Ultimate Products Board Board is to propose a final dividend of 3.93p per share (FY23: 4.95p per share). In addition, the Board is also proposing to distribute a further 1.0p per share to maintain the total dividend for the year at 7.38p per share (FY23: 7.38p per share), reflecting the Board's confidence in the future prospects of the Group, and the year-end leverage being below the 1.0x adjusted EBITDA ratio required by their Capital Allocation Policy. Subject to shareholder approval at the AGM on 13 December 2024, the final dividend will be paid on 31 January 2025 to shareholders on the register at the close of business on 3 January 2025 (ex-dividend date 2 January 2025).
Other financial highlights include:
Total revenue down 6.5% to £155.5m (FY23: £166.3m)
o As previously flagged, the decline was due to Supermarket ordering being held back by overstocking, weakened consumer demand for general merchandise, and strong prior year comparatives (which were bolstered by the exceptionally strong demand for energy efficient air fryers in FY23)
o International sales increased 7% to £54.3m (FY23: £50.7m), driven by increase in sales to European Discounters
Gross profit down by 5% to £40.5m (FY23: £42.7m), with gross margin remaining steady at 26.0% (FY23: 25.7%), with the freight rate rises seen over the summer not impacting their financial results in FY24
Adjusted EBITDA down 11% to £18.0m (FY23: £20.2m)
Adjusted profit before tax down 14% to £14.4m (FY23: £16.8m)
Statutory profit before tax down 10% to £14.3m (FY23: £16.0m)
Statutory EPS down 17% to 12.2p (FY23: 14.6p), with Adjusted EPS down 20% to 12.3p (FY23: 15.4p) reflecting a higher tax rate of 26.4% (FY23: 21.3%)
Net bank debt/adjusted EBITDA ratio of 0.6x (FY23: 0.7x)
Continued strong cash generation from operating activities of £18.5m (FY23: £24.4m), representing a 103% operating cash conversion (FY23: 120%)
