Supreme PLC on Wednesday said it was ‘well positioned’ to adapt to changes in the UK e-cigarette market as it reported trading in line with market expectations.

Shares in Supreme rose 3.4% to 125.60 pence in London on Wednesday afternoon.

The Manchester, England-based consumer products manufacturer and supplier said it had delivered a ‘record’ financial performance in the year to March 31.

This was driven by organic revenue and profit growth across all divisions. The group has almost doubled profitability year-on-year, has generated record levels of cash and has ended the year debt-free, it said.

Supreme expects to report full-year revenue of around £225.0 million, up from £155.6 million a year prior, and adjusted earnings before interest, taxes, depreciation, and amortisation of at least £38.0 million, nearly double last year’s £19.4 million, in-line with current market expectations.

The company believes continued investment in rechargeable pod system vaping devices, and a diverse vape product mix, has ensured it is ‘well positioned to adapt to changes in the UK e-cigarette market.’

Alongside a focus on accelerating organic growth and strategic cross-selling, Supreme said it remains committed to exploring complementary acquisition opportunities to further diversify and scale the business.

The group’s Sports Nutrition & Wellness, Lighting and Batteries divisions remain profitable and resilient, it added.

‘The board remains confident of the Group’s future prospects.’

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