Supreme (AIM:SUP), the AIM-listed vape and consumer goods distributor, reported record revenue of £270.2 million for the year ended 31 March, up 17% from £231.1 million in the prior year, driven by strategic acquisitions and continued growth in vaping.
Earnings (adjusted EBITDA) held broadly flat at £40.6 million against £40.5 million in FY25, in line with analyst consensus following an upgrade earlier in the year, as acquisition-related costs and investment in manufacturing infrastructure absorbed the revenue gains.
The Drinks and Wellness division was the standout performer, with revenue surging 60% to £69.3 million, reflecting a full year of contribution from Clearly Drinks and five months from SlimFast, acquired during the period for part of the combined £22.3 million spent on SlimFast and the 1001 carpet care brand.
Vaping revenues grew 15% year-on-year despite the introduction of the UK's disposable vape ban from 1 June 2025, with all major retail partners retained.
The firm ended the period with adjusted net cash of £7.5 million, up from £1.2 million a year earlier, after absorbing £12.9 million in acquisition payments and £6.0 million in capital expenditure on manufacturing facilities including the new Hive wellness facility and the Plant tea operation.
"Our portfolio has doubled over the past couple of years, fuelled by a combination of brand-led acquisitions alongside organic expansion," said chief executive Sandy Chadha.
Current trading in the new financial year is in line with market expectations, with two post-period licensing agreements signed with Carabao and Tonino Lamborghini adding further reach into energy and isotonic drinks.
