Demand for vaping and vitamins sees Supreme revenues soar
Manchester-based importer and manufacturer Supreme expects revenues to jump to £121m in the full year to March amid demand for its vaping and sports nutrition products.
The Aim-listed company distributes to major discount retailers, grocers and wholesalers in a number of categories including vaping, nutrition, lighting, household and vitamins.
Supreme began trading in London in February after raising £67.5m in the float, putting its market capitalisation at £156m on admission.
In a trading update, Supreme said it expects revenues to increase 30 per cent to at least £121m, in line with expectations, while adjusted EBITDA will be slightly ahead of forecasts of at least £19m.
The company said ti benefited from “significant demand” across its vaping and sports nutrition divisions over the year. It delivered a 35 per cent rise in vaping revenues after the recent announcement its brand 88Vape would be rolled out across McColl’s.
Supreme’s sports nutrition and wellness category delivered 38 per cent growth following the acquisition of Battle Bites protein snack bars in October 2020.
“I am delighted to provide our first trading update since our AIM admission in February 2021. We continue to build on our strong track record of growth, with our strategy to focus on high growth categories such as vaping and sports nutrition really coming to fruition,” chief executive Sandy Chadha said.
“Innovation and entrepreneurship continue to be at the heart of what we do and our exciting pipeline of new products, coupled with the potential to increase the penetration of our existing categories, continues to be underpinned by our market leading distribution network.
“The new financial year has started well and we are looking ahead with confidence on delivering on our expectations.”