Supreme PLC Response to Media Speculation (3027M)
13 Septiembre 2023 - 2:31AM
UK Regulatory
TIDMSUP
RNS Number : 3027M
Supreme PLC
13 September 2023
13 September 2023
Supreme plc
("Supreme," the "Company" or the "Group")
Response to Speculation on Possible Ban of Disposable Vape
Devices
The Board of Supreme (AIM: SUP), a leading manufacturer,
supplier, and brand owner of fast-moving consumer products, notes
the recent media speculation concerning the potential banning of
disposable (or 'single use') vape devices in the UK aimed at
mitigating underage vaping.
Supreme welcomes any government initiative that seeks to tackle
underage vaping. Supreme's overarching strategy has always been to
support a tobacco-free UK by offering both credible and safer
alternatives for nicotine consumption and to-date, Supreme's own
brand, 88Vape, with approximately 1.3 million regular users, has
played a significant role in assisting people in quitting
smoking.
The UK Government, in its April 2023 'Achieving Smoke-free 2030'
initiative, confirmed its view that vaping remains "the most
effective" tool to ease smokers away from cigarettes.
Notwithstanding potential legislative restrictions on disposable
vape devices, Supreme remains confident that vaping is and will
continue to be the most credible and effective alternative to
cigarettes; in addition to disposables, consumers have access to
both 'open system' vaping and 'pod' vaping systems, both of which
offer more environmentally friendly alternatives to
disposables.
At this stage, it is important to clarify that no new
legislation will be implemented before the formal government
consultation takes place.
In the event of a ban on disposables, Supreme expects that most
of its current consumers would shift to one of these alternative
forms of vaping. A recent YouGov poll commissioned by the Company
suggests that only 6% of former smokers who now vape would return
to smoking if disposable vape devices were no longer available.
Supreme has a range of fully compliant alternatives across its
longstanding 88Vape 10mls ('open system vaping') and Liberty
Flights dot pro 'pod' system, both of which continue to report
year-on-year growth for Supreme.
In addition, Supreme intends to launch its own 88Vape pod system
as another alternative to its current range of disposables.
Pod-system vapes are rechargeable and therefore better for the
environment.
Supreme remains on track to deliver Adjusted EBITDA(1) for the
year ending 31 March 2024 in line with market expectations(2) and
will undertake a comprehensive review to measure the impact of any
proposed changes across the medium to long term once further
clarity is provided.
(1) Adjusted EBITDA means operating profit before depreciation,
amortisation, share-based payments charge, fair value movements on
non-hedge accounted derivatives and exceptional items.
(2) Company compiled analyst consensus for the year ending 31
March 2024 prior to release of this announcement was Adjusted
EBITDA of GBP25.6 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.
investors.supreme.co.uk/
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END
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