |
| Shareholder yield (distributions) · Returns | 15.0% | 100 (on a fixed band) | 10% |
| Payout ratio (FCF) · Returns | 79.1% | 58 (on a fixed band) | 7% |
Factors without a value were dropped; the remaining weights were renormalised.
Score groups
- Balance sheet55/100 · 2/3 factors with a value
- Growth· partialunavailable · 0/2 factors with a value
- Quality57/100 · 3/3 factors with a value
- Returns83/100 · 2/2 factors with a value
- Valuation94/100 · 2/3 factors with a value
A «partial» group is computed from under half of its weight or from one factor: it is not a full assessment of the group.
Memo
ULTIMATE PRODUCTS PLC (ULTP.L). Latest full fiscal year: 2025; data up to 2025-07-31.
Figures computed from the financial statements: revenue 150.1 m GBP in 2025; YoY growth -3.4%; net margin 3.9%; ROE 12.1%.
The estimated value range is 0.76–1.17 GBP per share (median of 3 methods, agreement: medium); assumptions are illustrative. Against the central value of 0.96 GBP, the price of 0.51 GBP leaves a potential of 89.6% (value / price − 1) and a margin of safety of 47.3% (1 − price / value). The range is the median of the methods' low, central and high values, not a probability interval.
olivLaw score 72/100, methodological classification: attractive profile (score, margin of safety and method agreement together; not a judgement of the right price). Groups assessed only in part: growth. Not investment advice.
Text generated deterministically from the figures shown; no language model. Not investment advice.
What supports the thesis
- FCF conversion: 120.0%
- P/E (TTM): 7.6x
- FCF yield: 16.1%
- Shareholder yield (distributions): 15.0%
- The price is below the estimated value range
What contradicts it
No signal among the computed factors. That is not an absence of risk: factors without data were not assessed, and business risks (margins, inventory, demand) are in the source-based analysis.
Not assessed (insufficient data or a ratio without meaning): Revenue CAGR 3Y, EPS CAGR 3Y, Net debt / EBITDA, EV/EBITDA.
Versus the vertical median
Listed companies from United Kingdom · same country · compared with 39 companies
Multiples and returns vs the median
Price rebased to 100 (monthly, 5 years)
Companies in the vertical
| Market cap | P/E | ROE | Net margin | Revenue YoY | 1A / 3A | |
|---|---|---|---|---|---|---|
| BATS.LBritish American Tobacco P.L.C. | 104.3 bn | 13.5 | 16.5% | 30.3% | −1.0% | +7% / +88% |
| ABF.LAssociated British Foods PLC | 14.7 bn | 14.3 | 9.2% | 5.3% | −3.1% | −5% / −15% |
| 0EV1.LCarnival PLC | 5.5 bn | 4.1 | 46.7% | 13.4% | +6.4% | unavailable / unavailable |
| BAB.LBabcock International Group PLC | 5.1 bn | 24.7 | 34.7% | 4.1% | +7.2% | −10% / +158% |
| AUTO.LAutotrader Group PLC | 4.8 bn | 16.4 | 60.2% | 47.1% | +3.9% | −13% / −23% |
| BBY.LBalfour Beatty PLC | 4.2 bn | 16.3 | 23.2% | 2.8% | +15.2% | +20% / +160% |
| ABDN.LAberdeen Group PLC | 4.1 bn | 10.8 | 8.0% | 28.9% | −2.1% | +11% / +41% |
| BKG.LThe Berkeley Group Holdings PLC | 3.6 bn | 11.3 | 8.8% | 13.4% | −4.2% | −0% / −22% |
| BME.LB&M European Value Retail PLC | 2.9 bn | 17.4 | 21.2% | 2.8% | +3.7% | +68% / −51% |
| AJB.LAj Bell PLC | 2.4 bn | 22.8 | 49.9% | 33.1% | +18.0% | +8% / +128% |
| ASHM.LAshmore Group PLC | 1.4 bn | 13.9 | 13.1% | 71.6% | −0.1% | +28% / +18% |
| BCG.LBaltic Classifieds Group PLC | 1.2 bn | 23.2 | 15.8% | 57.6% | +6.9% | −99% / −99% |
| APN.LApplied Nutrition PLC | 763.6 m | 36.2 | 41.2% | 19.7% | +24.2% | +71% / unavailable |
| BAG.LA.G. Barr P.L.C. | 671.9 m | 14.4 | 14.4% | 10.8% | +4.0% | −7% / +26% |
| ASC.LAsos PLC | 494.5 m | — | -81.3% | -12.0% | −14.7% | +71% / +8% |
| ALFA.LAlfa Financial Software Holdings PLC | 486.8 m | 16.3 | 61.5% | 23.8% | +15.3% | −28% / +10% |
| AML.LAston Martin Lagonda Global Holdings PLC | 344.3 m | — | -93.4% | -39.2% | −20.6% | −45% / −85% |
| APTD.LAptitude Software Group PLC | 111.3 m | 28.5 | 7.2% | 6.2% | −7.3% | −30% / −23% |
| ULTP.LUltimate Products PLC | 43.4 m | 7.6 | 12.1% | 3.9% | −3.4% | −18% / −66% |
| AMGO.LAmigo Holdings PLC | 9.9 m | — | — | — | −81.9% | +325% / +844% |
| ASBE.LAssociated British Engineering PLC | 605.3 k | — | -19.1% | — | unavailable | unavailable / unavailable |
| AMIF.LAmicorp Fs (uk) PLC | 221.6 k | 0.1 | 27.5% | 9.1% | +8.1% | unavailable / unavailable |
| AAF.LAirtel Africa PLC | — | — | 24.1% | 10.6% | +29.5% | −7% / +164% |
| AAL.LAnglo American PLC | — | — | -19.3% | -20.2% | +4.5% | +30% / +76% |
| ACG.LAcg Metals Limited | — | — | -80.3% | -32.0% | +134.8% | +60% / +63% |
1- and 3-year price returns: for ULTP.L from daily closes (the same as the performance table), for the other companies from month-end closes.
olivLaw engine forecast
The world engine ran after the company's latest material disclosure. Probabilities are of TOUCHING a level within the horizon (not closing there) and sit next to the random walk (p_rw), the no-information benchmark.
The engine has no published run for this company yet.
Valuation scenarios (editable assumptions)
Illustrative scenarios
Illustrative: not forecasts and without probabilities. Each case is one coherent set of assumptions, computed on today's figures.
Estimated price (GBP)
| Estimated price | Bear | Base | Bull |
|---|---|---|---|
| 1 years | 0.28 Total return -35% · Per year -35% | 0.50 Total return 10% · Per year 10% | 0.75 Total return 63% · Per year 63% |
| 3 years | 0.23 Total return -29% · Per year -11% | 0.46 Total return 27% · Per year 8% | 0.78 Total return 99% · Per year 26% |
| 5 years | 0.19 Total return -24% · Per year -5% | 0.43 Total return 43% · Per year 7% | 0.80 Total return 135% · Per year 19% |
- Exit P/E± 0.12
- Net margin± 0.08
- Annual revenue growth± 0.07
- Annual dilution± 0.01
AI analysis
AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.
In brief
Ultimate Products plc designs and sells household products under owned brands such as Salter and Beldray through supermarkets, discounters and online channels in the UK and Europe. In fiscal 2025 revenue slipped slightly to 150.1 million pounds amid weak consumer demand, and adjusted EBITDA fell sharply to 12.5 million pounds, showing how sensitive the company is to the consumer cycle.
SWOT
Strengths
- A portfolio of brands recognised in the UK, with a long history, underpins loyalty among consumers and retailers.
- Relationships with a large number of retailers and a broad customer base reduce reliance on any single distribution channel.
- Investment in productivity, automation and IT systems has raised operating efficiency and speed to launch new products.
Weaknesses
- Revenue concentration among a few large customers means losing one partner could have a major impact on profit.
- Adjusted profit and margins fell considerably in fiscal 2025, and the ability to pass costs on is limited.
- Market share in Europe remains much smaller than in the UK, indicating a presence in foreign markets that is still developing.
Opportunities
- Expansion in Europe, a much larger market than the UK, could support long-term growth if the commercial strategy improves.
- Growth in the company's own online channel and online retailers could bring better margins than sales through intermediaries.
- Replacing the ERP system and adding a CRM module could improve sales activity and overall efficiency.
Threats
- A further weakening of discretionary spending in the UK could reduce demand for the company's products.
- Dependence on manufacturing in China exposes the company to supply interruptions, higher costs and political risk.
- Retailers shifting to own label could reduce shelf space given to the company's brands.
Risks
- Consumer demandhigh
Inflation, interest rates and higher taxes can reduce consumer confidence and spending on household goods. The company says this risk cannot be fully mitigated because its sales are discretionary.
- Customer concentrationhigh
A small number of accounts generate a large share of gross profit, and a change in their strategy could materially affect results.
- Dependence on Chinamedium
Concentrated sourcing in China exposes supply to political, economic or logistical changes, with possible cost increases.
- Margin pressuremedium
Freight costs, exchange rates and the absence of inflation in general merchandise can compress margins, and passing costs on to customers is limited.
- ERP replacementmedium
The current system is nearing end of life, and replacing it within about two years is a high-risk implementation project.
Investment thesis
What would need to be true (bull case)
- If the European strategy and the company's own online channel develop as planned, growth could be recovered through geographic expansion and better margins.
- A brand portfolio that makes up most sales, plus an improved cost base from automation, could amplify the effect of any sales growth on profit.
- Relaunching products with strong demand, such as the Beldray floor cleaner, could support new sales cycles if momentum holds more broadly.
What would break the thesis
- If discretionary spending remains weak, revenue and profit could keep falling, and pressure on the dividend could increase.
- Concentration on a few large customers means decisions such as a shift to own label could materially affect results.
- Risks in supply chain, transport and currency could compress margins more than volume gains can offset.
What to watch
- Sales trend in Europe and market share by retailerFiscal 2026
- Gross margin level and the effect of freight costsNext annual report
- Timing and cost of the ERP replacement2027
- Net bank debt to adjusted EBITDA against the targeted level of around 1.0xNext annual report
Products, market & competition
AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.
The business
The company has shifted from a supplier relying on sourcing and price to one that builds its business on owned brands. Owned brands account for 80% of sales, and the group works with more than 300 retailers in over 30 countries, offering affordable products that retailers can sell at margins comparable to their own-label ranges. International sales reached 55.9 million pounds in fiscal 2025, and Europe is seen as the main growth driver. Productivity investments in automation and the PIM system have improved efficiency, although gross profit per employee fell in the same year due to higher shipping costs.
The operating model relies on a complex supply chain with significant dependence on China for products, a complexity management sees as a barrier to entry for competitors. The group aims to launch around 600 new products a year to keep margins stable, since general merchandise sees little inflation. Its ability to pass costs on to customers is limited, so margins depend on innovation and operating efficiency.
The customer base is concentrated: in fiscal 2025 about 40% of gross profit came from the top three accounts, and the group has set a limit of 20% of gross profit for any single customer. The company has reorganised its sales function and invested in systems, including a new ERP that will replace the current, end-of-life system.
Segments
Owned brands (Salter, Beldray and others)
Owned brands generated 121.9 million pounds in fiscal 2025 and represent 81% of sales, according to the annual report. Growth was supported by the Beldray relaunch, with sales up 11%, and Salter launches such as the Slushie Maker and VertiCook. Core brand sales have grown only marginally over the past three years, suggesting demand has levelled off after its peak.
Licensed brands and third-party clearance
Licensed brand sales rose to 14.4 million pounds in fiscal 2025, while third-party clearance and own-label sales fell considerably as overstocking opportunities diminished. This segment is more volatile and depends on the stock cycles of other companies.
Sales channels
Supermarket sales returned to growth, rising 26% in the UK, while discounter performance diverged between Europe, where sales grew strongly, and the UK, where they fell. Online sales grew modestly, and the company's own websites recorded a significant increase, suggesting potential in direct-to-consumer sales.
Market context
The company operates in the UK and European household goods market, where demand for discretionary non-food items has been weak recently as many customers prefer to save. According to the report, the company has a large market share only in scales in the UK, while in its other segments it remains a challenger, and its share in Europe is much smaller than in the UK, leaving room for growth if the European strategy succeeds.
Europe's population of about 480 million makes it a much larger market than the UK, and large European retailers are a channel the company treats as a priority. Demand nonetheless remains sensitive to inflation, interest rates and taxes, and the extent to which European growth can offset weakness in the UK depends on execution.
Trends
- Exit from the overstocking periodmixed
The end of clearance sales and the peak in air fryer demand reduced revenue, but also removed the overstock risk that had weighed on orders. In the short term the effect on revenue is negative, though it may stabilise order flows.
- Pressure from discretionary spendingheadwind
UK and European consumers have prioritised saving over spending on household goods, which has slowed growth in owned brands. If inflation and interest rates stay high, pressure on demand could continue.
- Growth in supermarket and online salestailwind
Supermarket chains and online platforms are gaining share in general merchandise, and the company's own websites have grown quickly. If these channels keep expanding, they could partly offset weakness elsewhere.
- Freight costs and marginsheadwind
Higher ocean and road freight costs and a weaker pound have pressured gross margin. The company uses forward contracts and a new-product policy to limit the effect, but passing costs on to customers is difficult.
Competitive position
The company competes with own-label retailers offering similar products at comparable prices, and with premium appliance brands that are more expensive. The report stresses that the affordable pricing of Beldray products, well below premium competitors, is a selling point, and part of the pressure comes from retailers choosing to focus on their own labels.
The main stated competitive advantage is the combination of recognised UK brands, a broad new-product pipeline and operational capability, which creates a barrier to new entrants. However, the company holds no dominant market share outside scales, leaving it exposed to larger players.
- Own-label retailers
Compete with similar products sold at close prices, and some customers' decision to focus on own label has reduced the company's sales.
- Premium appliance brands
Cited as a reference point for price and performance, with the company's products positioned far more affordably.
- Asian general-merchandise suppliers
Are a major source of products and also competitors at the low-price end, adding pressure on costs.
- Online commerce platforms
Compete for online consumer attention and influence how the company's products are presented and sold.
News & filings
In the press
No news in our archive over the last 180 days.
Annual reports (ESEF)
- Annual report 202518 Nov 2025
- Annual report 202518 Nov 2025
- Annual report 202412 Nov 2024
- Annual report 202412 Nov 2024
Sources
- [1] Annual report, fiscal year ended 2025-07-31 (ESEF) · SEC / Ultimate Products plc · 31 Jul 2025
Figures computed by olivLaw from ESEF annual reports and closing prices; the qualitative analysis is AI-generated from cited sources. Not investment advice.