According to a report by Cityam on January 2nd, the UK e-cigarette company Totally Wicked has reached a record high profit this year, just before England and Wales are set to ban the sale of disposable e-cigarettes. The company reported that its pre-tax profit for the 12 months ending on March 31, 2024, reached 8.1 million pounds, compared to 3.3 million pounds the previous year.
New documents submitted to the Companies House by Totally Wicked reveal that its turnover has increased from 90.4 million pounds to 118.1 million pounds, reaching a new record high. This growth is significant compared to the turnover of only 54.4 million pounds for the financial year ending on March 31, 2022.
The UK government has confirmed in October 2024 that the sale of disposable e-cigarettes will be banned in England and Wales from June 2025. In addition, the government plans to introduce a tax of £2.20 per milliliter on e-cigarette liquid starting from October 1, 2026.
Totally Wicked states that these new regulations could have a negative impact on smokers and former smokers accessing e-cigarette products, potentially leading to an increase in tobacco use. However, they believe that licensing requirements and new tobacco e-cigarette taxes will significantly increase the enforcement efforts of HM Revenue & Customs against illegal e-cigarette sellers, providing opportunities for legitimate businesses like Totally Wicked.
Totally Wicked's revenue in the UK increased from £77 million to £96.9 million, in Europe from £12.9 million to £20.8 million. However, sales in other parts of the world decreased from £441,700 to £396,000. The company's wholesale business income rose from £53.8 million to £76.4 million, while retail business increased from £16 million to £18.9 million. Online and telephone sales also went up from £20.6 million to £22.7 million. At the same time, the number of employees increased from 372 to 411.
According to reports, Totally Wicked was founded in 2008 by Jason Cropper. The company is opposing the UK government's plan to ban disposable e-cigarettes, arguing that it will lead to the rise of a black market for unsafe products.
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