Yahoo Finance Supreme’s revenues soar to record heights as vaping products save the day
ElfBar and LostMary could be the ones to thank for Supreme’s favourable six months as the firm rings in the half-year mark with record revenues and profit growth.
The ElfBar distribution alone contributed to £26.4m of its £64.6m revenue in the period, Supreme said today, alongside “strong organic growth” of £8.7m in areas such as lighting, vaping, nutrition and wellness.
Gross profits for the now-vaping industry-friendly firm are up 63 per cent, from £18.2m to £28.5m.
The numbers come after the firm was chosen this summer as the master distributor for two leading UK vaping brands, ElfBar and Lost Mary, which it has begun to supply to major UK retailers such as Tesco, Morrisons and WHSmith Travel.
The London-listed company said at the time it expected the partnership to generate revenues of £25m to £30m over the next fiscal year ending March 2024.
In just four months since the partnership was announced, it’s reached over double the goal.
Sandy Chadha, Chief Executive Officer of Supreme, said today: “I am delighted to report another exceptional period of trading for the Group, delivering record revenue and profit growth.
“Looking ahead, the second half of the year is shaping up to be another significant period for Supreme. The Group remains ideally placed to continue to deliver robust operational and financial progress as we strive to deliver ongoing profit momentum.”
While there’s been a political crackdown on vape products, with both Rishi Sunak and Labour’s Keir Starmer vowing to tackle the supposed scourge, Chadha said they “remain highly vigilant to the growing problem of underage vaping”.
