Oldham-based Ultimate Products — owner of homeware brands including Salter and Beldray —  on Wednesday published a trading update for the six months ended January 31, 2026.

“Unaudited Group revenues were £74.5m, down 6% (H1 2025: £79.5m), reflecting continued subdued consumer demand for general merchandise and the anticipated reduction in non-core third party clearance sales,” said the Oldham firm.

“However, sales of UP brands rose by 5% in the period to £65.8m, as the Group continues its strategy of increasing its focus on its own proprietary brands.

“Adjusted EBITDA for H1 2026 is expected to be around £5.0m, reflecting the operational gearing impact of reduced sales.  

“At the period end, the Group had net bank debt of £9.7m (31 July 2025: £14.1m), which represents a net bank debt/ adjusted EBITDA ratio of 0.9x (31 July 2025: 1.1x), marginally below the Group’s targeted policy of 1.0x. The rolling 12-month average was 1.4x (31 July 2025:1.3x).”

On current trading, Ultimate Products said: “Current trading remains in line with market expectations. Whilst the market for general merchandise remained soft over the period, especially in the UK, the Board is confident that the ongoing investment in the Group’s operational capabilities will strengthen its commercial focus, enabling it to maximise growth opportunities as macroeconomic conditions improve.”

Ultimate Products CEO Andrew Gossage said: “Although we continue to operate in a challenging environment, we are pleased to see the ongoing growth in sales of our own UP brands. These remain a key differentiator for us, and our strategic focus on them will drive long-term value creation.”