Supreme brushes off disposable vaping ban as revenues hit new record
Supreme reports record revenues despite the UK's disposable vaping ban and prepares for upcoming vaping duties.Summary
Supreme has reported record group revenues of £270.2 million, a 17% increase, driven largely by a 15% growth in its vaping category. Despite the significant impact of the UK's disposable vaping ban introduced last year, the company successfully transitioned its retail customers from disposable vapes to pod systems.
While pre-tax profits fell by 14% to £26.7 million due to investments in factories and recent acquisitions like Typhoo and SlimFast, the group remains optimistic. CEO Sandy Chadha stated that the company is well-prepared for the upcoming Vaping Products Duty (VPD) in October, suggesting that the compliance burden may actually benefit larger players like Supreme by squeezing out smaller competitors and reducing illicit trade.
(Source：LBC)
