Ultimate Products’ interim pre-close trading update reveals that recovery will be slower than anticipated as its UK customers have grown materially more cautious since Christmas. Higher one-off freight costs in 1H and higher taxes and levies from 2H are also expected to impact full-year profitability despite ongoing efficiency gains. We have reduced our FY25E EBITDA (Adj.) forecast to the bottom end of the company’s revised guidance of £14-16m; we have maintained our revenue growth rates for FY2 ....
