reports
Hybridan Small Cap Feast - 24 April 24
24th April 2024 * A corporate client of Hybridan LLP ** Arranged by type of listing and date of announcement *** Alphabetically arranged **** Potential means Intention to Float (ITF) has been announced Dish of the day Admissions: Delistings: What’s baking in the oven? ** Potential**** Initial Public Offerings: Reverse Takeovers: 16 April 2024: Electric Guitar (ELEG.L) Concurrent with its Admission to trading on AIM, Electric Guitar is proposing to acquire the entire issued share capital of 3radi...
- Mike Jeremy
Trading update highlights scale of growth
In a Trading Update for the twelve months to 31 March 2024 Supreme expects to report revenue of c.£225m, and (adj.) EBITDA of at least £38.0m, in line with market expectations, which had been revised upwards during the course of the year and represents almost double the FY23 level. The Group closed the year debt free. Our outlook highlights the extent to which Supreme has expanded, through both acquisition and organic growth during the period. From 2020 to 2024E the Group will have grown sales ...
- Rachel Birkett
Supreme (SUP LN)
Supreme’s FY24 trading update confirms a record performance in the 12 months to 31 March 2024. Organic revenue and profit growth across all four divisions has driven Group revenue +45% YOY to £225m, with FY24 adj. EBITDA almost doubling to ‘at least £38m’, driving record levels of cash generation. Supreme is actively exploring complementary M&A, supported by a debt free balance sheet. Trading on an undemanding FY25 PE of just 6.7x, with a 3.4% yield, we believe downside risks are more than price...
- Mike Jeremy
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 ...
- Rachel Birkett
- Mike Jeremy
Acquisition of protein manufacturing assets
Supreme has announced the acquisition, out of administration, of the trade and assets of protein manufacturer FoodIQ UK Holdings Limited for a consideration of £175,000. The acquisition brings Supreme a state-of-the-art, fully-automated contract manufacturing facility which was opened only 18 months ago at a cost of £1.2m. Situated in Hayes, West London the facility adds c.40% to Supreme’s wellness manufacturing capacity. It also provides a fully-accredited showcase for its wellness production c...
- Mike Jeremy
Strong H1 results raise full year outlook
The H1 outcome was as indicated in the recent (18 October) Trading Update. Group guidance for the full year is now raised: from revenue of £195m - 205m to £210m - £220m (ED estimate was £204.2m); (adj.) EBITDA from £28m - £30m to £32m - £35m (ED estimate was £29.0m). From incremental EBITDA of c.£4.5m, c.£1.5m arises from core operations and c.£3.5m from the Elf distribution agreement, which supplies retailers including Tesco, Morrisons, One Stop and WHSmith. A series of initiatives – branding ...
- Rachel Birkett
Supreme (SUP LN) - Initiation of coverage
FY24 Interim results: A record H1 performance delivered revenue growth of 62.5% to £105.1m (H1 FY23: £64.6m), with growth across all divisions: Batteries +1.4%, Lighting +21.8%, Sports Nutrition & Wellness +17.5%, Vaping +32.5% (ex- ElfBar) and Branded Distribution +798.9%, which includes revenue of £26.4m from the ElfBar distribution opportunity, commenced in June. Adj. EBITDA of £15.2m is +88.0% (H1 FY23: £8.1m) benefitting from higher sales, and operational efficiencies. Adj. PBT of £12.6m is...
- Mike Jeremy
Positive trading update and vaping safety measures
In a Trading Update for the six months to 30 September 2023, Supreme reports strong performance in line with a consensus market (adj.) FY24 EBITDA outlook of £29.0m; matching our estimates. The Group expects H1 24 revenue of above £100.0m (+55%YoY) and (adj.) EBITDA of at least £15.0m (H1 23: £8.1m). Previously, to accompany the 26th September AGM, the Group indicated FY24 revenue of £195m-£205m, and (adj.) EBITDA of £28m-£30m, leading to an increase in our (adj.) EBITDA outlook of 13%. Supreme ...
- Mike Jeremy
AGM update – FY24 significantly ahead
In today’s AGM statement, Supreme plc reported that the strong momentum evident in FY23 has continued into the first half, as a result of which the Group now expects revenue for FY24 to be in the range £195-£205m, with (adj.) EBITDA of £28-£30m. This guidance is up to 6% ahead of our previous revenue outlook of £193.5m and up to 17% above our (adj.) EBITDA estimate of £25.6m. The Group notes that of the incremental £3.5m in (adj.) EBITDA - versus a prior market consensus of £26.5m - £2.0m aris...
- Mike Jeremy
Strong FY23 results backed by vaping acquisitions
For the year to 31 March 23, Supreme reported revenue of £155.6m, +19%YoY (with H2 revenue rebounding 27%YoY versus H1 +6%YoY), and (adj.) EBITDA of £19.4m, -8%YoY (compared to H1 -19%YoY). Revenue was ahead of our estimate of £150m; (adj.) EBITDA matched our outlook. The Vaping product segment recorded revenue of £76.1m +75%YoY, 49% of total, with 40% of incremental revenue (c.£13m) generated by the acquired Liberty Flights, Cuts Ice and Flavour Core operations. Even excluding the contribution ...
Hybridan Small Cap Feast - 05 Jul 23
5th July 2023 @HybridanLLP Status of this Note and Disclaimer This document has been issued to you by Hybridan LLP for information purposes only and should not be construed in any circumstances as an offer to sell or solicitation of any offer to buy any security or other financial instrument, nor shall it, or the fact of its distribution, form the basis of, or be relied upon in connection with, any contract relating to such action. This document has no regard for the specific investment objectiv...
Hybridan Small Cap Feast - 17 Apr 23
17 April 2023 @HybridanLLP Status of this Note and Disclaimer This document has been issued to you by Hybridan LLP for information purposes only and should not be construed in any circumstances as an offer to sell or solicitation of any offer to buy any security or other financial instrument, nor shall it, or the fact of its distribution, form the basis of, or be relied upon in connection with, any contract relating to such action. This document has no regard for the specific investment objectiv...
- Mike Jeremy
Supreme plc: A positive update of further momentum
Supreme has issued a Trading Update for FY23 performance (year to 31 March) which it expects to be ahead of market expectations, and again in FY24 to slightly exceed the current market outlook. We have revised up our FY23 revenue outlook by 8.5% and, for FY24, by 7.6%. At the Interim we raised our outlook on the basis of strong results (ED report 29th November 2022 H1 23 results buoyed by strong performance from Vaping): FY23 revenue by 7% to £138.3m, and FY23 EBITDA (adj.) by 6% to £18.5m. The...
- Mike Jeremy
Supreme plc: disposal of T-Juice intellectual property
Supreme reports that it has entered into an agreement with an associated company of La Vape Professionelle Distribution (LVP), a leading French wholesaler of e-cigarettes and e-liquids, for the disposal of the intellectual property (IP) of T-Juice, inclusive of the Red Astaire brand. Supreme will receive an upfront payment of €4.5m (£3.97m) in respect of T-Juice brand IP, with the addition of income from consultancy services. The agreement ushers in a new strategic partnership in which Supreme...
- Mike Jeremy
Positive trading update – strong busiest quarter
Supreme reports that trading in the three months up to 31 December 2022 was significantly ahead year-on-year, with revenue and gross profit up 30%YoY. As a result, the Group is “well placed” to meet market expectations - which were raised in November - for the year to 31 March 2023. Following strong Interim results (ED report 29th November 2022 H1 23 results buoyed by strong performance from Vaping) we raised our FY23 revenue outlook by 7% from £129.5m to £138.3m, and raised our FY23 EBITDA (ad...
- Mike Jeremy
H1’23 results buoyed by strong performance from Vaping
For the six months to 30 September, Supreme reported revenue growth of 6%YoY to £64.6m, EBITDA (adj.) of £8.1m, -19%YoY and PBT (adj.) of £5.8m, -31%YoY. Revenue was underpinned by 47%YoY growth in the Vaping division, with, notably, 31%YoY organic growth. Interim revenue was 5% ahead of our outlook and EBITDA (adj.) 4% below. The Group notes that trading in the Lighting division, which had negatively impacted the FY23 outlook, is now recovering; Supreme notes that improved overall revenue momen...
- Mike Jeremy
Resilient and generating cash
In a Trading Update for the six months to 30 September, Supreme reports that Group performance remains in line with market expectations for the full year, reiterating the positive message of the 15th September AGM. In particular, the Vaping division, which we estimate to comprise 46% of FY23 revenue and 71% of FY23 gross profit, is reported to have continued on a strong growth trajectory, with organic growth boosted by the acquisition of Liberty Flights, and latterly, Cuts Ice Ltd., and Flavour...
- Mike Jeremy
Acquisition of Cuts Ice Limited and Flavour Core Limited
Supreme has announced the acquisition of independent vaping products manufacturer Cuts Ice Limited, and Flavour Core Limited, developer of flavours and e-liquids regulatory practices compliance. The acquisitions bring e-liquid technical and regulatory compliance knowhow, plus offering manufacturing synergies and bring additional access to European markets. The acquisitions are funded from existing resources, where Supreme has proven experience in the integration process, and are expected to be ...
- Mike Jeremy
Earnings-enhancing vaping products acquisition
Supreme PLC has announced the acquisition of Liberty Flights Holdings Limited for an initial consideration of £7.75m, with a deferred £2.0m and performance-related earn-outs taking the total potential consideration up to £14.75m. The acquisition of this leading UK manufacturer of closed system vaping products significantly enhances Supreme’s vaping customer footprint, and introduces new opportunities for cross-sales into Liberty’s customer base. Founded in 2010, Liberty Flights is the manufactu...
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