Supreme PLC on Wednesday hailed trading in the first half of its financial year, while aiming to mitigate a growing rise of underage people vaping.
The Manchester-based consumer products manufacturer and supplier said in the six months to September 30, trading was at record levels in line with its own upgraded expectations from September.
Supreme expects to deliver on achieving financial 2024 revenue of £195 million to £205 million, up at least 25% from £155.6 million in financial 2023. Further, it expects to achieve adjusted earnings before interest, tax, depreciation and amortisation of £28 million to £30 million, at least 44% higher than £19.4 million in financial 2023.
The company will release its half-year results on November 28.
Further, Supreme said it was tacking an increased interest from underage people in its vaping products. It will adopt plain packaging, discontinue all brightly coloured disposables, change names of flavours to remove its appeal for underage people, trade only with retailers with age robust verification, and co-operate with the UK government.
Further, amid reports of the detrimental impacts of disposable vapes, Supreme is rolling out vape disposal units across the entire estate of its largest retail customer B&M European Value Retail SA.
Chief Executive Officer Sandy Chadha said: ‘We are fully supportive of any further legislation in the sector and believe it is the right thing to do to begin to transition our business by removing or changing anything from within our product set that could be deemed compromising. As government guidance evolves we may seek to re-assess this approach.’
Supreme shares fell 1.2% to 106.20 pence each on Wednesday morning in London.
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