LONDON, June 30, 2026, 16:02 BST
- Ukrproduct last showed up 11.68% at 6.73p, but reported volume was only 858 shares.
- At that price, traded value was about £58, while market value moved by roughly £278,000.
- Bid-offer spread on one retail platform was 6.10p/6.95p, about 13% of the midpoint.
- 2025 revenue rose, but loans were more than twice the company’s market value.
Ukrproduct Group Ltd (UKR:LON) rose on Tuesday in London, but the move said more about the stock’s thin trade than about a clean shift in investor demand. At 16:02 BST, less than 30 minutes before the regular London close, Google Finance last showed the AIM-listed Ukrainian dairy and kvass producer at 6.73 pence, up 11.68%, with just 858 shares changing hands.
That made the move look large on a screen and small in cash. At the displayed price, the reported volume was worth about 58 pounds. The 0.70p rise, applied to Google’s 39.67 million shares outstanding, equates to roughly 278,000 pounds of added paper market value. Google showed market value at 2.67 million pounds.
| Tuesday screen data | Latest shown | Investor read |
|---|---|---|
| Last price | 6.73p | Up 11.68% |
| Reported volume | 858 shares | About £58 at last price |
| Average volume | 7,950 shares | Today was about 11% of average |
| Market value | £2.67 mln | Very small equity base |
| 52-week range | 4.02p-10.00p | Price sits below high despite bounce |
The spread was another warning flag. Hargreaves Lansdown showed a 6.10p sell price and 6.95p buy price for Ukrproduct, a 0.85p gap, with prices delayed by at least 15 minutes. That spread is about 13% of the midpoint and is larger than Tuesday’s reported 0.70p price gain.
No fresh RNS was visible in the last 24-48 hours. Investegate’s feed showed Ukrproduct’s latest announcement as its June 22 final results and notice of AGM, after a May 28 operational update.
The latest results give the share move its real context. Ukrproduct reported 2025 revenue of 42.19 million pounds, up from 37.08 million pounds, while operating profit rose to 1.92 million pounds from 1.08 million pounds. The net loss narrowed to 170,000 pounds from 2.04 million pounds, helped by a sharp drop in net finance expenses.
| £ mln, year to Dec. 31 | 2025 | 2024 | Change |
|---|---|---|---|
| Revenue | 42.19 | 37.08 | +13.8% |
| Gross profit | 6.78 | 7.12 | -4.8% |
| Operating profit | 1.92 | 1.08 | +78.2% |
| Net finance expenses | 0.91 | 2.76 | -66.9% |
| Net FX loss | 1.12 | 0.22 | +411% |
| Loss for year | 0.17 | 2.04 | Loss narrowed |
The debt line is harder for equity holders. Ukrproduct said bank loans stood at 5.69 million pounds at the end of 2025, against 5.57 million pounds a year earlier. That is about 2.1 times Tuesday’s displayed market value. Cash at year-end was 98,000 pounds, down from 120,000 pounds.
| Balance-sheet pressure | Amount | Against £2.67 mln market value |
|---|---|---|
| Bank loans | £5.69 mln | 2.1x |
| EBRD loan | £4.47 mln | 1.7x |
| Cash | £0.098 mln | 3.7% |
| Total liabilities | £14.99 mln | 5.6x |
The auditor drew attention to a material uncertainty over going concern tied to Ukrproduct’s net current liability position, the lack of a formal debt restructuring agreement with the European Bank for Reconstruction and Development, war in Ukraine and limited cash resources. The audit opinion was not modified.
The company said the EBRD loan remained a current liability because of covenant breaches and no formal waivers. It said the EBRD had not moved to accelerate repayment, and that talks to restructure the loan continued. Assets pledged for the EBRD loan include property, land, dairy-production equipment, hard-cheese equipment and trademarks.
Chief Executive Oleksandr Slipchuk said the 2025 focus was on “preserving cash” while keeping production running. He also said capital expenditure would be limited to “essential safety and maintenance projects.” Chairman Rinat Abdrasilov called 2025 “one of the most challenging periods” in the company’s history. London South East
In its post-balance sheet events note, Ukrproduct said two leased office premises were damaged in June by nearby missile and drone attacks. It said no employees were injured, no production sites were hit, and customer contracts and deliveries continued.
