reports
- 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.
Hybridan Small Cap Feast - 2 July 2024
2nd July 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, or it is a rumour Dish of the day Admissions: Delistings: What’s baking in the oven? ** Potential**** Initial Public Offerings: ITF announced: 19 June 2024: IntelliAM, an artificial intelligence company focused on the consumer goods industry, is preparing to list on the Aquis Exchange on 3 July. Th...
- Mike Jeremy
FY24 results generate doubled profit, record cash
For the year to 31 March 2024 Supreme reported revenue of £221.2m, +42%YoY, (adj.) EBITDA of £38.1m, +97%YoY and (rptd). PBT of £30.1m, +109%YoY. Net cash from operations grew 40%YoY to £27.1m, with year-end net cash1 of £11.6m (FY23: £3.2m). (adj.) diluted EPS was 18.19p/share (ED E, 20.2p). We see strong performance at gross level, +55%YoY with margin improvement from 26.3% to 28.7%. The Group has made timely preparation for the transition to traditional refillable, rechargeable e-cigarettes...
- Rachel Birkett
Supreme (SUP LN) - Record FY24 results
Supreme has delivered a record performance, underpinned by robust profitable growth across all divisions; revenue of £221.2m is +42% YOY with adj. PBT more than doubled to £32.3m. Supreme is now bank debt free, with £11.6m net cash (ex-leases) despite completing seven acquisitions and returning more than £16m to shareholders over the past four years. It has well invested operations, underpinned by its new 167k sq. ft. Ark facility, whilst the recent acquisition of Clearly Drinks adds a further h...
Hybridan Small Cap Feast - 24 June 2024
24th June 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, or it is a rumour Dish of the day Admissions: Delistings: TUI AG (TUI.L) has left the Premium Segment of the Main Market. Bens Creek Group (BEN) has left AIM. What’s baking in the oven? ** Potential**** Initial Public Offerings: ITF announced: 19 June 2024: IntelliAM, an artificial intelligence co...
- Mike Jeremy
Acquisition of Clearly Drinks
Supreme has announced the acquisition of Clearly Drinks Ltd., for a total net cash (debt free) consideration of £15m, funded from cash. Clearly Drinks is a manufacturer of specialised canned and bottled-at-source spring water and soft drinks with FY23 annual turnover of £22m and EBITDA of £3.0m. This is a significant diversification, which increases the FY25E contribution from non-vaping revenue streams from £85m (38% of total) to £100m (42%). The acquisition of Clearly creates a new Supreme Bu...
- Rachel Birkett
Supreme (SUP LN) - Acquisition of Clearly Drinks
Supreme has announced the acquisition Clearly Drinks Limited, a brand owner and manufacturer of canned and bottled soft drinks, introducing an additional and highly complementary FMGC category to Supreme’s portfolio. The transaction is immediately earnings enhancing, with total consideration of £15.0m paid in cash.
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...
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