Ultimate Products plc today announces five key promotions which will invigorate its senior management team. The announcement is consistent with the company’s stated desire to to improve its sales function, helping it fulfil its ambition to accelerate top line growth. In our view, an enhanced management structure, which incorporates a much-bolstered C-suite, should be a catalyst for further success. We maintain our fair value for UP’s shares at 165p. Arguments in favour of a much higher rating than the current share price reflects include the growing focus on two core brands in Salter and Beldray which, combined, represent around two thirds of the company’s sales revenue and are in the relatively early stages of their re-brands. At our fair value the EV/sales ratio based on FY2026 would only be 1.1x, which seems low in the context of a company which serves robust economies and whose sales growth outlook will likely be increasingly driven by a focus on its strengthening brands.