Supreme hails Elfbar as interim profit jumps; eyes future surge

(Alliance News) - Supreme PLC on Tuesday said that the second half of its current financial year ...

Alliance News 28 November, 2023 | 11:26AM
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(Alliance News) - Supreme PLC on Tuesday said that the second half of its current financial year started "very well" as it reported a surge in first-half profit and hiked its dividend.

The Manchester-based consumer products manufacturer and supplier said in the six months to September 30, pretax profit nearly trebled to GBP12.3 million from GBP4.4 million a year prior. Revenue jumped 63% to GBP105.1 million from GBP64.6 million.

Supreme highlighted that revenue from its Branded division skyrocketed to GBP30.6 million from just GBP3.4 million a year prior, with Elfbar contributing GBP26.4 million, around 86%, to the just posted half-year revenue for the division. Supreme does not own or manufacture Elfbar but has an Elfbar distribution agreement. The company noted that "the addition of ElfBar has not notably changed the margin profile of the category".

The company declared an interim dividend of 1.5 pence per share, up 88% from 0.8p a year ago.

Looking ahead, Supreme said its second half has "begun very well", with growth reported across all divisions.

It now expects financial 2024 revenue to be between GBP210 and GBP225 million, which is up from March's guidance of GBP195 to GBP205 million and at least 61% higher than GBP130.8 million in financial 2023.

Adjusted earnings before interest, tax, depreciation and amortisation are forecast between GBP32 to GBP35 million, compared to the prior range of GBP28 to GBP30 million and a jump of at least 52% from GBP21.1 million a year prior.

Supreme shares rose 13% to 124.33 pence each on Tuesday morning in London.

By Tom Budszus, Alliance News slot editor

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Securities Mentioned in Article

Security Name Price Change (%) Morningstar
Supreme PLC Ordinary Shares 129.00 GBX 0.00 -

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