TIDMVOY
RNS Number : 7232O
Voyager Life PLC
12 October 2021
12 October 2021
Voyager Life plc
("Voyager" or the "Company")
Trading Update, Grant of Options & Notice of Half-year
Results
Voyager, the health and wellness company supplying high-quality
Cannabidiol (CBD), hemp seed oil and hemp-related products , is
pleased to provide a trading update on its operations, notification
of a grant of share options and notice of its first half-year
results for the six months ended 30 September 2021 .
Highlights:
-- 32 formulated products and 90 total SKUs available across website and stores
-- Revenue from incorporation to 30 September 2021 of approximately GBP65,000
-- Cash balance of approximately GBP1.8 million (as at 8 October 2021) with no debt
-- Monthly overheads of below GBP50,000 (as at 30 September 2021)
-- Inventory of over GBP80,000 (at cost price)
-- Voyager products now sold in 80 third party stores
-- Voyager products will be listed by CLF, a leading wholesaler
UK of health and wellness products, in January 2022
-- Forthcoming store openings in Edinburgh and Dundee
Nick Tulloch, Chief Executive Officer and Founder of Voyager,
said: "Our focus during the first half of the 2021 calendar year
was to establish a solid platform for Voyager, developing our
product range and building the team, and of course complete our
IPO. The effort we put in during those months is now showing in the
positive transformation of our business over the summer.
"In May of this year, almost 100% of our revenue came from
online sales but, with the opening of our first store in St
Andrews, Scotland and our roll out of Voyager products to 80 third
party stores, online sales are now one of three complementary parts
to our business .
"The speed of take up by other retailers supports our view on
the quality of our brand and products and CLF's decision to stock
our products in particular is not only further vindication of our
business model but should mark another significant step up in the
volumes of our sales."
Overview
The period to 30 September 2021 saw Voyager list on Aquis Stock
Exchange Growth Market, expand its sales from entirely online to a
multi-retail strategy having developed and launched several new
product lines. The Company's strategy is to outsource its
manufacturing and focus on formulations and branding which the
Directors believe is the higher margin part of the industry. By not
investing in capital equipment and manufacturing premises, Voyager
keeps its cost base low. Through the strength of Voyager's
relationships with its suppliers, the Company has been able to
develop new products on low production volumes while maintaining a
full inventory of product lines without committing extensive
working capital.
During the past four months, the Company has concentrated on
developing a network of stores that stock its products, including
opening its first Voyager store in St Andrews, Scotland. This
programme of building relationships with trade customers began with
individual health stores and pet stores but quickly moved onto
larger country stores and regional chains. More recently the
Company's strategy has seen a significant success with confirmation
by CLF that it will begin stocking Voyager products from January
2022.
CLF are one of the leading wholesalers in the UK of health and
wellness products offering a daily delivery service to their
nationwide customer base. Voyager's team have already had
discussions with prospective customers in the health and wellness
sector who specifically asked if the Company's products are
available through CLF - therefore the Directors believe this
represents a significant opportunity.
Voyager's own store rollout has been supported by the
development of a considerably enhanced product range, supplementing
its 32 formulated products with a total of 90 SKUs (stock keeping
unit), including certain guest brands. Not only does this improve
the shopping experience for its customers but it also enables the
Company to stock products that are exclusive to its stores.
Objectives in the coming months include:
-- A relaunch and upgrade of Voyager's website, coupled with
targeted social media and advertising campaigns
-- Continued development of its network of trade partners
-- Opening its store in Edinburgh in late October and its store in Dundee in late November
Voyager maintains a strong balance sheet with cash and inventory
totalling almost GBP1.9 million. The Company carries no debt and
the cash balance is stated after the prepayment of rent at its St
Andrews store to May 2022 and rent at its Edinburgh store to
December 2022.
Monthly overheads exclude all product manufacturing, marketing
and delivery costs. Following the opening of the new stores in
Edinburgh and Dundee, monthly overheads are expected to rise by
approximately GBP18,000. The Company continues to benefit from the
UK and Scottish government's employment assistance schemes with
four members of staff currently supported by grants.
Trade fairs
Following its recent success at Glee, the Scottish Game Fair and
the National Health Trade Summit, Voyager's next trade fair will be
Professional Beauty London at the Excel Centre on 17 and 18 October
2021.
Grant of share options
On 11 October 2021, Voyager granted a total of 70,800 share
options under its EMI share option plan (the "EMI Plan") to
employees who joined the Company in the past three months. The
share options are exercisable at 22 pence and are otherwise subject
to the same conditions as described in Voyager's admission document
dated 28 June 2021, including the 2-year vesting period and the
30-day volume-weighted price of the Company's shares being 70 pence
or more per share. The total number of awards made under the EMI
Plan are currently 1,069,366 representing 11.56% of the Company's
issued share capital.
Interim results
Voyager expects to announce its interim results for the period
ended 30 September 2021 during the second half of November
2021.
Financial information included in this announcement has not been
audited.
This announcement contains inside information for the purposes
of the UK Market Abuse Regulation and the Directors of the Company
are responsible for the release of this announcement.
ENDS
Enquiries:
Voyager
Nick Tulloch - nick@voyagerlife.uk / 01738 505 130
http://voyagerlife.uk
Cairn Financial Advisers LLP (AQSE Corporate Adviser)
Liam Murray or Ludovico Lazzaretti +44 (0) 20 72130 880
Notes to Editors:
About Voyager
Voyager was founded in 2020 and is based in Perth, Scotland. The
Company's primary objective is the formulation and supply of high
quality CBD and hemp seed oil products although it also produces
several other complementary products, the majority of which are
manufactured from the hemp plant. Its product categories include a
pet range which has rapidly developed into one of the Company's
best sellers.
In line with UK regulations, the Company makes no medicinal
claims but guarantees to customers that its products are as
described on their labels and on its website. Voyager's products do
not contain any THC. Voyager focuses its resources on product
formulations and retail and outsources its manufacturing to
specialists. The Company's philosophy of plant-based health and
wellness is embodied in its mission statement and hashtag of
"Choose you". With an experienced team and a product line created
in line with the UK's regulatory regime, Voyager aims to become the
trusted brand in this increasingly popular health and wellness
space.
Website and social media links:
https://voyagercbd.com/
https://www.instagram.com/voyagercbd/
https://twitter.com/voyagercbd
https://www.linkedin.com/company/voyager-cbd/
https://www.facebook.com/VoyagerCBD/
Caution regarding forward looking statements
Certain statements in this announcement, are, or may be deemed
to be, forward looking statements. Forward looking statements are
identi ed by their use of terms and phrases such as "believe",
"could", "should" "envisage", "estimate", "intend", "may", "plan",
"potentially", "expect", "will" or the negative of those,
variations or comparable expressions, including references to
assumptions. These forward-looking statements are not based on
historical facts but rather on the Directors' current expectations
and assumptions regarding the Company's future growth, results of
operations, performance, future capital and other expenditures
(including the amount, nature and sources of funding thereof),
competitive advantages, business prospects and opportunities. Such
forward looking statements re ect the Directors' current beliefs
and assumptions and are based on information currently available to
the Directors
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END
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