Supreme PLC, a leading manufacturer, supplier, and brand owner of fast-moving consumer products, has announced a trading update for its fiscal year ended 31 March 2023, with vaping category driving revenue growth.
Supreme has performed strongly throughout the second half of FY23, delivering organic growth across its core business, supplemented by the earnings from the two vaping acquisitions completed in the first half of the year.
The company expects to report revenue of at least £150 million (2022: £130.8 million) and Adjusted EBITDA of at least £19.3 million (2022: £21.1 million), comfortably ahead of current market expectations.
The company-compiled analyst consensus for the year was revenues of £138 million and Adjusted EBITDA of £18.5 million.
The group's vaping category has delivered another excellent performance, nearly doubling revenues from £43.5 million in FY22 to around £75.0 million in FY23. This record performance, underpinned by the group's core 88Vape brand, has been buoyed by a number of earnings accretive acquisitions in the period, alongside strong new customer momentum, increased market share on e-liquids and favourable market conditions.
Supreme has last year acquired Liberty Flights, a leading UK vaping manufacturer best known for their Liberty Flights vaping brand and Dot Pro device, and independent vaping manufacturer Cuts Ice Limited and flavour development and regulatory compliance business Flavour Core Limited.
The remainder of the group remains profitable and resilient with the lighting category showing ongoing signs of recovery, the company said.
Looking at FY24, the group expects to maintain its strong growth trajectory, delivering another strong year of profitable growth. The group now expects trading for the year ended 31 March 2024 to be slightly ahead of current market expectations - revenues of £150.5 million and Adjusted EBITDA of £22.2 million.
The board added that it remains confident that the group will continue to deliver both organic and acquisition led growth this financial year and beyond.
Supreme supplies products across five key categories – batteries, lighting, vaping, sports nutrition & wellness, and branded household consumer goods – to over 10,000 retail outlets.
