The UK-based wholesale vaping product distributor and manufacturer Supreme stated in a press release Thursday that trading in the current financial year remained in line with the company’s market expectations.
The AIM-traded firm, which was holding its annual general meeting, stated that it delivered a strong performance for the year ended March 31, underpinned by organic growth across its leading divisions, as well as acquiring complementary businesses.
Paul McDonald, chairman of Supreme, stated the company had continued to develop an “extensive network” of customers across the retail space, and was “delighted” with the progress made in increasing its retail penetration, alongside the positive impact of recent brand and product launches.
“Trading for the current financial year remains in line with market expectations, with the business well-placed to deliver on our strategic aspirations, supported by the recent acquisitions of vaping business Liberty Flights and the purchase of trade and assets of Cuts Ice and Flavour Core,” McDonald stated.
“Our fast-growing vaping category continues to underpin the group’s growth.”
Alongside the strong performance of Supreme’s 88vape brand, including new customer wins across grocery and convenience retail, McDonald stated that the company is committed to evolving its vaping segment as evidenced with the recent acquisitions of Liberty Flights in June, and Cuts Ice and Flavour Core in August.
McDonald said the two transactions were “highly complementary and immediately earnings enhancing,” and would deliver scale to the group, adding that the company was “well-placed” to help mitigate the impact of inflation on consumers.
“Looking ahead, we continue to explore additional merger and acquisition opportunities to complement the group’s organic growth, and the board remains confident in Supreme’s strategic ambitions, underpinned by the exciting prospects within vaping,” he stated.