Trading update: an excellent quarter
In a Trading Update for the 3 months to 31 December 2023, Supreme reports “excellent trading performance” during its traditionally busiest quarter, leading to the expectation that FY24 revenue should be at least £225m with (adj.) EBITDA of at least £38m (our estimates were £221.2m and £33.5m). Supreme highlights in particular the success of ElfBar distribution revenue and the Vaping division as a whole, plus growth in Sports Nutrition & Wellness.The Group also notes the UK Government decision to ban disposable vaping devices and will work to manage a seamless transition to alternative ‘pod’ devices which retain a major role in reducing tobacco smoking.
Supreme also announced a £1.0m share buyback programme to be conducted over the coming three months. Our Fair Value remains 225p/share.
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