Oldham homewares giant Ultimate Products has faced a challenging FY 2025, with group revenues down three per cent overall to £150.1m, driven largely by a massive slump in the sale of the, until recently very much on-trend, air fryer.
Air fryer sales were down 32% for the brand at £4.8m, quite a comedown for a product that, for the last few years, has been heralded by fans, celebs and media alike as a brave new era for the kitchen.
Another low point in the company’s latest results came in the shape of a 60% reduction in third-party clearance sales of £8.8m as opportunities reduced following the end of overstocking. This category was down to £5.9m.
In better news, all remaining sales were up six per cent, or £8.2m.
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Ultimate CEO Andrew Gossage said: “Ultimate Products’ key channels to market are Supermarkets, Discounters and Online, all of which the Group will seek to grow over the medium to long term, both in the UK and internationally. Against subdued demand for consumer goods, it was pleasing to see sales to Supermarkets return to growth, rising 18% (£6.1m) to £40.4m, despite overall group sales falling 3%. In the UK, this increase (26%) was driven by stronger trading from our supermarket customers, who have been winning general merchandise market share through their loyalty schemes.
“Disappointingly, despite the end of the overstocking issues that previously held back orders from German supermarkets, sales to international supermarkets remained flat at £10.9m.”
The company is also considering a move from the London Stock Exchange’s Main Market to AIM, believing it to be more suitable given its current market capitalization. This strategic move could potentially better position the company for future growth opportunities in the UK and international markets.
Despite the air fryer doldrums, Ultimate did meet its expectations for the financial year and the markets don’t seem too spooked, with the company’s share price rising 5% this morning.
Ultimate Products plc is a leading supplier of branded housewares, owning notable brands such as Salter and Beldray. The company specializes in small domestic appliances, housewares, laundry, audio, and heating and cooling products, selling to over 300 retailers in more than 30 countries. Headquartered in Oldham, Greater Manchester, Ultimate Products is known for its focus on providing attractively priced, high-quality branded products.
