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Online growth drives record revenue at homeware brand giant Ultimate Products

Ultimate CEO Simon Showman and MD Andy Gossage

“Exceptional growth” in online sales was the driver for record revenue at Oldham’s homeware brand giant Ultimate Products, according to today’s trading update for the year to July 31.

Ultimate, which owns household name brands including Salter and Beldray, unveiled an eight per cent boost in turnover and earnings before interest, tax depreciation and amortisation (EBITDA).

Revenue reached £166.3m, up from £154.2m the previous year, while unaudited adjusted EBITDA was £20.2m, compared with £18.8m in 2022, just above market expectations of £20.1m.

Unaudited pre-tax profits of £16.8m, up six per cent, were also in line with market expectations of £16.8m.

The group highlighted growth in its online division, where revenues were up 64 per cent year-on-year, together with an improved sales mix.

In apotentially positive sign for the future, growth was higher in H2 of the year, at 15 per cent, and the results were achieved with no overall price inflation, keeping the group’s branded homeware products at prices which are attractive and affordable to consumers.

At year end, the group’s net bank debt stood at £14.8m, down from £24.3m in 2022. The group said its improved net debt performance is due to ongoing improvements in working capital management and the phasing of trading during the second half of the year.

Current trading for fiscal year 2024 is in line with market expectations, it added.

Chief executive Simon Showman said: “We are delighted that our brands continue to resonate so well with our customers, enabling us to deliver strong revenue growth with no overall price inflation. In achieving this, we are making good on our purpose of providing beautiful and competitively priced products to every home.”

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