Ultimate Products PLC (LSE:ULTP), owner of the Salter kitchenware brand, told investors it is mulling a move to AIM, from London's Main Market.
The possibility of moving to the junior market comes as management eyes the potential to access new investors at the company's current market capitalisation.
"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," chief executive Andrew Gossage said.
At the same time, Gossage commented on today's trading update, for the financial year ended 31 July, describing a challenging environment in which he says many consumers are prioritising saving over spending.
Ultimate Products reported revenue of £150.1 million for the year ended 31 July 2025, a decrease of 3.4% compared to the previous year. The decline was mainly due to a 48% drop in third-party clearance and own label sales to £13.8 million. Sales of UP brands rose by 4.3% to £121.9 million. Licensed brand sales increased by 19.2% to £14.4 million.
Earnings (adjusted EBITDA) was £12.5 million, down 31%, reflecting an additional £3.1 million in freight costs. Operating costs remained stable at £22.3 million. Net bank debt stood at £14.1 million at year end, compared with £10.4 million in FY24. The net bank debt to adjusted EBITDA ratio was 1.1x.
"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," Gossage commented.
Trading at the start of FY26 is in line with market expectations, Ultimate Products highlighted.
In London, the share was down 1.28% changing hands at 53.8p, valuing the business at just over £45 million.