TIDMSUP
RNS Number : 9657E
Supreme PLC
05 July 2023
5 July 2023
Supreme plc
("Supreme," the "Company" or the "Group")
Significant Vaping Distribution Appointment
Supreme (AIM: SUP), a leading manufacturer, supplier, and brand
owner of fast-moving consumer products, announces that in June 2023
it was selected as a master distributor for the UK's leading vaping
brands, ElfBar and Lost Mary.
Management, following initial order volumes, currently expects
to generate GBP25 to GBP30 million of revenue and around GBP2
million of incremental Adjusted EBITDA(1) for the year ended 31
March 2024 alongside an investment into working capital to support
growth.
The Company will supply ElfBar and Lost Mary products to some of
the UK's biggest retailers, including Tesco, Morrisons, One Stop
and WHSmith Travel, enabling the Group to develop cross-sell
opportunities encompassing the entire Supreme product range.
Supreme's market-leading presence within the UK vaping market
and its extensive distribution network alongside its established
compliance, governance and quality control capabilities, provides
these brands with a readymade blueprint for their UK distribution
strategy going forward.
As also announced today as part of the Group's FY23 results, the
Board now expects trading for the year ended 31 March 2024 to be
significantly ahead of current consensus.(2)
The Company will continue to monitor sales in respect of this
opportunity closely and will report its performance separately from
Supreme's existing vaping category.
Sandy Chadha, Chief Executive Officer of Supreme, commented:
"We are delighted to have secured such a sizeable distribution
appointment which will allow our business to fully leverage its
unique technical, regulatory, compliance and quality assurance
capabilities within the vaping sector.
"We have seen a hugely positive response from both established
and new retailers who view Supreme as an ideal partner to supply
these products across the UK, and I look forward to updating our
key stakeholders on our ongoing progress for the remainder of the
year."
(1) Adjusted EBITDA means operating profit before depreciation,
amortisation and Adjusted items (as defined in Note 7 of the
financial statements). Adjusted items include share-based payments
charge, fair value movements on non-hedge accounted derivatives and
non-recurring item.
(2) Company compiled analyst consensus for the year ending 31
March 2024 prior to the release of this announcement was revenue of
GBP159 million and Adjusted EBITDA(1) of GBP22.6 million.
Enquiries:
Supreme plc via Vigo Consulting
Sandy Chadha, Chief Executive Officer
Suzanne Smith, Chief Finance Officer
Grant Thornton UK LLP (Nominated Adviser)
Samantha Harrison / Harrison Clarke / Samuel
Littler +44 (0)20 7383 5100
Berenberg (Broker)
Mark Whitmore / Marie Moy / Mara Grasso +44 (0)20 3207 7800
Vigo Consulting (Financial Public Relations)
Jeremy Garcia / Kendall Hill
supreme@vigoconsulting.com +44 (0)20 7390 0230
The information contained within this announcement is deemed to
constitute inside information as stipulated under the Market Abuse
Regulation (EU) No. 596/2014 which is part of UK law by virtue of
the European Union (withdrawal) Act 2018. Upon the publication of
this announcement, this inside information is now considered to be
in the public domain.
About Supreme
Supreme supplies products across five key categories; batteries,
lighting, vaping, sports nutrition & wellness, and branded
household consumer goods. The Company's capabilities span from
product development and manufacturing through to its extensive
retail distribution network and direct to consumer capabilities.
This vertically integrated platform provides an excellent route to
market for well-known brands and products.
The Group has over 3,300 active business accounts with retail
customers who manage over 10,000 branded retail outlets. Customers
include B&M, Home Bargains, Poundland, Tesco, Sainsburys,
Morrisons, Amazon, The Range, Costcutter, Asda, Halfords, Iceland
and HM Prison & Probation Service.
In addition to distributing globally-recognised brands such as
Duracell, Energizer and Panasonic, and supplying lighting products
exclusively under the Energizer, Eveready, Black & Decker and
JCB licences across 45 countries, Supreme has also developed brands
in-house, most notably 88Vape and has a growing footprint in Sports
Nutrition and Wellness via its principal brands Sci-MX and Battle
Bites.
https://investors.supreme.co.uk/
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END
UPDFLFIRDEISIIV
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July 05, 2023 02:01 ET (06:01 GMT)
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