19th Sep 2024 10:57
(Alliance News) - Supreme PLC on Thursday said it will continue to build on the "positive momentum" it has already seen during its first half, as the company looks to ramp up its acquisition efforts.
The Manchester, England-based provider of wholesale batteries, lighting, vaping, and wellness products said it has traded "strongly" across the year ended March 31, delivering "record" organic revenue and profit growth.
The company said non-vape annual sales are now expected to exceed GBP100 million.
Meanwhile, its vaping category remains "well positioned" to manage anticipated changes to the market through continued investment in rechargeable pod system vaping devices, adaptions to its flavour range and own-brand packaging, and ensuring all retail partners enforce strict age verification checks.
The acquisition of soft drinks business Clearly Drinks reportedly accelerated Supreme's diversification strategy, with the company already looking to generate further cross-selling opportunities and expand its market footprint. Acquisitions will continue to underpin its growth ambitions.
Supreme expects trading for the year due to end on March 31, 2025 to be in line with market expectations, noting a market consensus of GBP37 million in adjusted earnings before interest, taxation, depreciation and amortisation.
Shares in Supreme were up 0.9% at 166.50 pence each in London on Thursday morning.
By Emily Parsons, Alliance News reporter
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