Supreme posts record revenues on back of vaping growth
November 29, 2023
(Photo: supreme.co.uk)
Supreme plc, a leading manufacturer, distributor and brand owner of fast-moving consumer products, has on Tuesday reported record levels of revenue and profit for the six-month period ended 30 September.
With strong trading in the third quarter till date, the company has further upgraded its profit guidance for the fiscal year 2024.
Half-yearly revenue has increased by 63 per cent to £105.1 million, driven by growth across all product categories. The ElfBar distribution opportunity alone generated £26.4m revenue in the period.
The company reported strong organic growth in its Lighting (21%), Vaping (17%) and Sports Nutrition & Wellness (17%) divisions.
Adjusted EBITDA went up by 88 per cent to £15.2m and pre-tax profit was up 179 per cent to £12.3m.
The group now expects trading for FY 2024 to be significantly ahead of company-issued guidance, with revenue guidance of around £210-225m and adjusted EBITDA guidance of approximately £32-35m, an increase of around £4.5m compared to the previous guidance.
“I am delighted to report another exceptional period of trading for the group, delivering record revenue and profit growth. This strong performance has been undoubtedly driven by our established vaping activities, alongside solid sales momentum across the remainder of the business including sales growth in Lighting of 21 per cent and Sports Nutrition & Wellness of 17 per cent,” Sandy Chadha, chief executive of Supreme, commented.
“Looking ahead, the second half of the year is shaping up to be another significant period for Supreme. The group remains ideally placed to continue to deliver robust operational and financial progress as we strive to deliver ongoing profit momentum.”
