Research on Ultimate Products PLC (ULTP:LON) from Equity Development
Ultimate Products' FY2026 results matched expectations as the company’s proprietary brands advanced sales by 5.3%, having grown by 4.3% a year earlier. Today’s data also confirms that end-year net bank debt was £8.6m, an improvement on both the £9.7m reported at the interim stage and £14.1m a year earlier. Current trading is stated to be in line with expectations. New CEO Simon Harrison, who has a strong background working with brands, assumed office this week. With close to 90% of the company’s business now focused on proprietary brands, the foundations appear well laid for future expansion and shareholder value creation, both in the UK and internationally. We maintain our fair value estimate of 165p/share, equivalent to a 1.0x FY2027 EV/sales ratio and 14.6x EV/EBITDA based on our forecasts.
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