Supreme reports good trading after annual profit rises

Supreme said it made a good start to the year as the consumer goods group reported increased profit for its first annual results as a public company.

Adjusted pretax profit rose 21% to £16.4m in the year to the end of March from a year earlier as revenue jumped by a third to £122.3m. Including adjusted items such as the £2m cost of Supreme’s flotation, pretax profit fell 2% to £13m.

Supreme makes and distributes products such as batteries, lightbulbs, vitamins and its 88vape vaping brand. It listed shares on London’s AIM market in January at 134p each. The company said it expected to pay a dividend after publishing results for the current year.

Supreme said the year had started well and that Sainsbury’s had signed up to stock 88vape in 400 stores starting late summer. All parts of the business are trading in line with expectations, it said.

Sandy Chadha, Supreme’s chief executive, said: “Supreme performed very strongly in the year ended 31 March 2021. “There are clear and very exciting opportunities that exist for our business, particularly in categories like sports nutrition and wellness and vaping. We have made a good start to the current financial year and look to the future with confidence."

Supreme shares fell 3% to 195.45p at 13:06 BST.