Supreme doubles profits as it adapts to changes in vape market
April 25, 2024
(Photo: supreme.co.uk)
Supreme PLC, a leading manufacturer, supplier, and brand owner of fast-moving consumer goods, said in a trading update on Wednesday that the company has delivered a record financial performance in its 2024 fiscal.
The company said all of its divisions saw organic revenue and profit growth in the 12 months ended 31 March. The group has almost doubled profitability year-on-year, generated record levels of cash and has ended the year debt-free.
Supreme expects to report FY24 revenue of around £225 million (FY23: £155.6m) and adjusted EBITDA of at least £38m (FY23: £19.4m), in-line with current market expectations.
The company said its continued investment in rechargeable pod system vaping devices, coupled with its exceptional long-standing progress in developing a uniquely diverse vape product mix, has ensured it is well positioned to adapt to changes in the UK e-cigarette market.
The company added that it remains committed to exploring complementary acquisition opportunities to further diversify and scale the business.
The group’s Sports Nutrition & Wellness, Lighting and Batteries divisions remain profitable and resilient, and the company will provide further detail on the trading activity across each of its divisions in its final results announcement on 2 July.
