23rd Jun 2025 16:41
(Alliance News) - Chill Brands Group PLC on Monday reported a narrower pretax loss and higher revenue as it filed its much-delayed accounts for the 2024 financial year, for the period to the end of March last year.
Chill Brands operates the chill.com e-commerce website for nicotine-free vapour products and other wellness and recreational products.
Trading in the company's shares have been suspended for over a year due to a delay in the publication of its financial 2024 accounts, and the subsequent delay of the publication of its accounts for the first-half of financial 2025.
Revenue multiplied to GBP1.9 million in the 12 months to the end of March 2024 from GBP82,840 in the prior year.
Cost of sales also surged to GBP1.0 million from GBP61,798, while administrative expenses increased 34% to GBP3.5 million from GBP2.6 million.
The loss on ordinary activities before taxation narrowed to GBP3.3 million from GBP4.3 million. The total loss per share narrowed to 0.97 pence per share from 1.76p in financial 2023.
The company said the uplift in revenue was primarily driven by the successful launch and commercialisation of Chill-branded nicotine-free vape products in the UK.
Chill Brands said it expects revenue for the subsequent period, starting from April 2024, to be "materially lower".
"Revenues during this subsequent period were impacted significantly by well documented corporate issues and regulatory headwinds relating to disposable vape products," Chill Brands noted.
The company said it believes it is now progressing "in a more positive direction".
It said it has "responded to the challenges of the previous year by leveraging the sales infrastructure and retail relationships developed through its own brand activities to establish Chill Connect, a distribution and route-to-market platform for third-party brands in the [fast-moving consumer goods] space".
Chill Brands said it now expects to publish its half-year results for the period to the end of September last year in early July.
"With these publications, the company will have brought its financial reporting obligations fully up to date. Following the release of its interim results, the company intends to submit a formal request to the Financial Conduct Authority for the suspension of trading in its shares to be lifted," Chill Brands added.
Chief Executive Officer Callum Sommerton said: "I acknowledge that this report comes much later than the customary reporting timeframe, however this delay reflects a period of significant upheaval both during and after the financial year.
"The company has faced and overcome substantial challenges during this time, emerging as a resilient organisation with strengthened governance through the involvement and input of experienced capital markets professionals who now populate the board."
By Michael Hennessey, Alliance News reporter
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