Report
Mike Jeremy

FY25 another strong year and platform for growth

For the year to 31 March 2025 Supreme reported revenue of £231.1m, +4%YoY, (ED est £235.1m), gross profit (including forex) of £73.7m, +16%YoY (ED est £72.3m), and (adj.) EBITDA of £40.5m, +6%YoY (ED est £40.0m). Top line growth was propelled by the acquisition of Clearly Drinks and Typhoo Tea, further diversifying the portfolio as the Group adjusted to the ban on disposable vapes which was implemented on 1 June.

EPS (adj.) for the year was 20.1p (ED est 20.1p). Acquisitions to the value if £25.0m added c.£40.0m (annualised basis) in non-vape revenue, whilst the Group closed the year net cash positive (pre-IFRS 16) at £1.2m (FY24: £11.6m). The Group proposes a final dividend of 3.4p/ share, up +10% YoY, taking the full year dividend to 5.2p/ share and foresees FY26 performance consistent with analysts’ consensus estimates of revenue of £236m and (adj.) EBITDA of £36.5m.

Our Fair Value remains 225p/share.
Underlying
Provider
Equity Development
Equity Development

​Equity Development enables companies to become better understood and supported by investors. Since our launch in 1996 we have consistently focused on helping our clients improve their communication and relationships with both existing and potential shareholders. Our clients have come from a wide variety of sectors and domiciles, are both private and quoted and range in size from micro-cap to $multi-billions. We offer free access to company research notes written by experienced analysts. These notes include detailed forecasts, financial models and a fair value. We host regular Private Investor Forums at which investors have the opportunity to hear company directors present, and to ask questions. These are free to attend. We broadcast live Webinars with company management that include active Q&A. We also make the recordings available online. We arrange face to face meetings between private investors and company management. We are active users of Twitter, commenting daily on company news, share price moves, Directors’ Dealings, Equity Development Research Notes & Events.

Analysts
Mike Jeremy

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