10th Jan 2023 11:09
(Alliance News) - Supreme PLC on Tuesday said its traditionally busiest quarter grew substantially, boosted by "impressive growth" of its vaping division.
The Manchester-based firm manufactures and distributes battery, lighting and vaping products.
The company said revenue and gross profit in the third quarter to December 31 was up 30% from a year ago.
It noted that it was "well placed" to meet upgraded market expectations from November.
"Bolstered by its extensive retail distribution network and robust direct-to-customer capabilities, Supreme remains ideally placed to capitalise on the fast-growing demand in the vaping market," it said.
Supreme highlighted its vaping division, which saw a continued "impressive growth trajectory," helped by Liberty Flights, Cuts Ice and Flavour Core performing well. In June 2022, Supreme bought Lancashire, England-based vaping manufacturer Liberty Flights Holdings Ltd for GBP7.8 million.
Looking ahead, the company said third quarter performance underpinned its management's confidence in financial year 2024 starting on April 1.
Supreme shares rose 12% to 113.80 pence each in London on Tuesday morning.
By Tom Budszus, Alliance News reporter
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