TIDMSUP
RNS Number : 8353U
Supreme PLC
28 November 2023
28 November 2023
Supreme plc
("Supreme," the "Company" or the "Group")
Unaudited Results for the Half Year Ended 30 September 2023
Record levels of revenue, Adjusted EBITDA (1) and pre-tax profit
driven by growth across all product categories, alongside extensive
operational progress
Strong Q3 trading to-date resulting in a further significant
profit upgrade for FY 2024
Supreme (AIM:SUP), a leading manufacturer, distributor and brand
owner of fast-moving consumer products, announces its unaudited
results for the six-month period ended 30 September 2023 ("H1 2024"
or the "Period").
Financial Highlights
-- Revenue growth of 63% to GBP105.1 million (H1 2023: 64.6 million) driven by:
o The ElfBar distribution opportunity, which generated GBP26.4
million revenue in the Period and has been reported within "Branded
Distribution" in the segmental analysis;
o Strong organic growth of GBP8.7 million arising from Lighting
(21% growth), Vaping (17% growth) and Sports Nutrition &
Wellness (17% growth); and
o The contribution of prior-year acquisitions, which reported
growth of GBP5.4 million.
-- Adjusted EBITDA (1) up 88% to GBP15.2 million (H1 2023:
GBP8.1 million) driven by incremental revenue and improved margins
with very modest investment in overheads to support the reported
revenue growth
-- Pre-tax profit up 179% to GBP12.3 million (H1 2023: GBP4.4 million)
-- Adjusted net debt (i.e. excluding IFRS 16 leases) (4) of
GBP4.8 million (H1 2023: GBP12.9 million), representing less than
0.2x adjusted LTM EBITDA, with unutilised borrowing facilities of
GBP35 million
-- Interim dividend of 1.5 pence per share declared (H1 2023: 0.8 pence)
H1 2024 H1 2023 Change
GBPm GBPm %
-------- -------- -------
Revenue 105.1 64.6 +63%
-------- -------- -------
Gross profit 28.5 18.2 +57%
-------- -------- -------
Gross profit % 27% 28% -1%
-------- -------- -------
Adjusted EBITDA (1) 15.2 8.1 +88%
-------- -------- -------
Profit before tax 12.3 4.4 +179%
-------- -------- -------
Adjusted profit before tax (2) 11.8 5.8 +103%
-------- -------- -------
EPS 7.9p 2.8p +182%
-------- -------- -------
Adjusted EPS (3) 8.1p 4.5p +80%
-------- -------- -------
Net debt (i.e. including IFRS
16 leases) 19.8 14.6 +36%
-------- -------- -------
Adjusted net debt (i.e. excluding
IFRS 16 leases) (4) 4.8 12.9 -63%
-------- -------- -------
Dividend 1.5p 0.8p +88%
-------- -------- -------
Operational Highlights
-- Delivered a strong operational performance, further
underscoring Supreme's unique operating model and product set
-- Completed the fit-out of 'Ark' warehouse on-time and
on-budget with minimal disruption to the wider business. Ark has
become the Group's new principal warehousing and distribution
centre which will support both organic and acquisitive growth
-- 25% increase in vaping production capacity of
Manchester-based manufacturing site to accommodate the
manufacturing operations of all three vaping businesses acquired in
FY 2023 and to support further organic growth
-- Rolled out and significantly scaled the new ElfBar
distribution opportunity, including new customer onboarding and
extensive product testing, which demonstrates the Company's ability
to adapt quickly to new opportunities
-- An nounced a number of proactive measures to combat underage
vaping, which Supreme strongly believes should be adopted by all
industry players:
o Reduce the use of colour in 88vape packaging;
o Discontinue the use of coloured hardware for all 88vape
disposables;
o Use only age-appropriate naming conventions to describe 88vape
flavours;
o Trade only with retailers and e-tailers who commit to having
robust age verification controls in place; and
o Make recommendations to retail customers to locate vapes away
from confectionery.
Outlook
-- The second half of FY24 has begun very well; with continued
growth reported across all divisions within the Group
-- This strong performance in the core business and the growing
breadth of ElfBar distribution, combined with a tightly controlled
overhead base have led the Board to, again, significantly increase
its expectation of full year profitability for the year ending 31
March 2024 ("FY 2024")
-- The Group now expects trading for FY 2024 to be significantly
ahead of company-issued guidance, with revenue guidance of around
GBP210 - 225 million and Adjusted EBITDA (1) guidance of
approximately GBP32 - 35 million, an increase of around GBP4.5
million compared to the previous company-issued guidance (5) , with
around GBP1.5 million of the incremental Adjusted EBITDA (1)
arising from the core business and around GBP3.0 million
incremental Adjusted EBITDA (1) arising from the ElfBar
distribution opportunity
-- The consultation on possible new UK e-cigarette regulations
ends on 6 December 2023. The Group remains confident that the
Government will continue to recognise the important role that the
vaping industry plays in delivering the country's 'Achieving
Smoke-free 2030' initiative
-- Supreme remains ideally positioned to deliver ongoing profit
growth and the Board remains confident in its ability to manage
change
Sandy Chadha, Chief Executive Officer of Supreme, commented:
"I am delighted to report another exceptional period of trading
for the Group, delivering record revenue and profit growth. This
strong performance has been undoubtedly driven by our established
vaping activities, alongside solid sales momentum across the
remainder of the business including sales growth in Lighting of 21%
and Sports Nutrition & Wellness of 17%.
In light of our growing presence across the UK vaping sector, we
remain highly vigilant to the growing problem of underage vaping
and welcome any preventative measures that prevent the supply of
vape products to underage individuals whilst acknowledging the
important role that the vape industry will continue to play in
delivering the UK Government's 'Achieving Smoke-free 2030'
initiative.
Looking ahead, the second half of the year is shaping up to be
another significant period for Supreme. The Group remains ideally
placed to continue to deliver robust operational and financial
progress as we strive to deliver ongoing profit momentum."
Investor Presentation
Management will be hosting a presentation for investors in
relation to the Company's interim results on 28 November 2023 at
2pm BST. To register for the event, please go to:
https://www.equitydevelopment.co.uk/news-and-events/supreme-investor-presentation-28november2023
(1) Adjusted EBITDA means operating profit before depreciation,
amortisation and Adjusted items (as defined in the financial
statements).
(2) Adjusted Profit before tax means profit before tax and
Adjusted items (as defined in the financial statements).
(3) Adjusted EPS means Earning per share, where Earnings are
defined as profit after tax but before amortisation of acquired
intangibles and Adjusted items (as defined in the financial
statements).
(4) Adjusted net debt (excluding IFRS 16 leases) means net debt
as defined in the year-end financial statements but excluding the
impact of IFRS16.
(5) Company-issued guidance immediately before this announcement
for the year ending 31 March 2024 was revenue of GBP195 - 205
million and Adjusted EBITDA(1) of GBP28 - 30 million.
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.
Enquiries:
Supreme plc via Vigo Consulting
Sandy Chadha, Chief Executive Officer
Suzanne Smith, Chief Finance Officer
Shore Capital (Nominated Adviser and Joint
Broker)
Mark Percy / David Coaten / Rachel Goldstein
- Corporate Advisory
Ben Canning - Corporate Broking +44 (0)20 7408 4090
Z eus (Joint Broker)
Jordan Warburton / Alex Campbell-Harris -
Investment Banking
Benjamin Robertson - Corporate Broking +44 (0)161 831 1512
Vigo Consulting (Financial Public Relations)
Jeremy Garcia / Kendall Hill
supreme@vigoconsulting.com +44 (0)20 7390 0230
About Supreme
Supreme supplies products across five categories; Batteries,
Lighting, Vaping, Sports Nutrition & Wellness, and Branded
Distribution. 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 & Wellness via its principal brands Sci-MX and Battle
Bites.
investors.supreme.co.uk/
Chief Executive Officer's Review
Introduction
I am delighted to report that the Company delivered an excellent
operational and financial performance in H1 2024, underpinned by
the impressive performance of our Vaping activities and solid
organic growth across our remaining categories.
This record performance is evidenced by a 63% increase in Group
revenues to GBP105.1 million (H1 2023: GBP64.6 million), alongside
an 88% increase in Adjusted EBIDTA (1) , growing to GBP15.2 million
(H1 2023: GBP8.1 million). This growth further underpins the
inherent confidence we have in our business and our end markets and
highlights the positive trading momentum we have generated since
the beginning of the current financial year, having upgraded market
guidance a number of times.
From our new operational facilities to exciting product
launches, Supreme continues to invest in all areas of the business
and enhance our reputation across the UK retail arena as a trusted
and responsible manufacturer, brand owner and distributor of staple
consumer goods.
We have high ambitions for FY 2024 and beyond, and we remain
fully focused on delivering on our ambitious growth targets.
Operational Review
The ongoing cost-of-living crisis is a pressing problem
impacting individuals of all demographics, and Supreme remains
firmly committed to helping alleviate some of these financial
pressures by developing and supplying everyday items at affordable
prices to support families across the UK. By leveraging our
vertically integrated platform, we are able to focus on
accelerating our routes to market whilst identifying opportunities
to secure new retail partners to increase the accessibility of our
products.
Supreme's move into its new warehouse facility during the Period
was completed seamlessly and without disruption to distribution.
Intended to further streamline the Group's supply chain, 'Ark' is
now our principal storage and distribution centre, with
administrative staff set to join our warehousing and distribution
team and move into the state-of-the-art offices at the site in
early 2024.
Not only will the new facilities provide Supreme with options to
accommodate any future M&A, but the transition to 'Ark' also
supports our organic growth plans, enabling us to focus on
expanding our manufacturing and distribution capabilities across
the core categories of Vaping and Sports Nutrition & Wellness.
Continued marginal gains in manufacturing reported in H1 2024,
including new ways to onboard and train our manufacturing personnel
and new manufacturing equipment, have also improved the efficiency
of the Group's operations.
In June 2023, Supreme was selected as a master distributor for
the UK's leading vaping brands, ElfBar and Lost Mary. The success
of this opportunity illustrates the agility of Supreme: we have
never distributed third party vaping brands before so to have done
this at such scale and to roll out so quickly is testament to the
business' distribution capabilities and our ability to adapt. The
distribution opportunity also entailed third-party testing and
compliance measures which again were adopted without delay. Supreme
now supplies ElfBar and Lost Mary products to some of the UK's
biggest retailers, including Tesco, Morrisons, One Stop and
WHSmith, significantly expanding our retail footprint. The
appointment has surpassed initial expectations, and management
anticipates the contribution of the distribution of ElfBar and Lost
Mary brands across FY 2024, based on current legislation, will be
around GBP7 million of Adjusted EBITDA (1) from around GBP60
million of revenue.
In terms of M&A, we have continued to assess opportunities
in line with our acquisition criteria and we are especially keen to
broaden our portfolio and continue to be a multi-faceted consumer
goods business. We had around GBP35 million of unutilised borrowing
facilities at the Period end and we continue to monitor, screen and
analyse M&A opportunities.
In reference to the FY 2023 M&A, we have further integrated
the Liberty Flights business during the Period and on 1 November
2023, we consolidated their manufacturing and warehousing into our
principal Trafford Park site. Further synergies were also realised
in the Period by onshoring some of their manufacturing that was
previously undertaken in China. The Superdragon business (acquired
on the last day of the previous financial year) has also been fully
integrated into Supreme during the Period with minimal directly
attributable overheads required to operate this revenue stream.
Vaping
The Vaping division delivered an outstanding performance in H1
2024, generating revenues of GBP42.1 million (H1 2023: GBP31.8
million), a significant increase of 32%. This includes revenue for
owned-brand disposable vapes of GBP8.0 million (H1 2023: GBP3.9
million). Please note, the revenue for third-party disposable vapes
(ElfBar and Lost Mary) is reported separately in our Branded
Distribution category and totalled GBP26.4 million for the Period
(H1 2023: GBPnil).
Vaping gross profit as a percentage of sales increased from 38%
to 41% owing to further synergistic gains from manufacturing
expansion and the addition of the brands acquired in FY 2023.
Consumer demand for both reusable and disposable products was
strong throughout the Period, and our 88vape brand successfully
expanded both its product range and market share, with
approximately 1.3 million individuals now regularly using the
brand. In H1 2024, the Group's R&D team has been working on
developing and perfecting an own brand pod-system vaping
device.
M&A is a fundamental aspect of our vaping growth strategy,
and, since being integrated into the business, recently acquired
brands including Liberty Flights, Cuts Ice and Superdragon have
significantly scaled Supreme whilst further diversifying its
customer base.
As evidenced by our strategic work for HM Prison and Probation
Service ("HMPPS"), where Supreme has helped create a risk-free
vaping environment within the prison system by producing
innovative, tamper-proof vaping devices, we have a history of
working alongside the UK Government on nationwide vaping
initiatives.
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. This was, of
course, a conclusion reached after consultation with leading
healthcare officials and one which corroborates the findings of
'The Khan Review: Making Smoking Obsolete', an independent review
commissioned by the Government in June 2022. S upreme'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, our own brand, 88vape, has played a significant role in
assisting people in quitting smoking.
In light of the ongoing debate about the concerning rise in
underage vaping, post-period end we announced a number of proactive
measures across our 88vape range as follows:
-- Reduce the use of colour in 88vape packaging;
-- Discontinue the use of coloured hardware for all of the brand's disposables;
-- Use only age-appropriate naming conventions to describe 88vape flavours;
-- Trade only with retailers and e-tailers who commit to having
robust age verification controls in place; and
-- Make recommendations to retail customers to locate vapes away from confectionery .
We firmly believe these measures provide a viable blueprint for
the industry to follow and believe any regulation will take time to
enact. We are confident that the UK Government will seek to strike
a sensible balance between addressing the recent environmental and
underage vaping concerns whilst also not slowing down their efforts
to become a smoke-free country by 2030, which was a cross-party
objective of the Government announced in 2019.
With reference to environmental matters, we have now begun to
roll out vape disposal units across the B&M retail estate in a
bid to encourage more responsible disposal of single-use devices.
More importantly, Supreme will use its influence and its network to
encourage other players in the industry to follow suit.
Sports Nutrition & Wellness
The Sports Nutrition & Wellness category delivered revenues
of GBP8.9 million (H1 2023: GBP7.6 million), a strong 17%
year-on-year improvement. Gross profit as a percentage of revenue
grew to 27% (H1 2023: 18%), again the result of raw material prices
beginning to normalise and the gains made in our manufacturing
techniques.
Reflected in its strong H1 2024 performance, Sci-MX has
benefitted from the Group's strategic rebrand and continued
investment in R&D and marketing. With manufacturing of the
protein powders brand now in-house, we have significantly increased
the efficiency of our supply chain, accelerating the delivery of
these products to market whilst also reducing the Group's carbon
footprint.
As anticipated, inflationary pressures, particularly those on
whey protein concentrates, began to subside during the Period, and
this has validated the Company's FY 2023 decision to support
retailers through the well-publicised price hike, which will help
consolidate our already entrenched relationships with key suppliers
for many years to come. The gradual reduction in raw material
prices has improved margins in the category, and we regard the
expansion of our protein product portfolio as an important
long-term growth driver for the Group as we continue to explore
commercial opportunities to expand our presence in the UK
market.
Supreme's own vitamins brands Millions & Millions and
Sealions performed well in H1 2024, and we expect to generate
strong demand for our wide array of products as we enter the peak
seasonal trading period for the market. New product launches have
enabled the Company to capture a larger portion of the market,
whilst also opening up additional cross-sell opportunities that we
are beginning to capitalise on.
Branded Distribution (previously 'Branded Household Consumer
Goods')
As previously communicated, management chose not to report the
ElfBar revenue stream within Vaping so as not to dilute or detract
from its core Vaping business. ElfBar is not owned or manufactured
by Supreme, so has an entirely different financial profile to the
Group's core Vaping business and, in fact, is much more aligned to
the profile of our existing Branded Household Consumer Goods
category, which was already becoming non-core to the Group given
efforts over the last two years to scale back this business
unit.
The division, now entitled 'Branded Distribution', reported
total revenue of GBP30.6 million in the Period (H1 2023: GBP3.4
million), growth of GBP27.2 million. GBP26.4 million of this was
from the ElfBar distribution agreement whilst the remaining GBP0.8
million arose from growth in its core business, which is the
distribution of branded household laundry and cleaning brands. The
addition of ElfBar has not notably changed the margin profile of
the category.
Lighting
The Lighting category delivered a strong performance in the
Period as the Group continued to prioritise stabilisation. Despite
continued challenging trading conditions where some retailers
remain overstocked, revenues grew to GBP7.5 million (H1 2023:
GBP6.1 million), whilst gross profit increased 47% to GBP2.8
million (H1 2023: GBP1.9 million).
Since H1 2023, we have made sustained progress recovering the
category, facilitated by the agreement of license extensions with
key partners Energizer and Eveready announced towards the end of FY
2023, as well as our new contract agreement with Black and Decker,
a reputable brand familiar to consumers and retailers alike.
The Group is focused on further strengthening the category and
ensuring it maintains its position as a go-to manufacturing or
distribution partner for leading brands in the space looking to
extend their market share.
Although market headwinds are still prevalent across the
lighting sector, we have made steady progress returning the
Lighting division to normality and are heading in the right
direction with the traditionally busier Q3 trading period
imminent.
Batteries
The Batteries division generated revenues of GBP15.9 million (H1
2023: GBP15.7 million), up 1% year-on-year. This represents a solid
performance from what is historically a dependable category for
Supreme partly due to the stickiness of the product. Gross profit
as a percentage of sales rose to 13% (H1 2023: 11%) due to product
mix within the category.
Supreme is the UK's largest distributor of the product,
responsible for over 30% of the UK battery market. Through
cross-sell initiatives with our extensive retail network, we have
successfully attracted additional customers in the Period, with
retailers cognisant that batteries are, and will continue to be,
essential products for consumers.
Supreme works with a number of leading brands that are committed
to sustainability and we are delighted that almost all the
batteries we sell come in plastic-free packaging and include
recycled materials. We are committed to continuing to innovate and
evolve our packaging, as well as manufacturing and distribution
procedures, to ensure we fulfil our ESG aspirations for the
category.
Dividend
The Board proposes an interim dividend of 1.5 pence per share in
line with the Company's stated dividend policy of 25% of profit
after tax. This dividend will be payable on 12 January 2024 to
shareholders on the register at 8 December 2023. The ex-dividend
date is 7 December 2023.
Outlook
Through a combination of organic and acquisitive growth, the
Vaping category was once again the standout performer for the
Group. Supreme's distribution capabilities and customer footprint
are unparalleled in the vaping industry and continue to
strengthen.
As an industry leader, Supreme acknowledges the wider concerns
of youth vaping and remains fully supportive of any proactive
measures or changes in legislation that potentially restricts
specific products, packaging, flavours or point of sale in the
UK.
Supreme's unique operating model is built around providing
products at affordable prices without having to sacrifice quality,
an objective that is becoming all the more important amidst the
cost-of-living crisis which is showing no signs of abating.
The Group has made a strong start to the second half of FY 2024.
As a result, t he Group now expects trading for FY 2024 to be
significantly ahead of company-issued guidance, with revenue
guidance of around GBP210 - 225 million and Adjusted EBITDA (1)
guidance of approximately GBP32 - 35 million, an increase of around
GBP4.5 million compared to the previous company-issued guidance (5)
, with around GBP1.5 million of the incremental Adjusted EBITDA (1)
arising from the core business and around GBP3.0 million
incremental Adjusted EBITDA (1) arising from the ElfBar
distribution opportunity.
The Board remains pleased with the Group's ongoing financial and
operational strategic progress and believes Supreme remains ideally
positioned to deliver ongoing profit growth.
Sandy Chadha
Chief Executive Officer
27 November 2023
Chief Finance Officer's Review
Introduction
I am delighted to present the financial results for the Period.
The Group traded strongly and this is evidenced in the metrics
presented below.
H1 2024 H1 2023 Change
GBPm GBPm %
-------- -------- -------
Revenue 105.1 64.6 +63%
-------- -------- -------
Gross profit 28.5 18.2 +57%
-------- -------- -------
Gross profit % 27% 28% -1%
-------- -------- -------
Adjusted EBITDA (1) 15.2 8.1 +88%
-------- -------- -------
Profit before tax 12.3 4.4 +179%
-------- -------- -------
Adjusted profit before tax (2) 11.8 5.8 +103%
-------- -------- -------
EPS 7.9p 2.8p +182%
-------- -------- -------
Adjusted EPS (3) 8.1p 4.5p +80%
-------- -------- -------
Net debt (i.e. including IFRS
16 leases) 19.8 14.6 +36%
-------- -------- -------
Adjusted net debt (i.e. excluding
IFRS 16 leases) (4) 4.8 12.9 -63%
-------- -------- -------
Operating cashflow 0.4 4.9 -92%
-------- -------- -------
Net assets 47.8 31.0 +54%
-------- -------- -------
Revenue
Revenue grew by GBP40.5 million (+63%) to GBP105.1 million (H1
2023: GBP64.6 million). GBP26.4 million of this growth came from
the ElfBar distribution opportunity, GBP8.7 million from organic
growth in the core business and the remaining GBP5.4 million from
the businesses acquired in FY 2023. In terms of the GBP8.7 million
organic growth, half arose in Vaping where demand continued to grow
across all product ranges and the other half was driven by growth
in Sports Nutrition & Wellness (17% growth year on year) and
Lighting (21% growth).
Gross profit
Gross profit for the Period was GBP28.5 million (H1 2023:
GBP18.2 million), growth of 57%. Gross profit as a percentage of
sales of 27% was broadly in line with prior year and was the result
of noteworthy increases to the gross profit % in Lighting, Vaping
and Sports Nutrition & Wellness offset by the lower gross
profit % arising from the distribution of ElfBar. Gross profit as a
percentage of sales in Lighting rose from 31% to 38%, owing to
sales mix and consolidation of supply chain, Vaping gross profit %
increased from 38% to 41% owing to further synergistic gains from
manufacturing expansion and the addition of the brands acquired in
FY 2023 and Sports Nutrition & Wellness gross profit %
increased from 18% to 27% as a result of the ongoing recovery of
the raw material inflation we reported last year combined with
economies of scale achieved by bringing the Sci-MX manufacturing
in-house.
Adjusted EBITDA (1)
Adjusted EBITDA (1) was GBP15.2 million (H1 2023: GBP8.1
million), growth of 88% and Adjusted EBITDA (1) as a percentage of
sales increased from 13% to 14%, demonstrating the strength and
cost-effectiveness of Supreme's business model where we can add
incremental sales into the business without the need for extensive
incremental overhead resource to support this. In absolute terms,
overheads grew by GBP3.2 million - a result of increased selling
costs (which typically rise directly with sales) including listing
fees in respect of the ElfBar distribution opportunity,
cost-of-living pay-rises implemented across the business in
September 2022 and overheads in respect of the FY 2023
acquisitions.
Depreciation and amortisation
Depreciation increased to GBP1.8 million in the Period (H1 2023:
GBP1.4 million) as a result of the capital expenditure that was
incurred in H2 2023 and H1 2024 in respect of the Ark fitout and
also due to the Ark lease reported under IFRS16. Amortisation
increased to GBP0.8 million (H1 2023: GBP0.5 million) due to the
intangible assets acquired as part of the FY 2023 M&A
programme.
Adjusted items
Adjusted items totalled GBP0.5 million credit in the Period (H1
2023: GBP1.4 million debit). This was a result of the share-based
payment charge of GBP0.6 million (H1 2023: GBP0.7 million), a
credit of GBP1.6 million in respect of the open foreign exchange
forward contracts (H1 2023: GBP0.4 million credit); its volatility
year-on year is precisely why this entry is reported as an Adjusted
item. GBP0.4 million charge was also reported in respect of
redundancies relating to the businesses integrated into Supreme's
core business during the Period.
Finance costs
Finance costs rose to GBP0.8 million (H1 2023: GBP0.4 million)
due to the increased interest expense in respect of the newly added
leases under IFRS 16 and higher borrowings during the period (in
order to finance the investment in ElfBar working capital as shown
below in the cash flow summary) at a higher rate of interest
compared to the prior period.
Dividends
The Board has declared an interim dividend of 1.5 pence per
share in line with the Company's stated dividend policy of 25% of
profit after tax. This dividend will be payable on 12 January 2024
to shareholders on the register at 8 December 2023. The ex-dividend
date is 7 December 2023.
Cash flow
H1 2024 H1 2023 FY 2023
GBPm GBPm GBPm
-------- -------- --------
Adjusted EBITDA (1) 15.2 8.1 19.4
-------- -------- --------
Movement in working capital in (16.4) - -
respect of ElfBar
-------- -------- --------
Movement in working capital 4.6 (0.5) 2.6
-------- -------- --------
Tax paid (2.5) (1.7) (1.7)
-------- -------- --------
Cash-impacting Adjusted items (0.5) (1.1) (1.0)
-------- -------- --------
Operating cash flow 0.4 4.8 19.3
-------- -------- --------
Debt (servicing) / raising 5.2 12.3 (2.1)
-------- -------- --------
Lease payments (0.5) (0.5) (1.0)
-------- -------- --------
Capex (2.8) (0.6) (1.5)
-------- -------- --------
M&A (2.4) (10.1) (6.1)
-------- -------- --------
Dividends (2.6) (4.4) (5.1)
-------- -------- --------
Net cash flow (2.7) 1.5 3.5
-------- -------- --------
During the Period, the Group reported a net cash outflow of
GBP2.7 million. This included an investment of GBP16.4 million in
working capital to service the ElfBar opportunity across trade
debtors, stock and deposits to the manufacturer in China. This
investment was partly financed by a GBP5.5 million drawdown on the
Group's borrowing facilities with the remainder being financed from
free cash. Before this investment, the Group generated GBP16.8
million of operating cash in the Period. Some of this cash was
reinvested back into the business in the form of capex (namely the
fit out of Ark) and also to service the deferred consideration
obligations associated with the FY 2023 acquisitions. In relation
to Ark specifically (a one-off capex investment project to fit-out
the facility for it to become the Group's principal warehousing and
distribution site going forward), this represented GBP2.3 million
of the GBP2.8 million capital expenditure reported in the
Period.
Net debt
H1 2024 H1 2023 FY 2023
GBPm GBPm GBPm
-------- -------- --------
Cash (4.9) (5.4) (7.5)
-------- -------- --------
Borrowings 9.7 18.3 4.3
-------- -------- --------
Adjusted net debt (excluding
IFRS 16 leases) (4) 4.8 12.9 (3.2)
-------- -------- --------
IFRS 16 (leases) 15.0 1.7 15.0
-------- -------- --------
Net debt (including IFRS 16
leases) 19.8 14.6 11.8
-------- -------- --------
At the Period end, the Group had access to a GBP25 million RCF
facility (GBP15.3 million undrawn) and a GBP20 million invoice
financing facility (GBP20 million undrawn). Adjusted net debt
(before IFRS 16) (4) was less than 0.2x of adjusted LTM EBITDA (1)
.
Suzanne Smith
Chief Finance Officer
27 November 2023
(1) Adjusted EBITDA means operating profit before depreciation,
amortisation and Adjusted items (as defined in the financial
statements).
(2) Adjusted Profit before tax means profit before tax and
Adjusted items (as defined in the financial statements).
(3) Adjusted EPS means Earning per share, where Earnings are
defined as profit after tax but before amortisation of acquired
intangibles and Adjusted items (as defined in the financial
statements).
(4) Adjusted net debt (excluding IFRS 16 leases) means net debt
as defined in the year-end financial statements but excluding the
impact of IFRS16.
(5) Company-issued guidance immediately before this announcement
for the year ending 31 March 2024 was revenue of GBP195 - 205
million and Adjusted EBITDA(1) of GBP28 - 30 million.
CONDENSED CONSOLIDATED INTERIM FINANCIAL INFORMATION OF SUPREME
PLC
Consolidated Statement of Comprehensive Income
Unaudited Unaudited
6 months 6 months Audited
ended ended Year ended
30 Sept 30 Sept 31 March
2023 2022 2023
Note GBP'000 GBP'000 GBP'000
Revenue 3 105,068 64,636 155,612
Cost of sales (76,538) (46,468) (114,758)
---------- ---------- ------------
Gross profit 28,530 18,168 40,854
Profit on disposal on Cuts
Ice trademarks - - 2,787
Administration expenses (15,461) (13,370) (28,192)
---------- ---------- ------------
Operating profit 13,069 4,798 15,449
Adjusted EBITDA (1) 15,185 8,119 19,392
Depreciation (1,787) (1,372) (2,200)
Amortisation (842) (511) (915)
Adjusted items 4 513 (1,438) (828)
-------------------------------------- ----- ---------- ---------- ------------
Operating profit 13,069 4,798 15,449
Finance income 4 - 25
Finance costs (783) (400) (1,037)
---------- ---------- ------------
Profit before taxation 12,290 4,398 14,437
Income tax 5 (3,016) (1,109) (2,469)
---------- ---------- ------------
Profit for the period/year 9,274 3,289 11,968
Other comprehensive income/(expense)
Items that may be reclassified
to profit or loss
Exchange differences on
translation of foreign operations 16 (4) 101
---------- ---------- ------------
Total other comprehensive
income/(expense) 16 (4) 101
---------- ---------- ------------
Total comprehensive income
for the period/year 9,290 3,285 12,069
========== ========== ============
Earnings per share - basic 6 7.9p 2.8p 10.3p
Earnings per share - diluted 6 7.5p 2.7p 9.7p
========== ========== ============
Note 1: Adjusted EBITDA, which is defined as profit before
finance costs, tax, depreciation, amortisation and adjusted items
is a non-GAAP metric used by management and is not an IFRS
disclosure.
All results derive from continuing operations.
Consolidated Statement of Financial Position
Unaudited Unaudited Audited
As at As at As at
30 Sept 30 Sept 31 March
2023 2022 2023
GBP'000 GBP'000 GBP'000
Assets
Goodwill and other intangibles 14,439 14,113 15,281
Property, plant and equipment 7,106 3,636 5,238
Right of use asset 14,702 1,688 15,577
Deferred tax asset - 624 -
Investments - 7 7
Total non-current assets 36,247 20,068 36,103
---------- ---------- ----------
Current assets
Inventories 30,836 30,628 25,606
Trade and other receivables 30,801 26,913 20,899
Derivative financial instruments 948 833 -
Cash and cash equivalents 4,898 5,386 7,536
---------- ---------- ----------
Total current assets 67,483 63,760 54,041
---------- ---------- ----------
Total assets 103,730 83,828 90,144
---------- ---------- ----------
Liabilities
Current liabilities
Borrowings 10,913 443 5,026
Trade and other payables 27,447 31,803 26,117
Forward contract derivative - - 652
Income tax payable 3,230 780 2,536
Total current liabilities 41,590 33,026 34,331
---------- ---------- ----------
Net current assets 25,893 30,734 19,710
---------- ---------- ----------
Borrowings 13,790 19,575 14,293
Deferred tax liability 130 263 789
Provisions 426 - 775
Total non-current liabilities 14,346 19,838 15,857
---------- ---------- ----------
Total liabilities 55,936 52,864 50,188
Net assets 47,794 30,964 39,956
========== ========== ==========
Equity
Share capital 11,732 11,663 11,732
Share premium 7,427 7,231 7,427
Merger reserve (22,000) (22,000) (22,000)
Share-based payments reserve 4,170 2,167 3,043
Retained earnings 46,465 31,903 39,754
Total equity 47,794 30,964 39,956
========== ========== ==========
Unaudited Consolidated Statement of Changes in Equity
Share-based
Share Share Merger payments Retained Total
capital premium reserve reserve earnings equity
GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000
As at 1 April
2022 11,663 7,231 (22,000) 2,368 33,050 32,312
Profit for the
year - - - - 11,968 11,968
Other comprehensive
expense - - - - 101 101
Total comprehensive
income for the
year - - - - 12,069 12,069
--------- ---------- --------- ------------ ---------- --------
Transactions with shareholders:
Issue of shares 69 196 - - - 265
Employee share
schemes - value
of employee services - - - 1,283 - 1,283
Deferred tax on
share-based payment
charge - - - (608) - (608)
Dividends - - - - (5,365) (5,365)
--------- ---------- --------- ------------ ---------- --------
69 196 - 675 (5,365) (4,425)
--------- ---------- --------- ------------ ---------- --------
As at 31 March
2023 11,732 7,427 (22,000) 3,043 39,754 39,956
========= ========== ========= ============ ========== ========
As at 1 April
2022 11,663 7,231 (22,000) 2,368 33,050 32,312
Profit for the
period - - - - 3,289 3,289
Other comprehensive
income - - - - (4) (4)
--------- ---------- --------- ------------ ---------- --------
Total comprehensive
income for the
period - - - - 3,285 3,285
--------- ---------- --------- ------------ ---------- --------
Transactions with shareholders:
Employee share
schemes - value
of employee services - - - 644 - 644
Deferred tax on
share-based payment
charge - - - (845) - (845)
Dividends - - - - (4,432) (4,432)
--------- ---------- --------- ------------ ---------- --------
- - - (201) (4,432) (4,633)
--------- ---------- --------- ------------ ---------- --------
As at 30 September
2022 11,663 7,231 (22,000) 2,167 31,903 30,964
========= ========== ========= ============ ========== ========
As at 1 April
2023 11,732 7,427 (22,000) 3,043 39,754 39,956
Profit for the
period - - - - 9,274 9,274
Other comprehensive
income - - - - 16 16
Total comprehensive
income for the
period - - - - 9,290 9,290
--------- ---------- --------- ------------ ---------- --------
Transactions with shareholders:
Employee share
schemes - value
of employee services - - - 654 - 654
Deferred tax on
share-based payment
charge - - - 473 - 473
Dividends - - - - (2,579) (2,579)
--------- ---------- --------- ------------ ---------- --------
- - - 1,127 (2,579) (1,452)
========= ========== ========= ============ ========== ========
As at 30 September
2023 11,732 7,427 (22,000) 4,170 46,465 47,794
========= ========== ========= ============ ========== ========
Consolidated Statement of Cash Flows
Unaudited Unaudited
6 months 6 months Audited
ended ended Year ended
30 Sept 30 Sept 31 March
2023 2022 2023
Net cash flow from operating activities GBP'000 GBP'000 GBP'000
Profit for the period 9,274 3,289 11,968
Adjustments for:
Amortisation of intangible assets 842 510 915
Depreciation of tangible assets 911 1,372 1,268
Depreciation of right of use assets 876 - 932
Finance income (4) - (25)
Finance costs 728 372 982
Amortisation of capitalised finance
costs 55 28 55
Loss on disposal of fixed assets - 54 -
Gain on disposal of intangible fixed
assets - - (2,787)
Investment impairment 7 - -
Income tax expense 3,016 1,109 2,469
Movement on forward foreign exchange
contracts (1,600) (366) 1,119
Share based payments expense 654 644 1,460
Working capital adjustments
(Increase)/decrease in inventories (5,228) (2,166) 2,920
Increase in trade and other receivables (9,902) (6,689) (671)
Increase/(decrease) in trade and other
payables 3,285 8,354 (27)
Increase in provisions - - 349
Taxation paid (2,510) (1,652) (1,652)
---------- ---------- ------------
Net cash generated from operations 404 4,859 19,275
---------- ---------- ------------
Cash flows used in investing activities
Purchase of intangible fixed assets - - (23)
Purchase of property, plant and equipment (2,840) (526) (1,254)
Purchase of Cuts Ice net of cash acquired - (2,571) (10,055)
Purchase of Liberty Flights Holdings - (7,566) -
Limited net of cash acquired
Proceeds from sale of property, plant,
and equipment 61 - 1
Proceeds from sale of intangible fixed
assets - - 4,018
Payment of deferred consideration/contingent (2,338) - (270)
Finance income received - - 25
Directors loan account movement (56) (68) -
Net cash used in investing activities (5,173) (10,731) (7,558)
---------- ---------- ------------
Cash flows used in financing activities
Repayment of long-term loans - - (3,984)
Repayment of related party loans - - (1,779)
Repayments of RCF facility - - (14,000)
Drawdowns of RCF facility 5,500 - 18,418
Drawdown of loans - 18,252 -
Repayment of loans - (5,769) -
Issue of options or share capital - - 265
Dividends paid (2,579) (4,432) (5,365)
Finance costs paid (353) (218) (776)
Lease payments (453) (501) (987)
---------- ---------- ------------
Net cash generated from/(used in) financing
activities 2,115 7,332 (8,208)
---------- ---------- ------------
Net (decrease)/increase in cash and
cash equivalents (2,654) 1,460 3,509
Cash and cash equivalents brought forward 7,536 3,926 3,926
Foreign exchange 16 - 101
---------- ---------- ------------
Cash and cash equivalents carried forward 4,898 5,386 7,536
========== ========== ============
Notes to the condensed consolidated interim financial
information
1. Basis of preparation
Supreme PLC ("the Company") is a public company limited by
shares, registered in England and Wales and domiciled in the UK,
with company registration number 05844527. The principal activity
is the manufacture (vaping and sports nutrition & wellness
only) and wholesale distribution of batteries, lighting, vaping,
sports nutrition & wellness and branded household consumer
goods. The registered office is 4 Beacon Road, Ashburton Park,
Trafford Park, Manchester, M17 1AF.
These condensed consolidated interim financial statements of the
Group are for the period ended 30 September 2023. They have been
prepared on the basis of the policies set out in the 2023 annual
financial statements and in accordance with UK adopted IAS 34.
The condensed consolidated interim financial statements have not
been reviewed or audited, nor do they comprise statutory accounts
for the purpose of Section 434 of the Companies Act 2006, and do
not include all of the information or disclosures required in the
annual financial statements and should therefore be read in
conjunction with the Group's 2023 annual financial statements,
which were prepared in accordance with UK adopted international
accounting standards in conformity with the requirements of the
Companies Act 2006.
Financial information for the year ended 31 March 2023 included
herein is derived from the statutory accounts for that year, which
have been filed with the Registrar of Companies. The auditors'
report on those accounts was unqualified, did not contain an
emphasis of matter paragraph and did not contain a statement under
Section 498 of the Companies Act 2006.
The interim condensed consolidated financial statements are
presented in the Group's functional currency of pounds Sterling and
all values are rounded to the nearest thousand (GBP'000) except
when otherwise indicated.
2. Summary of significant accounting policies
The accounting policies adopted in the preparation of the
interim condensed consolidated financial statements are consistent
with those followed in the preparation of the Group's annual
financial statements for the year ended 31 March 2023 as described
in the Group's Annual Report and full financial statements for that
year and as available on the Company's website ( www.supreme.co.uk
).
2.1 Taxation
Taxes on income in the interim periods are accrued using
management's best estimate of the weighted average annual tax rate
that would be applicable to expected total annual earnings.
2.2 Forward looking statements
Certain statements in these condensed consolidated interim
financial statements are forward looking with respect to the
operations, strategy, performance, financial condition and growth
opportunities of the Group. The terms "expect", "anticipate",
"should be", "will be", "is likely to" and similar expressions
identify forward-looking statements. Although the Board believes
that the expectations reflected in these forward-looking statements
are reasonable, by their nature these statements are based on
assumptions and are subject to a number of risks and uncertainties.
Actual events could differ materially from those expressed or
implied by these forward-looking statements. Factors which may
cause future outcomes to differ from those foreseen in
forward-looking statements include, without limitation: general
economic conditions and business conditions in the Group's markets;
customers' expectations and behaviours; supply chain developments;
technology changes; the actions of competitors; exchange rate
fluctuations; and legislative, fiscal and regulatory developments.
Information contained in these condensed consolidated interim
financial statements relating to the Group should not be relied
upon as a guide to future performance .
Notes to the condensed consolidated interim financial
information
2.3 Key risks and uncertainties
The Group has in place a structured risk management process
which identifies key risks and uncertainties along with their
associated mitigants. The key risks and uncertainties that could
affect the Group's medium-term performance, and the factors that
mitigate those risks have not substantially changed from those set
out in the Group's Annual Report which can be found on the Group's
website (www.supreme.co.uk).
2.4 Going concern
Supreme PLC provides essential products to well-established
retailers, who perform well and are household names. The nature and
price point of the products offered means that the Group is well
positioned to navigate the current uncertainty in the economic
climate.
The Group is funded by external facilities; firstly a GBP25
million revolving credit facility ("RCF") until March 2025 and a
GBP20 million invoice financing facility, both of which are
provided by HSBC. The Group also utilises credit insurance to
mitigate any credit risk, and foreign exchange forward contracts to
mitigate foreign currency risk. The Board and senior management
regularly review revenue, profitability and cash flows across the
short, medium and longer term.
In assessing the appropriateness of adopting the going concern
basis in the preparation of these financial statements, the
Directors have prepared cash flow forecasts and projections for the
18- month period to 31 March 2025. The forecasts and projections,
which the Directors consider to be prudent, have been further
sensitised by applying reductions to revenue and profitability, to
consider downside risk. Under both the base and sensitised case the
Group is expected to have headroom against covenants, which are
based on interest cover and net leverage, and a sufficient level of
financial resources available through existing facilities when the
future funding requirements of the Group are compared with the
level of committed available facilities.
Based on this, the Directors are satisfied that the Group has
adequate resources to continue in operational existence for the
foreseeable future. For this reason, they continue to adopt the
going concern basis in preparing the Group and Company financial
statements.
Notes to the condensed consolidated interim financial
information
3. Segmental analysis
The Chief Operating Decision Maker ("CODM") has been identified
as the Board of Directors. The Board reviews the Company's internal
reporting in order to assess performance and allocate resources. No
balance sheet analysis is available by segment or reviewed by the
CODM. The Board has determined that the operating segments, based
on these reports, are the sale of:
-- batteries;
-- lighting;
-- vaping;
-- sports nutrition & wellness; and
-- branded household consumer goods.
Unaudited
Branded 6 months
Sports household ended
nutrition consumer 30 Sept
Batteries Lighting Vaping & wellness goods 2023
GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000
Revenue 15,883 7,507 42,115 8,947 30,616 105,068
Cost of sales (13,837) (4,661) (24,934) (6,524) (27,171) (77,127)
---------- --------- --------- ------------ ----------- ----------
Gross profit before
foreign exchange 2,046 2,846 17,181 2,423 3,445 27,941
Foreign exchange 589
----------
Gross profit 28,530
Administration expenses (15,461)
----------
Operating profit 13,069
Adjusted earnings
before tax, depreciation,
amortisation and
adjusted items 15,185
Depreciation (1,787)
Amortisation (842)
Adjusted items 513
Operating profit 13,069
Finance income 4
Finance costs (783)
----------
Profit before taxation 12,290
Income tax (3,016)
----------
Profit for the
period 9,274
==========
Notes to the condensed consolidated interim financial
information
3. Segmental analysis (continued)
Unaudited
Branded 6 months
Sports household ended
nutrition consumer 30 Sept
Batteries Lighting Vaping & wellness goods 2022
GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000
Revenue 15,660 6,161 31,796 7,615 3,404 64,636
Cost of sales (13,844) (4,278) (19,666) (6,273) (2,956) (47,017)
---------- --------- --------- ------------ ----------- ----------
Gross profit before
foreign exchange 1,816 1,883 12,130 1,342 448 17,619
Foreign exchange 549
----------
Gross profit 18,168
Administration expenses (13,370)
----------
Operating profit 4,798
Adjusted earnings
before tax, depreciation,
amortisation and
adjusted items 8,119
Depreciation (1,372)
Amortisation (511)
Adjusted items (1,438)
Operating profit 4,798
Finance income -
Finance costs (400)
----------
Profit before taxation 4,398
Income tax (1,109)
----------
Profit for the
period 3,289
==========
Analysis of revenue by geographical destination
Unaudited Unaudited
6 months 6 months
ended ended
30 Sept 30 Sept
2023 2022
GBP'000 GBP'000
United Kingdom 97,509 59,624
Rest of Europe 6,511 4,756
Rest of the World 1,048 256
105,068 64,636
========== ==========
The above revenues are all generated from contracts with
customers and are recognised at a point in time. All assets of the
Group reside in the UK. The group has generated revenues from 2
customers totalling more than 10% of total revenues. The total
revenue from these customers totalled GBP28,729,000.
Notes to the condensed consolidated interim financial
information
4. Adjusted items
Unaudited Unaudited
6 months 6 months
ended ended
30 Sept 30 Sept
2023 2022
GBP'000 GBP'000
Share based payments charge 654 733
Fair value movements on financial derivatives (1,600) (366)
Transaction related costs - 162
Integration costs 433 909
(513) 1,438
========== ==========
The charge for share-based payments is made up of GBP79,000
related to Employers National Insurance Contributions and
GBP575,000 related to the share-based payments charge.
The financial derivatives relate to open foreign exchange
forward contracts. The credit in the period reflects the movement
in the fair value of these open forward contracts at the balance
sheet date since the year end.
Transaction related costs represent adviser fees for
acquisitions performed to date.
Integration costs are related to the integration of businesses
following acquisition. In particular, for the prior year, these
related to the integration and streamlining of operations of Cuts
Ice, which was based primarily in London but was transferred up to
Supremes HQ in Trafford Park. In H1 2024, these costs relate to the
hive up of the trade and assets in Liberty Flights Holdings Limited
and Liberty Flights Limited into Supreme Imports Ltd on 1 November
2023 including the transfer of warehousing and manufacturing
operations to Supreme's principal sites in Manchester.
5. Taxation
The income tax expense for the half year ended 30 September 2023
is based upon management's best estimate of the weighted average
annual tax rate expected for the full year ending 31 March 2024.
The income tax expense broadly in line with the standard rate of
25%.
6. Earnings per share
Basic earnings per share is calculated by dividing the net
income for the year attributable to ordinary equity holders after
tax by the weighted average number of ordinary shares outstanding
during the period.
Diluted earnings per share is calculated with reference to the
weighted average number of shares adjusted for the impact of
dilutive instruments in issue. For the purposes of this calculation
an estimate has been made for the share price in order to calculate
the number of dilutive share options.
Notes to the condensed consolidated interim financial
information
6. Earnings per share (continued)
The basic and diluted calculations are based on the
following:
Unaudited Unaudited
6 months 6 months
ended ended
30 Sept 30 Sept
2023 2022
GBP'000 GBP'000
Profit for the period after tax 9,274 3,289
============ ============
No. No.
Weighted average number of shares for
the purposes of basic earnings per share 117,321,074 116,627,074
Weighted average dilutive effect of conditional
share awards 6,720,523 4,474,425
------------ ------------
Weighted average number of shares for
the purposes of diluted earnings per share 124,041,597 121,101,499
============ ============
Pence Pence
Basic profit per share 7.9 2.8
Diluted profit per share 7.5 2.7
============ ============
Adjusted EPS
The calculation of adjusted earnings per share is based on the
after tax adjusted operating profit after adding back certain costs
as detailed in the table below. Adjusted earnings per share figures
are given to exclude the effects of depreciation, amortisation and
adjusted items, all net of taxation, and are considered to show the
underlying performance of the Group.
Unaudited Unaudited
6 months 6 months
ended ended
30 Sept 30 Sept
2023 2022
GBP'000 GBP'000
Adjusted earnings (see below) 9,494 5,207
============ ============
No. No.
Weighted average number of shares for
the purposes of basic earnings per share 117,321,074 116,627,074
Weighted average dilutive effect of conditional
share awards 6,720,523 4,474,425
------------ ------------
Weighted average number of shares for
the purposes of diluted earnings per share 124,041,597 121,101,499
============ ============
Pence Pence
Adjusted basic profit per share 8.1 4.5
Adjusted diluted profit per share 7.7 4.3
============ ============
Notes to the condensed consolidated interim financial
information
6. Earnings per share (continued)
The calculation of basic adjusted earnings per share is based on
the following data:
Unaudited Unaudited
6 months 6 months
ended ended
30 Sept 30 Sept
2023 2022
GBP'000 GBP'000
Profit for the period attributable to equity
shareholders 9,274 3,289
Add back/(deduct):
Amortisation of acquisition related intangible
assets 807 511
Adjusted items (513) 1,438
Tax effect of the above (74) (31)
---------- ----------
Adjusted earnings 9,494 5,207
========== ==========
7. Financial instruments
The fair values of all financial instruments included in the
statement of financial position are a reasonable approximation of
their carrying values.
8. Dividends
Dividends of GBP2,579,000 were declared in the 6 months ended 30
September 2023 (2022: GBP4,432,000). This amounted to GBP0.022 per
share (2022: GBP0.038).
9. Post balance date events
On 1 November 2023, the trade and assets of Liberty Flights
Holdings Limited and Liberty Flights Limited were hived up into
Supreme Imports Ltd.
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END
IR PPGUPGUPWUUR
(END) Dow Jones Newswires
November 28, 2023 02:00 ET (07:00 GMT)
Supreme (LSE:SUP)
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