Ultimate Products (ULTP) H1 2026 earnings summary

Executive summary

• Revenue declined 6% year-over-year to £74.5m, mainly due to reduced third-party clearance sales and subdued UK demand.

• Adjusted EBITDA fell 29% to £5.0m, impacted by £0.4m in non-recurring commercial reorganisation costs.

• Proprietary brands now account for 88% of sales and grew 5% in the period.

• Senior management promotions, investment in automation, and a move from LSE Main Market to AIM.

• Strategic shift away from clearance sales to focus on proprietary brands.

Financial highlights

• Revenue: £74.5m, down 6% from H1 FY25 (£79.5m).

• Adjusted EBITDA: £5.0m, down 29% from £7.0m.

• Adjusted EPS: 2.7p, down 38%; statutory EPS: 2.1p, down 51%.

• Interim dividend per share: 0.9p, down 42%.

• Net bank debt reduced to £9.7m (down 45% year-over-year); net bank debt/adjusted EBITDA improved to 0.9x.

Outlook and guidance

• Trading trends from H1 expected to continue for the rest of the year.

• Group sales anticipated to be marginally ahead of market expectations, with profitability in line with consensus.

• Ongoing investment in operational capabilities to support future growth.