In Ultimate Products plc’s 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 make no changes to our expectations for sales in FY2025, which implies a return to growth in the second half of the financial year. However, we have shaved our EBITDA expectation from £15.0m to £14.4m, towards the lower end of guidance. We maintain our fair value for UP’s shares at 165p, equivalent to 1.1x sales, 14.4x EV/EBITDA and an 18.1x prospective P/E ratio.