reports
Moody's Ratings appends limited default (LD) to Superior Industries' P...
Moody's Ratings (Moody's) announced that it has appended a limited default (/LD) designation to Superior Industries International, Inc.'s (Superior) probability of default rating (PDR), revising it to Caa3-PD/LD from Caa3-PD. There are no changes at this time to the company's Caa3 corporate family ...
- Hybridan Team
- Jon Levinson
Hybridan Small Cap Feast: 25 November 2025
25th November 2025 @HybridanLLP Our daily digest of news from UK Small Caps * A corporate client of Hybridan LLP. ** Potential means Intention to Float (ITF) or similar announcement has been made. ***Arranged by type of listing and date of announcement. ****Alphabetically arranged and priced on Share Price and Market Capitalisation during the time of writing on the day of Publication. Dish of the Day Admissions: None Delistings: ...
- Andy Hanson
Supreme (SUP LN) - Good performance in H1 - Corporate
Interim results show a good performance with Supreme delivering continued organic and acquisitive growth resulting in revenue increasing by 17% to £132.6m (HY25: £113.0m). We view this as an exceptional performance when set against the difficult consumer environment. A strong performance from the vaping division in the first set of the results since the transition to pod systems was particularly encouraging, allaying concerns over a shift in consumer behaviour following the change. Zeus leave fo...
- Mike Jeremy
Supreme - H1 26 results: diversified and resilient
For the six months to 30 September 2025 (H1 26), Supreme reported revenue of £132.6m, +17%YoY - reflecting both organic growth and the impact of acquisitions - gross profit (including forex) of £38.4m, +13%YoY, and (adj.) EBITDA of £18.5m (H1 25: £18.5m). The closing net debt position (non-IFRS16) was £4.1m, whilst the Group maintained its dividend policy (25% of net profit), recording an interim dividend of 1.6p/ share (H1 25: 1.8p/ share). The Group reiterated its strategy of growth and produ...
- Mike Jeremy
Acquisition of SlimFast UK and Europe
Supreme has announced the acquisition of the trade and selected UK and European assets of SlimFast, the well-known provider of high protein foods and meal replacement products, for a total cash consideration of £20.1m. SlimFast is acquired from the Irish food and nutrition specialist Glanbia PLC (glanbia.com, market cap. €3.5bn) inclusive of £9.0m in deferred consideration due in 15 months, funded through a combination of cash resources and the asset-based lending facility. The acquisition is ex...
- Charlie Williams
Supreme (SUP LN) - Acquisition of SlimFast UK & Europe - Corporate
Supreme has announced the acquisition of the renowned meal replacement and weight management brand, SlimFast UK & Europe, for total fixed consideration of £20.1m, made up of £11.1m upfront and £9.0m deferred until January 2027. SlimFast generated £25.5m of revenue and £9.7m of gross profit in CY24, helping further dilute the importance of Vaping whilst bolstering the Group’s presence in a fast-growing market where Supreme has only limited exposure through Sci-Mx. The transaction is expected to b...
- Mike Jeremy
Supreme plc - AGM statement: momentum maintained
In a statement to accompany today’s AGM, Supreme reports that the Group has “continued to see good momentum across its portfolio in the first half of the current financial year” (H126). The Group highlights the combination of strong recent (FY25) financial performance and strategy of complementary acquisitions. On changes in the UK market for vaping products, Supreme reports that it “continues to successfully navigate the evolving UK vaping market, having strategically managed the ban on dispos...
- Charlie Williams
Supreme (SUP LN) - Momentum continues - Corporate
Supreme continues to successfully navigate the challenging consumer backdrop and regulatory changes in the UK Vaping market whilst ensuring the integration of its recent acquisitions remain on track. Today’s AGM statement confirms momentum seen during FY25 has continued so far into H1-2026 and the Group remains in line with full year expectations. In a time where consumer discretionary income remains stretched, Supreme’s value proposition across a broad range of repeat-purchase FMCG categories r...
- Mike Jeremy
Supreme plc - Acquisition of household cleaning brand 1001®
Supreme has announced the acquisition of the carpet care products brand 1001 for a fixed consideration of £1.65m (of which £0.35m is deferred) from US-based WD-40 Company. 1001 reported current revenue of £4.5m, having recorded peak turnover of £8.0m. The acquisition is expected to be immediately earnings-accretive and maintains the pace of product diversification and enhancement of the range of offerings within its household goods range, further counterbalancing the contribution from vaping pro...
- Charlie Williams
- Rachel Birkett
Supreme (SUP LN) - Acquisition of 1001 carpet care brand - Corporate
Supreme has announced the bolt-on acquisition of the renowned British carpet care brand, 1001, for total fixed consideration of £1.65m (0.4x sales) and up to £3.0m for contingent consideration and c. £1.0m for inventory. The acquisition is expected to be immediately earnings accretive, often a pre-requisite for Supreme, and should provide good cross selling opportunities at low incremental cost into Supreme’s vast distribution network of 40,000 retail outlets. Zeus leave FY26 revenue and profit...
- 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...
- Charlie Williams
- Rachel Birkett
Supreme (SUP LN) - Another year of record performance - Corporate
Supreme has delivered another year of record performance with adj. EBITDA growing 6% to £40.5m, ahead of revenue growth at 4% to £231.1m, underpinned by accretive M&A, improved manufacturing efficiencies and good underlying growth in key segments. The Group ended the year with net cash (excl. leases) of £1.2m despite spending £25.6m on M&A and returning £5.8m to shareholders via dividends, highlighting the impressive cash generation of the Group through its vertically integrated business model. ...
- Mike Jeremy
Strong trading shows benefit of diversified portfolio
In a Trading Update for the year to 31st March 2025, Supreme reports that the Group traded strongly, supported by acquisitions and underpinned by cost management. Supreme expects FY25 revenue of c.£235.0m and (adj.) EBITDA of “at least” £40.0m; they also expect FY26 (adj.) EBITDA in line with market expectations. Supreme notes development of a number of new sales opportunities following from the acquisition of Clearly Drinks (June 2024), accessing the soft drinks sector, and Typhoo Tea (Decembe...
- Charlie Williams
- Rachel Birkett
Supreme (SUP LN) - Record revenue in FY25 - Corporate
FY25 trading update: Supreme has released a trading update for the twelve months to 31 March 2025 confirming solid trading through the year. Record revenue of ~£235.0m is +6.3% YOY (FY24: £221.2m) supported by strategic acquisitions completed in the period. This is 2.0% below previous guidance (issued November 2024) and Zeus forecast of £240.0m due to softer trading in the discounter channel, partly offset by contribution from the Typhoo Tea acquisition (Dec 2024). Strong cost control means Adj....
- Mike Jeremy
Acquisition of Typhoo Tea for £10.2m
Supreme PLC has acquired the trade and selected assets of Typhoo Tea out of administration for a total cash consideration of £10.2m, including Typhoo’s stock and trade debtors with a book value of £7.5m. For the year to 30th September 2024 Typhoo generated revenue of c.£20.0m, and a pre-tax loss of c.£4.6m. Supreme estimates that the acquisition will boost the annualised contribution from non-vape revenue to c.50% of total, and with full integration into Supreme’s cap-ex-light out-sourced manuf...
- Mike Jeremy
H1 25: margin improvement and FY25 outlook raised
For the six months to 30 September 2024, Supreme reported healthy revenue growth of +8%YoY (£113m) based on both ongoing business and the acquisition of Clearly Drinks Ltd., with (adj.) EBITDA +22%YoY at £18.5m, underpinned by gross margin improvement +299bp to 29.6%. The (adj.) EBITDA margin was 16.3%, compared to 14.5% a year earlier. The improvement in profitability underlines Supreme’s breadth of market position and depth of expertise in the distribution of a wide range of household goods. T...
- Rachel Birkett
Supreme (SUP LN) - Interim results - Corporate
Resilient H1 trading: Revenue of £113.0m is +7.6% YOY (H1 FY24: £105.1m) underpinned by growth in non-vaping categories and the acquisition of Clearly Drinks Limited. Adj. EBITDA of £18.5m is +21.6% (H1 FY24: £15.2m) driven by higher gross margins across all categories, including a 400bps improvement in Branded Distribution GM and the positive mix effect of the new Soft Drinks category (40% GM), as well as tight control of overheads. Supreme remains debt free with net cash (excluding lease liabi...
- Rachel Birkett
Audio Note: Supreme - AGM Statement
In this audio note, Zeus’ Rachel Birkett summarises the investment case for Supreme. Supreme’s strong FY24 trading momentum, reported in July, has continued in to the first half of the current financial year and the Group remains in-line with full year expectations.
- Mike Jeremy
AGM statement affirms market momentum
In a statement to accompany today’s AGM, Supreme PLC Chairman Paul McDonald noted “record organic revenue and profit growth” for the year to 31 March 2024. The Group also closed the year debt-free. Subsequently, the Group has continued to build on positive trading momentum into H1 25, and, following a solid start, expects FY25 performance to be in line with market expectations. Inclusive of the acquisition of Clearly Drink, Supreme reports that annualised sales from non-vaping products are expe...
- Rachel Birkett
Supreme (SUP LN) - AGM Statement
Positive momentum, trading in-line with expectations: Today’s update confirms Supreme’s strong FY24 trading momentum, reported in July, has continued in to the first half of the current financial year and the Group remains in-line with full year expectations. The Group continues to see strong demand for its products, with its value proposition remaining highly relevant at a time when household discretionary spend remains under pressure.
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