Supreme organic revenue and profits grow in FY24

19th Sep 2024 08:03

(Sharecast News) - Consumer goods manufacturer Supreme said on Thursday that it had "traded strongly" across the year ended 31 March, delivering record organic revenue and profit growth and ending the year debt-free.

Supreme said it had again seen "strong consumer demand" for its products at a time when household discretionary spending remains under pressure and stated it has continued to build on this positive trading momentum in the first half of the current financial year.

The AIM-listed group also said the earnings-enhancing acquisition of soft drinks business Clearly Drinks had accelerated its broader diversification strategy, stating that non-vape annualised sales were now expected to exceed £100.0m.

"Acquisitions continue to underpin Supreme's growth ambitions, and the current M&A pipeline is strong with opportunities spanning multiple product verticals and markets," it said.

Supreme added that the core lines within its vaping category continued to perform well and that it remains "well positioned" to comfortably manage the anticipated changes to the UK vaping market.

"As an industry leader, Supreme acknowledges the wider concerns of underage vaping and remains fully supportive of proposed legislative changes in the UK," it added.

As of 0930 BST, Supreme shares were up 1.09% at 166.80p.

Reporting by Iain Gilbert at Sharecast.com