Ultimate Products considers switch to AIM as revenue and shares shrink
Ultimate Products PLC on Wednesday said it may move its listing to junior venue AIM from London’s Main Market, as ‘subdued’ conditions weigh on revenue and market capitalisation.
The Oldham, England-based owner of homeware brands Salter and Beldray maintained that 2025 trading was on track to meet expectations, but is considering whether a switch to AIM would provide ‘the potential to access new investors at the company’s current market capitalisation’.
UP has a market cap of £46.9 million, as of Wednesday. The company’s shares traded 1.7% lower at 53.60 pence on Wednesday afternoon in London, and have lost 61% in the past 12 months.
In a trading statement for the year that ended July 31, UP estimated adjusted earnings before interest, tax, depreciation and amortisation of £12.5 million, 31% lower on-year but in line with revised guidance which had already been revised down.
The firm cited £3.1 million in freight costs for the decrease, alongside ‘subdued consumer demand for general merchandise’.
Full-year revenue was around £150.1 million, in line with the company’s consensus of £149.2 million, but down 3.4% from £155.5 million the previous year.
UP expects adjusted Ebitda and revenue to continue falling in financial 2026, to around £137.7 million and £9.9 million respectively. Performance for the new year so far supports this outlook.
‘We continue to operate in a challenging environment, with many consumers prioritising saving over spending,’ the firm noted.
‘Although overall revenue declined, we are encouraged by the growth in sales of our UP brands, which remain a key differentiator and the driver of long-term value creation, both in the UK and internationally. We are confident that further investment and operational improvements within our business will better position us to take advantage of all commercial opportunities, win market share and deliver sustainable long-term growth.’
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