Supreme Reports 180% Increase in Profits and 63% Revenue Growth

Business by 2FIRSTS.ai

Nov.29.2023

Supreme Reports 180% Increase in Profits and 63% Revenue Growth

UK consumer goods manufacturer and supplier Supreme reported a 180% increase in pre-tax profit for the six months ending September 30, reaching £12.3m, and a 63% increase in revenue to £105.1m.

According to Zonebourse, Supreme, a consumer goods manufacturer and supplier based in Manchester, UK, reported on November 28th that the company's pre-tax profit for the six months ending on September 30th was £12.3 million, an increase of 180% compared to £4.4 million last year. The company also recorded a revenue of £105.1 million, a 63% increase from £64.6 million last year.

According to the latest report from Supreme PLC, the revenue of its e-cigarette brand division has experienced a significant increase, reaching £30.6 million. This accounts for 86% of the total revenue of the division for the first half of this year, showing a substantial growth compared to last year's £3.4 million. Within this division, ELFBAR has played a major role, contributing £26.4 million in revenue, which equates to 25.1% of the company's total revenue.

Supreme emphasized that while it does not manufacture or own ELFBAR, it has signed a distribution agreement with them. The company clearly stated that the introduction of ELFBAR has not had a significant impact on the profit margins in this category. Looking ahead, Supreme stated that the second half of the year has been performing well, with all departments showing a growth trend.

The projected revenue for the fiscal year 2024 is expected to be between £210 million and £225 million, showing an improvement from the March forecast of £195 million to £205 million. This represents a growth of at least 61% compared to the £130.8 million revenue generated in the fiscal year 2023.

References:

[1] Supreme salue Elfbar pour le bond de son bénéfice intérimaire et envisage une hausse future

Also Read:

[1] Supreme's Initiatives to Reduce Youth Use and Environmental Impact of Vapes

[2] Supreme's Stock Soars as Vaping Distribution Shows Success

[3] Supreme Becomes Master Distributor for ELFBAR and LOST MARY in the UK

#Europe #E-cigarettes #United Kingdom #Report

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