58. Ultima Business Solutions

Revenue: £73.4m

An Apple Premium Reseller operating across the UK’s retail and corporate B2B markets, Ultima Business Solutions posted turnover of £73.4m for the year ending 30 September 2023 – a dip from £76m the previous year. Pre-tax profit also narrowed to £313k, down from £436k in FY22.

The company – a wholly owned subsidiary of Ireland-based Select Technology Sales and Distribution Group – credits its “reasonable” sales performance to resilience amid ongoing economic turbulence, including inflationary pressures and reduced tech sector investment. The directors flagged strong performance in a “highly competitive” UK market, where new product releases and continued tech investment are expected to support future growth.

Strategy-wise, Ultima remains focused on enhancing margins through a combination of customer acquisition, upselling third-party accessories, and better aligning its product offering to current market demands. While a general market downturn weighed on expansion ambitions in the period, the board expressed confidence in its ability to grow profitability in the coming year.

Net assets grew to £3.9m, and the company paid a dividend of £42,000 to its Irish parent (down from £146,000 in FY22). With a structured risk assessment process in place across its business units, Ultima is keeping a close eye on price and currency fluctuations, working capital, and global supply chain challenges as it navigates the current climate.