REG - Ultimate Products - Interim Results
09/04/2024 07:00
For best results when printing this announcement, please click on link below:
http://newsfile.refinitiv.com/getnewsfile/v1/story?guid=urn:newsml:reuters.com:20240409:nRSI7541Ja&default-theme=true
RNS Number : 7541J Ultimate Products PLC 09 April 2024
9 April 2024
Ultimate Products plc
("Ultimate Products", the "Company" or the "Group")
INTERIM RESULTS FOR THE SIX MONTHS ENDED 31 JANUARY 2024
Trading in line with market expectations*
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 its interim results for the six months ended 31 January 2024.
Financial highlights
· Total revenue down 4% to £84.2m (H1 2023: £87.6m)
o Supermarket ordering held back by well documented overstocking issues
(which are now easing), strong prior year comparatives bolstered by the
exceptionally strong demand for energy efficient air fryers in H1 2023, and
some modest revenue deferrals (£1.3m) at the end of the period due to the
recent disruption to global supply chains
· Gross profit rose 3% to £22.4m (H1 2023: £21.6m), with gross margin
increasing to 26.6% (H1 2023: 24.7%), driven by sales mix and the fall in
global shipping rates
· Adjusted EBITDA** stable at £11.3m (H1 2023: £11.2m)
· Statutory profit before tax up 2% to £9.5m (H1 2023: £9.3m), as
lower net debt reduced finance expenses
· Adjusted profit before tax** up 2% to £9.6m (H1 2023: £9.4m)
· Statutory EPS down 3% to 8.2p (H1 2023: 8.4p), with Adjusted EPS**
down 3% to 8.3p (H1 2023: 8.6p) due to the impact of higher UK corporate tax
rate (25% from 19%)
· Interim dividend per share up 1% to 2.45p (H1 2023: 2.43p)
· Improved net bank debt/adjusted EBITDA** ratio of 0.4x (31 July 2023:
0.7x), below the 1.0x target set out in the Group's new capital allocation
framework
· Strong cash generation from operating activities of £14.4m (H1 2023:
£12.8m), representing a 128% operating cash conversion
· The Group continues to trade in line with market expectations for
FY24*
* Consensus market expectations for the financial year ending 31 July 2024 are
revenues of £166.7m, adjusted EBITDA of £21.5m and adjusted EPS of 15.6p
**Adjusted measures are before share-based payment expenses and non-recurring
items
Operational highlights
· Continued to drive productivity through focus on continuous
improvement, including the automation of hundreds of tasks across the business
· Opening of the Group's new European showroom in Paris, ideally
located for hosting both existing and prospective customers across the region
· Rebranding of the iconic Salter label, elevating its already
strong identity and consumer recognition
· Renaming of the Group from UP Global Sourcing Holdings plc to
Ultimate Products plc, to better reflect the Group's purpose and core
activities
· Appointment of Andrew Gossage as Chief Executive Officer, taking
over from Simon Showman, the Group's founder, who will remain on the Board as
Chief Commercial Officer
New Capital Allocation Framework
· Maintain net bank debt/adjusted EBITDA ratio at around 1.0x;
· Continue to return around 50% of post-tax profits to shareholders
through dividends; and
· As announced separately today, regulatory and shareholder
approval is being sought to commence a share buy-back of up to 10% of the
Group's issued share capital
Current trading and outlook
The Group continues to trade in line with market expectations for FY24.
Commenting on the results, Andrew Gossage, Chief Executive of Ultimate
Products, said:
"This has been another period of resilient performance for Ultimate Products.
Macro conditions remain challenging, but our strategy of providing beautiful
products at mass-market prices to UK and European households is continuing to
stand us in good stead. We are now seeing the gradual resumption of normal
ordering patterns from our customers after the overstocking issues that were
brought about by the pandemic, and we have a range of initiatives underway to
improve operational efficiencies and deepen our customer relationships. As a
result, we continue to trade in line with market expectations."
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
Mark Percy
Malachy McEntyre
David Coaten
Iain Sexton
Isobel Jones
Cavendish Capital Markets Limited + 44 (0)20 7220 0500
Carl Holmes (Corporate Finance)
Matt Goode (Corporate Finance)
Abigail Kelly (Corporate Finance)
Charlie Combe (ECM)
Powerscourt +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
Group 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/___http:/www.upplc.com/___.YXAxZTpzaG9yZWNhcDphOm86NDA2ZGRkNGUzYzZiMGJkNzM2ZjhlOWMzYjljYTZmZWI6NjpiZGYyOjkxZjUxNGE0MjE5NTA5MTViMmU2MGU3ODRhZjg2YTc1MDFhMTRlMDJlZjExODU2YzFlZDk3NDgwYmI2NjRiZDY6cDpU)
.
BUSINESS REVIEW
We are pleased to present the Interim Report for the six months ended 31
January 2024, a period in which, against an uncertain and highly challenging
macro-economic environment, we have continued to invest in our strategic
plans.
Our position in the supply chain makes our business complex; we work with over
600 factories and retailers, and deliver over 3,000 types of product to our
end consumers. While the level of service that we offer means our business
model cannot be simple, we consistently and seamlessly navigate the
intricacies of our model to guarantee an unbeatable level of service for our
retail partners. Our unrivalled execution, combined with our beautiful, more
sustainable products, make us a strategic partner of choice to many of the UK
and Europe's leading retailers.
Our complex and diverse operations increase the robustness of our business
model. Dealing with a large number of factories across many countries, and
continuing to seek to reduce our exposure to suppliers in China, both offer
further security, which in turn provide safeguards in the face of supply chain
volatility and quality control issues. Consciously choosing to deal with a
wide range of different customers also protects us from the impact of
fluctuating demand levels caused by overstocking and the cyclical decisions of
retailers (e.g. turning towards 'own label'). The breadth of our offering
avoids any overreliance on any given product line, allowing us to maintain
flexibility and an ability to adapt to an ever-changing landscape. In short,
our complexity is a significant barrier to entry, increases the resilience of
the business and allows us to avoid overreliance on any given supplier,
customer or product.
Whilst we cannot make our business simple, we can strive to make our business
simpler. There is a balance to be struck between complexity (which affords us
resilience) and a focus on simplicity. Indeed, simplicity enables us to become
more focused on the areas where we excel, and which have proven long-term
growth potential.
In terms of our routes to market, we concentrate on retailer partnerships with
supermarkets, discounters, and online platforms. Using our proven strategy of
'land and expand', we build long-term strategic relationships with our retail
customers, including those serving the sizeable European market (population:
c.477 million), within which our penetration is much lower than in the UK
(population: c.67 million), where we currently sell £1.72 of product per
capita. The financial effects of reproducing that level of penetration in
Europe would be transformational for our business, and this was the reasoning
behind two major decisions in the first half of the year.
To capitalise on the potential that Europe offers, in September 2023 we
relocated our European showroom to Paris, which has opened up opportunities
with both French and pan-European retailers. Our new European showroom is
based at the Homexpo Paris showroom complex, where the anchor tenant is JJA,
one of France's largest home furnishing suppliers. The initial results have
been very encouraging, with sales in France growing by 128% (£3.4m)
year-on-year.
The second decision we took was the transition by Simon Showman from his role
as CEO to the role of Chief Commercial Officer. Simon, as the founder of the
business, has built a host of incredibly strong relationships with our retail
partners in the UK and in Europe and, in his new role, will oversee the
Group's commercial functions including sales, buying and product development.
As we build these long-term relationships internationally, it is important
that we do so at a strategic level and Simon's wealth of experience and
knowledge will continue to aid our growth in the UK and across Europe.
The core of our strategic retail partnerships is the innovative products that
we supply to our customers. We focus on providing beautiful and more
sustainable products at mass market prices that appeal to households across
our key markets. Our retail partners can earn an equivalent 'own label'
margin, whilst being able to take advantage of our ability to simplify the
buying process through our world-class sourcing and logistical capabilities.
Over the past ten years, we have simplified and evolved our business to become
the Home of Brands. Looking back to FY13, our business had revenues of
£48.5m, EBITDA of £1.5m, and an EBITDA margin of just 3%. At that point, our
owned brands made up just 20% of our business. The other 80% was comprised of
clearance stock and licensed brands. This largely non-branded approach
impacted our ability to generate repeat orders.
In contrast, our FY23 revenues were £166.3m, EBITDA was £20.2m, and our
EBITDA margin hit 12%. 80% of our revenue came from the brands we own, and 60%
came from our two principal brands, Salter (our scales and kitchen brand) and
Beldray (our laundry and floorcare brand). Between them, these two British
heritage brands have over 400 years of history and incredible consumer
recognition. Since hiring Tracy Carroll - our first Brand Director - last
year, we have refined the development of our portfolio of brands in a more
strategic manner, leading to further simplification. This includes focusing
our brand product development on core categories, employing a more brand-led
approach to design, and concentrating our efforts on building brand equity,
which we use to drive sales volumes.
Over the past year, Tracy's expertise has led to a more disciplined approach
to our brand management, which can be seen in the rebranding of the Salter
label during the year. Salter, the UK's oldest houseware brand (est.1760), has
a substantial amount of brand equity, built up from consistently positive
consumer perception and experience. To protect this valuable brand equity, we
must take every opportunity to reinforce the brand's values; there are no
hiding places, and every touch point is an opportunity to strengthen the brand
perception. The recent rebrand gave us an opportunity to recognise the
importance of consistency across these touch points, achievable by setting
clear brand guidelines. Through a simplified style guide, and the streamlining
of internal processes, we have retained Salter's clear brand identity and used
this simplification to strengthen its existing brand equity.
One of the benefits of concentrating growth in international and online sales
is the extension of product life, as current product lines can be sold to new
consumers through different channels. This means that we can tighten our
product development process to bring a refined number of higher-quality and
more innovative products to market. It is the strength and focus of our brand
and product development that will ensure consumers continue to buy our
beautiful products, at a price point that is affordable to the mass-market.
Initially, it is our appealing price point that makes our products attractive
to our retail partners, allowing them to earn a margin that is equivalent to
their own label. However, what generates repeat orders is our unrivalled
execution, which builds trust and respect. Key to our execution is making what
we do as simple as possible. Our ability to grow sales is directly linked to
consistently providing the best service to our retail partners. We have,
therefore, been relentless in developing our systems and, in recent years,
have established a strong company focus on operational simplification.
Our ability to do this is in no small part the result of the energy and
ability of our teams. We take pride in being a talent led business that offers
continuous improvement to its colleagues through a multitude of opportunities
across all areas of the organisation. Our graduate scheme aims to bring the
best and brightest talent into the business and provide them with an
industry-leading training programme, which is collegial and intellectually
stimulating. Our workforce is unafraid to challenge the status quo, and the
way in which things are done. This mindset is encouraged, as it allows us to
nurture a culture of continuous improvement.
This mindset can be summarised as "do less, do it better". At the most
rudimentary level, doing less may mean challenging ourselves as to whether
individual tasks are necessary, but really it encapsulates a laser-focused
approach to all that we do. 'Do it better' can encompass a range of solutions,
which includes process change, robotic automation and AI. Over the past year,
we have automated hundreds of low-skill, low-reward tasks, ultimately
increasing the ability of our workforce to focus on higher value activities.
By solving issues with automation, we are able to increase productivity and
improve accuracy. This results in enhanced operating margins, an even better
customer experience, and a more engaged workforce.
Performance
H1 2024 H1 2023 Change Change
£'000 £'000 £'000 %
Revenue 84,179 87,606 (3,427) -4%
Cost of sales (61,816) (65,976) 4,160 -6%
Gross profit 22,363 21,630 733 3%
Administrative expenses (11,113) (10,397) (716) 7%
Adjusted EBITDA* 11,250 11,233 17 0%
Depreciation & amortisation (1,069) (1,136) 67 -6%
Finance expense (598) (711) 113 -16%
Adjusted profit before tax* 9,583 9,386 197 2%
Tax expense (2,399) (2,007) (393) 20%
Adjusted profit after tax* 7,184 7,379 (195) -3%
Share-based payment expense (96) (128) 32 -25%
Tax on adjusting items 24 29 (5) -17%
Statutory profit after tax 7,112 7,280 (168) -2%
*Adjusted measures are before share-based payment expense and non-recurring
items.
During the period, unaudited Group revenues decreased 4% to £84.2m (H1 2023:
£87.6m), with supermarket ordering held back by well documented overstocking
issues (which are now easing), strong prior year comparatives bolstered by the
exceptionally strong demand for energy efficient air fryers in H1 2023, and
some modest revenue deferrals (£1.3m) at the end of the period due to the
recent disruption to global supply chains.
Channel
H1 2024 H1 2023 Change Change H1 2024 H1 2023
£'000 £'000 £'000 % % %
Supermarket 22,716 28,097 (5,381) -19% 27% 32%
Online 20,874 22,904 (2,030) -9% 25% 26%
Discounter 24,667 21,063 3,604 17% 29% 24%
Multiple 11,080 10,966 114 1% 13% 13%
Other 4,842 4,576 266 6% 6% 5%
Total 84,179 87,606 (3,427) -4% 100% 100%
During FY22, it became clear that many retailers were overstocked due to the
rapid changes in aggregate demand that occurred during COVID-19. The various
lockdowns caused by the global pandemic resulted in a shift in consumption
from services to goods, leading to spikes in demand. Retailers restocked based
on this information. However, when the lockdowns finally ended, consumers
shifted large parts of their spending back to experiences and leisure, rather
than physical goods. Holidays were chosen over home hot tubs, restaurants over
egg chairs, and days out rather than board games at home. This rapid change in
consumer behaviour and demand led to significant overstocks across retailers,
which precipitated a reduction in ordering as supermarkets and discounters
focused on reducing inventory levels.
Discounters cleared through their overstocks during FY23, and returned to
normal patterns of ordering during FY24, as can be seen from the £24.7m of
sales to discounters in H1 2024, representing a 17% increase on the prior
year. On the other hand, supermarkets (especially those serving European
markets) have been slightly behind in terms of clearing their overstocks. Our
sales to European supermarkets fell 38% (£4.7m) in the period, as a number of
German supermarkets reduced their forward orders. UK supermarket sales fell
just 5% (£0.7m), and this was primarily the result of a fall in demand for
air fryers, rather than overstocking issues.
Sales of air fryers, which primarily took place via supermarkets and online
channels, fell by 38% (£4.6m) during the period. We were delighted that
energy-efficient air fryers were so sought after by UK consumers during the
height of the cost-of-living crisis, and this was reflected in their
exceptionally strong sales performance in the comparative period. While air
fryer sales could not continue at such high levels, and demand is down from
peak, we note that sales do remain at a significantly higher level than their
pre-FY23 average (H1 2022 sales were just £2.3m), suggesting that air fryers
are now firmly embedded in everyday consumer behaviour. That we were able to
service the exceptional and unprecedented demand for air fryers in FY23 is
testament to the Group's agility and sourcing capabilities. And, as always, we
maintain a diversified product portfolio across numerous different brands and
categories, which means that we are not overly reliant on any one product type
or consumer trend, and are well-placed to take advantage of similar trends in
the future.
Territory
H1 2024 H1 2023 Change Change H1 2024 H1 2023
£'000 £'000 £'000 % % %
United Kingdom 58,150 62,569 (4,419) -7% 69% 71%
International 26,029 25,037 992 4% 31% 29%
Total 84,179 87,606 (3,427) -4% 100% 100%
Sales in the UK were down 7% (£4.4m). The peak in air fryer sales was mainly
a UK phenomenon, and the fall in overall UK sales is primarily due to the fall
in air fryer sales through our online and supermarket channels.
International sales, which continue to be a strategically important growth
area for the Group, were up 4%. This rise is especially pleasing given the
backdrop of overstocks at German supermarkets, where sales fell by 62%
(£7.1m). Excluding German supermarkets, other international sales were up 62%
(£8.1m), driven by new customers in France following the opening of our
European showroom in Paris, and through growth with international
discounters.
Product
H1 2024 H1 2023 Change Change H1 2024 H1 2023
£'000 £'000 £'000 % % %
Small Domestic Appliances 33,175 36,695 (3,520) -10% 39% 42%
Housewares 21,387 26,483 (5,096) -19% 25% 30%
Laundry 10,204 8,621 1,583 18% 12% 10%
Audio 7,757 7,157 600 8% 9% 8%
Heating & Cooling 1,656 2,950 (1,294) -44% 2% 3%
Clearance 5,914 2,602 3,312 127% 7% 3%
Others 4,086 3,098 988 32% 5% 4%
Total 84,179 87,606 (3,427) -4% 100% 100%
Small Domestic Appliances (SDA) include air fryers. It is no surprise,
therefore, that this category was down by 10% (£3.5m). Historically, our most
popular products among German supermarkets have been Salter and Russell Hobbs
branded cookware. The overstocking issues at these supermarkets impacted
demand for these products, which led to the 19% (£5.1m) fall in overall
Houseware sales. A separate effect of the overstocking issues can be seen in
the growth of our small Clearance division, which saw sales increase 127%
(£3.3m). As retailers and wholesalers have dealt with their overstock issues,
there has been opportunities to purchase and resell clearance packages. As
overstock issues resolve, the opportunities for this division will recede.
Brand
H1 2024 H1 2023 Change Change H1 2024 H1 2023
£'000 £'000 £'000 % % %
Salter 32,104 35,219 (3,115) -9% 38% 40%
Beldray 18,450 17,174 1,276 7% 22% 20%
Russell Hobbs (licensed) 5,787 10,546 (4,759) -45% 7% 12%
Progress 3,449 4,005 (556) -14% 4% 5%
Petra 1,754 1,932 (178) -9% 2% 2%
Kleeneze 1,895 1,547 348 22% 2% 2%
Premier Brands 63,439 70,423 (6,984) -10% 75% 80%
Other proprietorial brands 8,505 8,789 (284) -3% 10% 10%
Own label and other 12,235 8,394 3,841 46% 15% 10%
Total 84,179 87,606 (3,427) -4% 100% 100%
Salter, as our scales and kitchen brand, fell back 9% (£3.1m) as a result of
the fall in air fryers. As noted previously, Russell Hobbs branded cookware
was the most popular product sold into German supermarkets, meaning that their
overstocking issues led to a 45% fall (£4.8m) in sales of the Russell Hobbs
brand. The level of Own label and other sales increased by 46% (£3.8m) due to
the level of Clearance sales that were made during the period.
Operating Margins
Gross margin increased to 26.6% (H1 2023: 24.7%) as we continue to benefit
from the drop in freight rates which helped to increase GM to 26.8% in H2
2023. The increase in gross margin means that gross profit rose 3% to £22.4m
(H1 2023: £21.6m).
Administrative expenses rose 7% to £11.1m (H1 2023: £10.4m). Although we
have seen relatively low levels of inflationary pressure on our cost of sales,
and hence on revenues, we have seen cost pressure in our operating costs. Our
wage bill, which makes up 70% of our other administrative expenses, rose by 5%
in the period, as we increased salaries for our people to ensure that employee
remuneration remains attractive enough to recruit and retain talent, a measure
that both drives productivity within the business and mitigates the effects of
the cost-of-living crisis. This is consistent with our intention to always do
the right thing and to invest in our people. Our focus on increasing
productivity means that our current head count of FTE 361 is below the average
for the first half of the year (FTE 389; H1 2023: FTE 392).
We continue to invest in the long-term growth of the business, increasing our
spend on marketing by £0.1m to £0.7m, and through the successful opening of
our Paris showroom, which had a one-off cost of around £0.1m.
The combination of resilient revenues, improved gross margin, and slightly
higher overheads has led to a stable adjusted EBITDA at £11.3m (H1 2023:
£11.2m), with our EBITDA margin increasing from 12.8% to 13.4%.
Seasonality
The Group has historically had a seasonal weighting towards H1, with retail
demand being higher in the peak Christmas trading period. However, over the
past few years, this pattern has become less pronounced, with sales growth
weighted towards the less seasonal online channels and sales to supermarkets
being focused more on ranges than seasonal promotions. As a result, it is
anticipated that the operating profits for the second half of the year to 31
July 2024 will be only marginally lower than for the six months ended 31
January 2024.
Adjusted & statutory profit
Depreciation and amortisation decreased marginally by 6% to £1.1m (H1 2023:
£1.1m). The finance charge has decreased by 16% to £0.6m (H1 2023: £0.7m)
as the result of lower average net debt across the period. Around £0.2m of
the charge relates to fixed debt related costs and imputed interest charges on
capitalised lease liabilities. As a result, adjusted profit before tax
increased 2% to £9.6m (H1 2023: £9.4m).
The tax charge for the period increased by 20% as we saw the impact of a full
period of the increased UK corporation tax rate to 25% from 19%. The tax rate
at 25% was in line with the UK statutory rate. The impact of the change in tax
rates led to a 2% decrease in statutory profit after tax to £7.1m (H1 2023:
£7.3m).
Earnings per share
Although we have not issued any new shares within the year, the number of
shares held in our Employee Benefit Trust has reduced following the successful
vesting of employee share options schemes. This has resulted in the weighted
average number of shares increasing 0.2% to 86,426,737 (31 January 2023:
86,234,633).
H1 2024 EPS H1 2023 EPS
£'000 p £'000 p
Adjusted profit after tax / Adjusted EPS 7,184 8.3 7,379 8.6
Share-based payment expense (96) (0.1) (128) (0.1)
Tax on adjusting items 24 0.0 29 0.0
Statutory profit after tax / Basic EPS 7,112 8.2 7,280 8.4
As a result, both adjusted profit after tax and adjusted earnings per share
decreased by 3%.
Financing and cash flow
The Group generated cash from operating activities of £14.4m (H1 2023:
£12.8m), being a 128% operating cash conversion. This meant that at the
period end the Group had a net bank debt/adjusted EBITDA ratio of 0.4x (31
July 2023: 0.7x), which represents net bank debt of £8.0m (31 July 2022:
£14.8m). The Group makes use of term loans for longer term funding, such as
acquisitions, whereas our invoice discounting and import loan facilities are
designed to fund our working capital, and automatically increase in relation
to our levels of trading. During FY21 the Group increased its level of
borrowings to complete the transformational acquisition of Salter. The
acquisition debt of £15m has now largely been repaid, and the Group intends
to repay the remaining element of the Term Loan, with remaining debt
facilities being in place for the purpose of funding working capital.
Change Change
31 January 2024 31 January 2023
£'000 £'000 £'000 %
Cash 5,780 5,004
RCF/Overdraft (5,767) (7,097)
Invoice Discounting (1,113) (3,465)
Import Loans (1,986) (6,970)
Term loan (5,000) (7,000)
Debt Issue Costs 82 140
Net bank debt (8,004) (19,388) 11,384 -59%
Capital Allocation Policy
It is the Board's intention to maintain the net bank debt/adjusted EBITDA
ratio at around 1.0x, with the debt being used to fund the Group's working
capital. The Board believes that this level of leverage is an efficient use of
the Group's balance sheet and allows for further returns of capital to
shareholders. 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
pursuant to a policy of maintaining net bank debt at a 1.0x adjusted EBITDA
ratio.
In line with this policy, an interim dividend of 2.45 pence per share (H1
2023: 2.43 pence per share) was approved by the Board on 8 April 2024 and will
be paid on 28 June 2024 to shareholders on record as at 31 May 2024
(ex-dividend date being 30 May 2024).
Furthermore, the Board announces that it intends to seek regulatory and
shareholder approval to commence a share buy-back of up to 10% of its issued
share capital. Although the exact timing and magnitude of the share buy-backs
will be at the discretion of the Board, and will be, in part, dictated by the
working capital and capital expenditure needs of the business, it is the
current intention that the Group would initially purchase around £1m of
shares per quarter.
Andrew Gossage Chris Dent
Chief Executive Officer Chief Financial Officer
Consolidated Income Statement
Unaudited Unaudited Audited
6 months ended 6 months ended year ended
31 January 2024 31 January 2023 31 July 2023
£'000 £'000 £'000
Revenue 84,179 87,606 166,315
Cost of sales (61,816) (65,976) (123,568)
Gross profit 22,363 21,630 42,747
Adjusted earnings before interest, tax, depreciation, amortisation, 11,250 11,233 20,213
share-based payments & non‑recurring items
Depreciation (1,058) (1,125) (2,238)
Amortisation of intangibles (11) (11) (22)
Share-based payment expense (96) (128) (837)
Total administrative expenses (12,278) (11,661) (25,631)
Operating profit 10,085 9,969 17,116
Finance expense (598) (711) (1,132)
Profit before tax 9,487 9,258 15,984
Tax expense (2,375) (1,978) (3,398)
Profit for the year attributable to equity holders of the Company 7,112 7,280 12,586
All amounts relate to continuing operations
Earnings per share
Basic 8.2 8.4 14.6
Diluted 8.1 8.3 14.3
Consolidated Statement of Comprehensive Income
Unaudited Unaudited Audited
6 months ended 31 January 2024 6 months ended 31 January 2023 year ended
31 July 2023
£'000 £'000 £'000
Profit for the period 7,112 7,280 12,586
Items that may subsequently be reclassified to the income statement
Fair value movements on cash flow hedging instruments (546) (1,645) (1,329)
Hedging instruments recycled through the income statement at the end of 1,274 (1,572) (3,445)
hedging relationships
Deferred tax relating to cashflow hedges (181) - 875
Items that will not subsequently be reclassified to the income statement
Foreign current translation - - (2)
Other comprehensive income 547 (3,217) (3,901)
Total comprehensive income for the period attributable to the equity holders 7,659 4,063 8,685
of the Company
Consolidated Statement of Financial Position
Unaudited Unaudited Audited
as at as at as at
31 January 2024 31 January 2023 31 July 2023
£'000 £'000 £'000
Assets
Intangible assets 36,992 37,014 37,003
Property, plant and equipment 8,039 5,606 8,443
Total non-current assets 45,031 42,620 45,446
Inventories 29,354 27,290 28,071
Trade and other receivables 24,912 34,323 29,890
Derivative financial instruments 647 913 1,233
Current tax 203 - -
Cash and cash equivalents 5,780 5,004 5,086
Total current assets 60,896 67,530 64,280
Total assets 105,927 110,150 109,726
Liabilities
Trade and other payables (29,766) (31,376) (30,005)
Derivative financial instruments (635) (673) (1,806)
Current tax - (705) -
Borrowings (13,784) (12,934) (15,891)
Lease liabilities (796) (636) (836)
Deferred consideration - (494) -
Total current liabilities (44,981) (46,818) (48,538)
Net current assets 15,915 20,712 15,742
Borrowings - (11,458) (3,990)
Deferred tax (7,182) (6,928) (6,797)
Lease liabilities (3,865) (1,717) (4,262)
Total non-current liabilities (11,047) (20,103) (15,049)
Total liabilities (56,028) (66,921) (63,587)
Net assets 49,899 43,229 46,139
Equity
Share capital 223 223 223
Share premium 14,334 14,334 14,334
Employee Benefit Trust reserve (1,685) (1,815) (1,989)
Share-based payment reserve 1,467 1,197 1,817
Hedging reserve (113) 22 (660)
Retained earnings 35,673 29,268 32,414
Equity attributable to owners of the Group 49,899 43,229 46,139
Consolidated Statement of Changes in Equity
For the period ended 31 January
Share capital Share premium Employee Benefit Trust reserve Share-based payment reserve Hedging reserve Retained earnings Total equity
£'000 £'000 £'000 £'000 £'000 £'000 £'000
As at 1 August 2022 223 14,334 (1,571) 1,166 3,239 26,102 43,493
Profit for the year - - - - - 7,280 7,280
Foreign currency retranslation - - - - - - -
Cash flow hedging movement - - - - (3,217) - (3,217)
Total comprehensive income for the year - - - - (3,217) 7,280 4,063
Transactions with shareholders:
Dividends paid - - - - - (4,157) (4,157)
Share-based payments charge - - - 128 - - 128
Deferred tax on share-based payments - - - - - - -
Transfer of reserve on exercise of share award - - - (97) - 97 -
Transfer of shares by the EBT to employees on exercise of share award - - 146 - - (54) 92
Purchase of own shares by the EBT - - (390) - - - (390)
As at 31 January 2023 223 14,334 (1,815) 1,197 22 29,268 43,229
Share capital Share premium Employee Benefit Trust reserve Share-based payment reserve Hedging reserve Retained earnings Total equity
£'000 £'000 £'000 £'000 £'000 £'000 £'000
As at 1 August 2023 223 14,334 (1,989) 1,817 (660) 32,414 46,139
Profit for the period - - - - - 7,112 7,112
Foreign currency translation - - - - - - -
Cash flow hedging movement - - - - 728 - 728
Deferred tax movement - - - - (181) - (181)
Total comprehensive income for the period - - - - 547 7,112 7,659
Transactions with shareholders:
Dividends paid - - - - - (4,289) (4,289)
Share-based payments charge - - - 96 - - 96
Deferred tax on share-based payments - - - - - 159 159
Transfer of reserve on exercise of share award - - - (446) - 446 -
Transfer of shares by the EBT to employees on exercise of share award - - 614 - - (169) 445
Purchase of own shares by the EBT - - (310) - - - (310)
As at 31 January 2024 223 14,334 (1,685) 1,467 (113) 35,673 49,899
Consolidated Statement of Cash Flows
For the period ended 31 January
Unaudited Unaudited Audited
6 months ended 6 months ended year ended
31 January 2024 31 January 2023 31 July 2023
£'000 £'000 £'000
Net cash flow from operating activities
Profit for the year 7,112 7,280 12,586
Adjustments for:
Finance costs 598 711 1,132
Income tax expense 2,375 1,978 3,399
Depreciation 1,058 1,125 2,218
Amortisation 11 11 22
Loss on disposal of non-current assets - - 20
Derivative financial instruments 91 (4) (199)
Share-based payments 96 128 837
Working capital adjustments
(Increase)/decrease in inventories (1,283) 1,872 1,090
Decrease/(increase in trade and other receivables 4,591 (2,129) 2,691
(Decrease)/increase in trade and other payables (288) 1,834 559
Net cash from operating activities 14,356 12,806 24,355
Income taxes paid (1,828) (1,446) (3,957)
Net cash from operations 12,528 11,360 20,398
Cash flows used in investing activities
Acquisition of subsidiary - deferred consideration - (493) (987)
Purchase of property, plant and equipment (654) (362) (999)
Net cash used in investing activities (654) (855) (1,986)
Cash flows used in financing activities
Sale/(purchase) of own shares 135 (298) (532)
Proceeds from borrowings 2,750 8,344 2,753
Repayment of borrowings (8,837) (14,426) (13,412)
Principal paid on lease obligations (443) (424) (840)
Debt issue costs paid (60) (93) (94)
Dividends paid (4,289) (4,157) (6,255)
Interest paid (460) (649) (1,147)
Net cash used by finance activities (11,204) (11,703) (19,527)
Net increase/(decrease) in cash and cash equivalents 670 (1,198) (1,115)
Exchange gains on cash and cash equivalents 24 - (1)
Cash and cash equivalents brought forward 5,086 6,202 6,202
Cash and cash equivalents carried forward 5,780 5,004 5,086
Notes to the Interim Results
1. General Information
Ultimate Products plc ('the Company') and its subsidiaries (together 'the
Group') is a supplier of branded, value-for-money household products to global
markets. The Company is a public limited company, which is listed on the
London Stock Exchange and incorporated and domiciled in the UK. The address of
its registered office is Ultimate Products plc, Manor Mill, Victoria Street,
Chadderton, Oldham OL9 0DD.
This consolidated condensed interim financial information does not comprise
statutory accounts within the meaning of section 434 of the Companies Act
2006. Statutory accounts for the year ended 31 July 2023 were approved by the
Board of Directors on 30 October 2023 and delivered to the Registrar of
Companies. The comparative figures for the financial year ended 31 July 2023
are an extract of the Company's statutory accounts for that year. The report
of the auditor on those accounts was unqualified, did not contain an emphasis
of matter paragraph and did not contain any statement under section 498 (2) or
(3) of the Companies Act 2006.
This consolidated condensed interim financial information is unaudited but has
been reviewed by the Company's Auditor.
2. Basis of Preparation
This consolidated condensed interim financial information for the six months
ended 31 January 2024 has been prepared in accordance with IAS 34, 'Interim
Financial Reporting', in accordance with UK-adopted international accounting
standards. The consolidated condensed interim financial information should be
read in conjunction with the audited financial statements for the year ended
31 July 2023, which have been prepared in accordance with UK-adopted
international accounting standards.
Going Concern Basis
The Directors have adopted the going concern basis in preparing this Interim
Results Statement after assessing the resilience of the Group in severe but
plausible scenarios, taking account of its current position and prospects, the
principal risks facing the business, how these are managed and the impact that
they would have on the forecast financial position. In assessing whether the
Group could withstand such negative impacts, the Board has considered cash
flow, impact on debt covenants and headroom against its borrowing facilities,
which are expected to be renewed by July 2024. The Group's projections, which
cover the period to July 2025, show that the Group will be able to operate
within its banking facilities and covenants. Therefore, the Directors have a
reasonable expectation that the Group has adequate resources to continue in
operational existence for at least 12 months from the date of approval of the
Interim Results Statement.
Accounting Policies
The accounting policies and method of computations adopted in the preparation
of these condensed consolidated interim financial statements are consistent
with those followed in the preparation of the Group's annual financial
statements for the year ended 31 July 2023.
Adjusted Performance Measures (APMs)
APMs are utilised as key performance indicators by the Group and are
calculated by adjusting the relevant IFRS measurement by share based payments
and non-recurring items. The two main APMs which are used are Adjusted EBITDA
and Adjusted EPS. The reconciliation of these items to IFRS measurements can
be found in the Chief Financial Officer's Review. APMs are non-GAAP measures
and are not intended to replace those financial measurements, but are the
measures used by the Directors in their management of the business, and are,
therefore, important key performance indicators (KPIs).
3. Operating Segments
Operating segments are reported in a manner consistent with the internal
reporting provided to the chief operating decision maker. The chief operating
decision maker has been identified as the Board. The Board is responsible for
allocating resources and assessing performance of operating segments. The
Directors consider that there are no identifiable business segments that are
subject to risks and returns different to the core business. The information
reported to the Directors, for the purposes of resource allocation and
assessment of performance, is based wholly on the overall activities of the
Group. The Group has therefore determined that it has only one reportable
segment under IFRS 8. The results and assets for this segment can be
determined by reference to the statement of comprehensive income and statement
of financial position.
4. Principal Risks and Uncertainties
The Directors consider that the principal risks and uncertainties, which could
have a material impact on the Group's performance in the remaining 6 months of
the financial year, remain substantially the same as those stated on pages
36-37 of the Group's Annual Report for the year ended 31 July 2023, which is
available on the Group's website, www.upplc.com.
5. Financial Instruments
The Group's activities expose it to a variety of financial risks: market risk
(including foreign exchange risk, cash flow and fair value interest rate risk
and price risk), credit risk and liquidity risk. The Group's exposure to
foreign exchange risk is mitigated by entering into forward exchange
contracts. Interest rate risk is managed by maintaining a portion of
borrowings under the protection of interest rate swaps and caps. The Interim
Results Statement should be read in conjunction with the Group's Annual Report
for the year ended 31 July 2023, as it does not include all financial risk
management information and disclosures contained within the Annual Report.
There have been no changes in the risk management policies since the year-end.
6. Revenue
6 months ended 31 January 2024 6 months ended Year ended
31 January 2023 31 July 2023
Geographical split by location: £'000 £'000 £'000
United Kingdom 58,150 62,569 115,580
Germany 4,557 8,825 15,198
Rest of Europe 20,676 15,642 34,447
Rest of the World 796 570 1,090
Total 84,179 87,606 166,315
International sales 26,029 25,037 50,735
Percentage of total revenue 30.9% 28.6% 31.0%
6 months ended 31 January 2024 6 months ended Year ended
31 January 2023 31 July 2023
Analysis of revenue by brand: £'000 £'000 £'000
Salter 32,104 35,219 66,599
Beldray 18,450 17,174 35,031
Russell Hobbs (licensed) 5,787 10,546 16,458
Progress 3,449 4,005 7,425
Kleeneze 1,895 1,547 3,378
Petra 1,754 1,932 3,194
Premier brands 63,439 70,423 132,085
Other proprietorial brands 8,505 8,789 16,036
Own label and other 12,235 8,394 18,194
Total 84,179 87,606 166,315
6 months ended 31 January 2024 6 months ended Year ended
31 January 2023 31 July 2023
Analysis of revenue by product: £'000 £'000 £'000
Small domestic appliances 33,175 36,695 66,813
Housewares 21,387 26,483 48,008
Laundry 10,204 8,621 18,163
Audio 7,757 7,157 15,545
Heating and cooling 1,656 2,950 6,214
Others 10,000 5,700 11,572
Total 84,179 87,606 166,315
6 months ended 31 January 2024 6 months ended Year ended
31 January 2023 31 July 2023
Analysis of revenue by sales channel: £'000 £'000 £'000
Discount retailers 24,667 21,063 44,593
Supermarkets 22,716 28,097 49,116
Online channels 20,874 22,904 41,593
Multiple-store retailers 11,080 10,966 22,178
Other 4,842 4,576 8,979
Total 84,179 87,606 166,315
7. Seasonality
The Group has historically had a seasonal weighting towards H1, with retail
demand being higher in the peak Christmas trading period. However, over the
past few years, this pattern has become less pronounced, with sales growth
weighted towards the less seasonal online channels and sales to supermarkets
being focused more on ranges than seasonal promotions. As a result, it is
anticipated that the operating profits for the second half of the year to 31
July 2024 will be only marginally lower than for the six months ended 31
January 2024.
8. Finance Costs
6 months ended 6 months ended Year ended
31 January 2024 31 January 2023 31 July 2023
£'000 £'000 £'000
Interest on bank loans and overdrafts 461 740 1,114
Interest on lease liabilities 126 35 134
Foreign exchange in respect of lease liabilities 22 8 (81)
Other interest payable and similar charges (11) (72) (35)
Total finance cost 598 711 1,132
9. Earnings per Share
Basic earnings per share is calculated by dividing the net income for the
period attributable to ordinary equity holders by the weighted average number
of ordinary shares outstanding during the period. Diluted earnings per share
amounts are calculated by dividing the profit attributable to owners of the
parent by the weighted average number of ordinary shares in issue during the
financial year, adjusted for the effects of potentially dilutive options. The
dilutive effect is calculated on the full exercise of all potentially dilutive
ordinary share options granted by the Group, including performance-based
options which the Group considers to have been earned. The calculations of
earnings per share are based upon the following:
6 months ended 6 months ended Year ended
31 January 2024 31 January 2023 31 July 2023
Profit for the year 7,112 7,280 12,370
Number
Weighted average number of shares in issue 89,312,457 89,312,457 89,312,457
Less shares held by the UPGS EBT (2,885,720) (3,077,824) (3,002,142)
Weighted average number of shares - basic 86,426,737 86,234,633 86,310,315
Share options 879,020 1,924,065 1,576,409
Weighted average number of shares - diluted 87,305,757 88,158,698 87,886,723
Pence Pence Pence
Earnings per share - basic 8.2 8.4 14.6
Earnings per share - diluted 8.1 8.3 14.3
10. Dividends
6 months ended 6 months ended Year ended
31 January 2024
31 January 2023
31 July 2023
£'000 £'000 £'000
Final dividend paid in respect of the previous year 4,289 4,157 4,157
Interim declared and paid - - 2,098
4,289 4,157 6,255
Per share Pence Pence Pence
Final dividend paid in respect of the previous year 4.95 4.82 4.82
Interim declared and paid - - 2.43
4.95 4.82 7.25
An interim dividend of 2.45p per share was approved by the Board on 8 April
2024 and will be paid on 28 June 2024 to shareholders on record as at 31 May
2024 (ex-dividend date being 30 May 2024).
11. Borrowings
As at As at As at
31 January 2024
31 January 2023
31 July 2023
£'000 £'000 £'000
Current
Bank overdrafts 5,767 597 5,004
Invoice discounting 1,113 3,465 8,950
Import loans 1,986 6,970 -
Term loan 5,000 2,000 2,000
13,866 13,032 15,954
Less: Unamortised debt issue cost (82) (98) (63)
13,784 12,934 15,891
Non-current
Revolving credit facility - 6,500 -
Term loan - 5,000 4,000
- 11,500 4,000
Less: Unamortised debt issue cost - (42) (10)
- 11,458 3,990
Total borrowings 24,392 19,881
The earliest that lenders of the above borrowings require repayment is as
follows:
In less than one year 13,866 13,032 15,954
Between one and two years - 11,500 2,000
Between two and five years - - 2,000
Less: Unamortised debt issue cost - (140) (73)
13,866 24,392 19,881
The Group is funded by external bank facilities provided by HSBC. The total
drawn and undrawn facilities comprise a revolving credit facility of £8.2m
(31 January 2023: £8.2m; 31 July 2023 £8.2m), an invoice discounting
facility of £23.5m (31 January 2023: £23.5m; 31 July 2023 £23.5m) and a
term loan of £5.0m (31 January 2023: £7m; 31 July 2023: £6m), all running
to 2024, along with an import loan facility of £12m (31 January 2023: £12m;
31 July 2023: £12m) which is subject to annual review. Bank facilities are
expected to be renewed by July 2024.
12. Financial Instruments
a) Principal financial instruments
The principal financial instruments used by the Group, from which financial
instrument risk arises are as follows:
As at As at As at
31 January 2024
31 January 2023
31 July 2023
£'000 £'000 £'000
Trade receivables - held at amortised cost 23,613 32,421 28,175
Derivative financial instruments - assets 647 913 1,233
Trade and other payables (27,134) (27,835) (27,995)
Derivative financial instruments - liabilities (635) (673) (1,806)
Borrowings (13,784) (24,392) (19,881)
Lease liabilities (4,661) (2,353) (5,098)
Deferred consideration - (494) -
Cash and cash equivalents 5,780 5,004 5,086
b) Financial assets
The Group held the following financial assets at amortised cost:
As at As at As at
31 January 2024
31 January 2023
31 July 2023
£'000 £'000 £'000
Cash and cash equivalents 5,780 5,004 5,086
Trade receivables 23,613 32,421 28,175
29,393 37,425 33,261
c) Financial liabilities
The Group held the following financial liabilities, classified as other
financial liabilities at amortised cost:
As at As at As at
31 January 2024
31 January 2023
31 July 2023
£'000 £'000 £'000
Trade payables 21,010 20,122 19,024
Borrowings 13,784 24,392 19,881
Lease liabilities 4,661 2,353 5,098
Other payables 6,124 7,713 8,971
Deferred consideration - 494 -
45,579 55,074 52,974
d) Derivative financial instruments
The Group held the following derivative financial instruments, classified as
fair value through profit and loss on initial recognition:
As at As at As at
31 January 2024
31 January 2023
31 July 2023
£'000 £'000 £'000
Forward currency contracts (351) (605) (1,372)
Interest rate swaps 193 323 315
Interest rate caps 170 522 484
12 240 (573)
The following is a reconciliation of the financial instruments to the
statement of financial position:
As at As at As at
31 January 2024
31 January 2023
31 July 2023
£'000 £'000 £'000
Trade receivables 23,613 32,421 28,175
Prepayments and other receivables not classified as financial instruments 1,299 1,902 1,328
Current tax asset not classified as a financial instrument
- - 387
Trade and other receivables 24,192 34,323 29,890
As at As at As at
31 January 2024
31 January 2023
31 July 2023
£'000 £'000 £'000
Trade and other payables 27,134 27,835 27,995
Other taxes and social security not classified as financial instruments 2,632 3,541 2,010
Trade and other payables 29,766 31,376 30,005
Derivative financial instruments - Forward contracts
The Group mitigates the exchange rate risk for certain foreign currency trade
debtors and creditors by entering into forward currency contracts. At 31
January 2024, the Group was committed to:
As at 31 January 2024 As at 31 January 2023 As at 31 July 2023
Buy Sell Buy Sell Buy Sell
USD$'000 51,900 - 59,100 - 54,300 -
EUR€'000 - 29,700 - 19,350 - 24,700
PLN'000 - 600 - 300 - 4,600
CNY'000 5,453 - 1,431 - 6,340 -
At 31 January 2024, all the outstanding USD, EUR and PLN contracts mature
within 12 months of the period end (31 January 2023: 12 months; 31 July 2023:
12 months). The CNY currency contracts, which are held as a partial hedge of a
lease commitment, mature until August 2026. The forward currency contracts are
measured at fair value using the relevant exchange rates for GBP:USD, GBP:EUR,
GBP:CNY and GBP:PLN. The fair value of the contracts at 31 January 2024 is a
liability of £351,000 (31 January 2023: £605,000 liability; 31 July 2023:
£1,372,000 liability).
Forward currency contracts are valued using level 2 inputs. The valuations are
calculated using the period end exchange rates for the relevant currencies
which are observable quoted values at the period end dates. Valuations are
determined using the hypothetical derivative method, which values the
contracts based on the changes in the future cash flows, based on the change
in value of the underlying derivative.
All of the forward contracts to buy US Dollars and some of those to sell Euros
meet the conditions for hedge accounting, as set out in the accounting
policies of the financial statements for the year ended 31 July 2023.
Derivative financial instruments - Interest rate swaps and interest rate caps
The Group has entered into interest rate swaps and interest rate caps to
protect the exposure to interest rate movements on the various elements of the
Group's banking facility. As at 31 January 2024, protection was in place over
an aggregate principal of £9,016,000 (31 January 2023: £18,200,000, 31 July
2023: £18,300,000).
All of the interest rate swaps meet the conditions for hedge accounting, as
set out in the accounting policies contained in the financial statements for
the year ended 31 July 2023. Hedge accounting is applied in respect of the
interest rate caps to the extent that their current valuation exceeds their
amortised cost.
Interest rate swaps and caps are valued using level 2 inputs. The valuations
are based on the notional value of the swaps and caps, the current available
market borrowing rate and the swapped or capped interest rate respectively.
The valuations are based on the current valuation of the present saving or
cost of the future cash flow differences, based on the difference between the
swapped and capped interest rates contracts and the expected interest rate as
per the lending agreement.
13. Related party transactions
6 months ended 6 months ended Year ended
31 January 2024
31 January 2023
31 July 2023
£'000 £'000 £'000
Transactions with related companies and businesses:
Lease payments to Heron Mill Limited 194 168 358
Lease payments to Berbar Properties Limited 90 90 180
Statement of Directors' Responsibilities
The Directors confirm that these consolidated condensed interim financial
statements have been prepared in accordance with International Accounting
Standard 34 Interim Financial Reporting, in accordance with UK-adopted
international accounting standards. The interim management report includes a
fair review of the information required by DTR 4.2.7 and DTR 4.2.8, namely:
• an indication of important events that have occurred during the
first six months and their impact on the condensed set of financial
statements, and a description of the principal risks and uncertainties for the
remaining six months of the financial year; and
• material related party transactions in the first six months and
any material changes in the related party transactions described in the last
annual report.
For and on behalf of the Board of Directors
Andrew Gossage Chris Dent
Chief Executive Officer Chief Financial Officer
8 April 2024 8 April 2024
This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact
rns@lseg.com (mailto:rns@lseg.com)
or visit
www.rns.com (http://www.rns.com/)
.
RNS may use your IP address to confirm compliance with the terms and conditions, to analyse how you engage with the information contained in this communication, and to share such analysis on an anonymised basis with others as part of our commercial services. For further information about how RNS and the London Stock Exchange use the personal data you provide us, please see our
Privacy Policy (https://www.lseg.com/privacy-and-cookie-policy)
. END IR QKFBDOBKDBQKRecent news on Ultimate Products
See all newsREG - Ultimate Products - Transaction in Own Shares and Total Voting Rights
AnnouncementREG - Ultimate Products - EBT Share Purchase
AnnouncementREG - Ultimate Products - Transaction in Own Shares and Total Voting Rights
AnnouncementREG - Ultimate Products - Director/PDMR Shareholding
AnnouncementRCS - Ultimate Products - Investor Presentation via Equity Development
Announcement