REG - Ultimate Products - EBT Share Purchase and Share Buyback Update

Ultimate ProductsAnnouncement

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RNS Number : 2258T  Ultimate Products PLC  01 August 2025

1 August 2025

 

Ultimate Products plc

("Ultimate Products", "the Company" or "the Group")

 

EBT share purchase programme

and

Share buyback programme update

 

Ultimate Products, the owner of a number of leading homeware brands including
Salter (the UK's oldest houseware brand, est.1760) and Beldray (est.1872),
announces that, in its capacity as trustee ("the Trustee") of the Ultimate
Products Employee Benefit Trust (the "EBT"), JTC Employer Solutions Trustee
Limited will commence a programme to buy ordinary shares of 0.25p each in the
Company ("Ordinary Shares") for the period to 31 January 2026, up to an
aggregate value of £325,000 (the "Programme").

The Trustee of the EBT will purchase Ordinary Shares in accordance with the
Programme, which seeks to mitigate the dilutive impact of share option awards
and to improve overall shareholder return.

The EBT currently holds 2,487,308 Ordinary Shares representing approximately
2.9% of the Company's current issued share capital, with 245,239 shares having
been used during the course of FY25 to satisfy the exercise of share options,
and 256,111 shares having been purchased in the open market during FY25. The
Company currently has a total of 2,216,808 shares under option.

The Trustee of the EBT has entered into arrangements with the Company's joint
broker, Cavendish to carry out on-market purchases of Ordinary Shares under
the Programme, including on a discretionary basis independent of the Company
in accordance with certain pre-set parameters, during any prohibited periods
of the Company, as determined by the UK Market Abuse Regulation, which may
fall during the period of the Programme.

The Company also announces that following the completion of its fourth tranche
of the Share Buyback Programme, the Company will pause further purchases of
shares under the programme until further notice. This decision is made in
accordance with the Company's Capital Allocation Policy to maintain net bank
debt/adjusted EBITDA ratio at around 1.0x. It is the Board's intention to
continue to invest in the business for growth, whilst returning around 50% of
post-tax profits to shareholders through dividends, and to supplement this
with share buybacks when consistent with its leverage target. Further detail
of the Share Buyback Programme was set out in the Company's announcements
dated 3 February 2025
(https://www.londonstockexchange.com/news-article/ULTP/share-buyback-programme-update/16881256)
and 10 May 2024
(https://www.londonstockexchange.com/news-article/ULTP/launch-of-share-buyback-programme/16463599)
.

For more information, please contact:

 

Ultimate Products +44 (0) 161 627 1400

Andrew Gossage, CEO

Chris Dent, CFO

 

Shore Capital +44 (0) 20 7408 4090

Malachy McEntyre (Corporate Broking)

Isobel Jones (Corporate Broking)

Mark Percy (Corporate Advisory)

David Coaten (Corporate Advisory)

Harry Davies-Ball (Corporate Advisory)

 

Cavendish Capital Markets Limited + 44 (0)20 7220 0500

Matt Goode (Corporate Finance)

Callum Davidson (Corporate Finance)

Trisyia Jamaludin (Corporate Finance)

Matt Lewis (Corporate Broking)

 

Sodali & Co +44 (0) 207 250 1446

Rob Greening

Sam Austrums

Oliver Banks

 

 

Notes to Editors

Ultimate Products is the owner of a number of leading homeware brands
including Salter (the UK's oldest houseware brand, established in 1760) and
Beldray (a laundry, floor care, heating and cooling brand that was established
in 1872). According to its market research, nearly 80% of UK households own at
least one of the Group's products.

 

Ultimate Products sells to over 300 retailers across 38 countries, and
specialises in five product categories: Small Domestic Appliances; Housewares;
Laundry; Audio; and Heating and Cooling. Other brands include Progress
(cookware and bakeware), Kleeneze (laundry and floorcare), Petra (small
domestic appliances) and Intempo (audio).

 

The Group's products are sold to a broad cross-section of both large national
and international multi-channel retailers as well as smaller national retail
chains, incorporating discount retailers, supermarkets, general retailers and
online retailers.

 

Founded in 1997, Ultimate Products employs over 370 staff, a significant
number of whom have joined via the Group's graduate development scheme, and is
headquartered in Oldham, Greater Manchester, where it has design, sales,
marketing, buying, quality assurance, support functions and warehouse
facilities across two sites. Manor Mill, the Group's head office, includes a
spectacular 20,000 sq ft showroom that showcases each of its brands. In
addition, the Group has an office and showroom in Guangzhou, China and in
Paris, France.

 

Please note that Ultimate Products is not the owner of Russell Hobbs. The
company currently has licence agreements in place granting it an exclusive
licence to use the "Russell Hobbs" trademark for cookware and laundry (NB this
does not include Russell Hobbs electrical appliances).

 

For further information, please visit www.upplc.com
(https://url.avanan.click/v2/r02/___http:/www.upplc.com___.YXAxZTpzaG9yZWNhcDphOm86MDA2ZmZjNzc3MWQ1MjVlMDQ0ZTY2NDg1ZGU5NDE4Nzc6Nzo1YmMxOmNhZGIwOGJkMDBjOTlhNGM5NTdlY2U3Mjk0OGJmMmJkYjI4NTdmMGE4MjQ4ZDdjMDFjODJhMWNkMzViZjgwY2I6cDpUOk4)
.

 

 

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