Ultimate Products: Equity Development
In FY2025 H1 results, organic European sales growth was offset by a setback in the UK. The coincidence of higher shipping costs with lower sales prompted a fall in profits. However, a combination of substantial growth headroom in Europe and the potential for both Salter and Beldray (around 60% of group sales) to benefit from their re- brands is reassuring for future growth. We maintain our 165p fair value for the shares.
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