Supreme Plc Share Chat (SUP)

A big part of the business is the manufacture and supply of vaping products, the government is introducing the Vaping Products Duty tax in Oct, I can see this having a major impact of sales going forward

Have we had any guidance off the company about how this new tax will impact sales and profitability

The upcoming UK Vaping Products Duty (VPD), taking effect on 1 October 2026, will disproportionately impact discount brands by erasing their primary competitive advantage: ultra-low pricing. Because the tax is applied as a flat rate based on liquid volume rather than a percentage of the retail price, cheaper products face a massive, regressive price hike.The policy framework, outlined by HM Revenue & Customs, will shape the value sector in several distinct ways:

1. Disproportionate Retail Price HikesThe new duty adds a flat £2.20 per 10ml of e-liquid. When the standard 20% VAT is applied to the duty, the total price increase passed to consumers is £2.64 per 10ml.For premium brands, this is a noticeable jump. For discount brands like 88Vape, it completely changes the product's economic profile:Current Discount Price: ~£1.00 for a 10ml bottle.Post-Tax Price: ~£3.64 for a 10ml bottle (a 264% price increase).Current Premium Price: ~£3.99 for a 10ml bottle.Post-Tax Price: ~£6.63 for a 10ml bottle (a 66% price increase).The financial gap between choosing a budget liquid and a premium liquid will shrink significantly in percentage terms, which may tempt users to trade up to premium alternatives.

It's not really new news as was first mentioned around a year ago and has been available to buy for a while now on the supreme website, but I guess this is the official launch.

I have high hopes for it especially in certain international markets like the middle east and China. If they can find the right partners.

I also think their trade brochure is really good and highlights the differences between this and other brands.

Page here https://www.supreme.co.uk/brands/tonino-lamborghini-energy-drink/. But brochure not showing on my mobile only on desktop.

New licensing deal... and there's me thinking Lamborghini was a car! 😂

a company definitely on the up... this is the time to load up!

Good find... 2025 account have been published too, 120m bhat which is £2.7m at today's rates.

So it's not nothing, but now I see why it's not done anything to the brokers 2027 forecast.

Https://www.foodanddrinktechnology.com/news/40758/clearly-drinks-reports-revenue-and-gross-margin-growth/

Based on company filings, Carabao Group's sales in the United Kingdom for the 2024 fiscal period were approximately 193 million THB, which converts to roughly £4.2 million to £4.5 million based on 2024 exchange rates.

Thanks Boon — really insightful.

Where did you find that Supreme was already doing the contract filling for Carabao, and that the UK business was around £4–5m? I couldn’t find anything online.

I agree that Sandy can come across as over optimistic sometimes, but I don't really have a lot to fault.

With regards to the decline in expected earnings from the Slimfast acquisition to the half year results from the drinks and wellness division I believe a good chunk of that has been due to Clearly drinks losing some larger contract manufacturing business, which was relatively low margin so if they can add some more higher margin own brands even though the revenue might be less profitability might not be impacted.

The fact that there has been no change in expectations between the half year results and the trading update/Carabao license is because the broker wants to see the final results before making any changes to forecasts as it's probably difficult to do just off the back of a trading update.

With regards to the Slimfast acquisition in the recent trading update they said this 'The Group's Drinks & Wellness category also performed strongly, boosted by an excellent contribution from SlimFast, which was acquired during the Period.'

Also slimfast has seen steady sales over the last few years so I don't expect a sign decline. In fact I hope to see some growth.

However the rational for the slimfast acquisition wasn't just the brand it was the ability for it to increase the output from their new powders facility from around 20% utilisation to between 60 and 70% this means higher productivity and margins across the board.

With regards to Carabao I believe that their annual UK sales have historically been between £4 and £5milllion and clearly drinks was already the manufacturer so additional annual revenues to Supreme will be lower than that if nothing changes (however margins should improve).

Now if Supreme can utilise their existing distribution and product development to put carabao in more stores or more products per store then it could grow nicely. Off course there's also the potential opportunity to sell more of Supremes existing brands into Carabao accounts.

With regards to 1001 I think this was an opportunistic but, at very little risk. I think Supreme wanted to enter the cleaning products market and instead of creating a brand from scratch they've bought a brand, which wasn't core to the wd40 business model at an attractive price. They're already starting to launch some more general cleaning products aimed at professionals. Remember they've got a core customer base that buys P&G cleaning products from them. If they can convert some of these to 1001 instead I expect it would increase their margins significantly, especially if they move to their own manufacturing in the future.

All in all I believe Supreme offers good growth prospects going forward and I expect the company and brokers are being cautious. Maybe because of the global economic uncertainty, but I'd be surprised if the wellness and drinks category expectations aren't raised a

What is concerning here is either Supreme’s optimism about, or lack of understanding of, the drinks market. The following summary of Equity Development’s broker forecasts (which, in reality, are largely guided by management) shows how expectations for the drinks division have steadily deteriorated.

FY26 revenue forecasts:

October 2025 (SlimFast acquisition announced): £79m

November 2025 (H1 results): £69m

April 2026 (FY results & Caraboa licence): £69m

FY27 revenue forecasts:

October 2025 (SlimFast acquisition announced): £106m

November 2025 (H1 results): £90m

April 2026 (FY results & Caraboa licence): £90m

This strongly suggests that, at the point of acquisition, management were expecting very substantial contributions from SlimFast, Juicy Protein or Typhoo Iced Tea — none of which have since materialised. Notably, the FY27 forecast has not moved at all following the announcement of the Carabao licence, despite this being a volume‑led product where Supreme should already have a clear line of sight on UK sales volumes. One would expect this to be visible within a relatively narrow margin of error.

The total consideration of SlimFast was £20m, which is huge at more than 25% of the company’s equity value at the time. To be fair, approximately £9m of this is deferred and performance‑linked. So if SlimFast ultimately proves to be a flop, the economic cost to Supreme may be closer to £11m. Never-the-less, thats quite a bet on a business being upended by GLP-1 drugs, despite Supreme attempting to spin this as an opportunity.

More fundamentally, Supreme’s historical strength has been in acquiring poorly run businesses and operationally improving them. The key question with SlimFast is whether it was ever poorly run at all — or whether it is simply a weak or structurally challenged brand. The same applies to 1001, acquired from WD‑40: this was not a failing start‑up, nor a business lacking operational discipline, but a brand owned by a highly experienced consumer goods operator.

There is a risk that Supreme is drifting away from what it has traditionally been good at: buying neglected assets and fixing them. Instead, it appears to be taking bigger bets on mature brands where the scope for operational enhancement is limited and the outcome is much more dependent on consumer demand and category growth.

Perhaps SlimFast is simply a slower burn than initially expected. Alternatively, perhaps management — and Sandy in particular — may need SlimFast to fail before making a much larger bet in the same mould. Either way, the direction of travel feels materially different from the Supreme of a few years ago, and that shift deserves close scrutiny.

I spotted this about Germany https://www.tobaccojournal.com/news/cigarette-sales-up-slightly-e-liquids-surge/

Also read that 40% of sales in Germany are grey or black market, which I expect is a lot harder to crack down on with open borders and no tax in neigb countries. The Netherlands for example import way more liquids from China than their own domestic use. No need for tax stickers and I expect a lot of it is ending up in Germany and other EU countries.

Hi Boon — good spot on Morrisons at £1.30. It’s the only major retailer I can find online at that price right now, but it could indicate that Supreme have begun nudging prices up again. Last time they raised prices, they increased the wholesale/retail list price, but the timing of when each retailer passed that rise on to customers varied.

They previously blogged about the last price increase on the 88Vape website, but there’s been nothing this time — though to be fair, that earlier rise was the first in years, so they may simply not feel the need to announce it again.

I also wouldn’t be surprised to see another rise in the next three months. Retailers will be bulk‑buying before October because they can purchase stock without the new excise tax and still legally sell it without a tax stamp for six months afterwards. That means they can continue selling at £1.20/£1.30 (or whatever their pre‑tax price was) — or, if they want to be opportunistic, they can raise the shelf price to £4 and effectively pocket the “tax” margin themselves.

Supreme will know this dynamic very well. That creates an incentive for them to push through another wholesale price rise ahead of the pre‑tax stockpiling surge, capturing more margin while retailers are loading up.

Hi Joker — where are you getting your stats on Germany from? I’ve struggled to find solid, verifiable sources.

On Ireland, the tax only came into force in September 2025, so it’s probably too early to see any meaningful demand impact. The rate is extremely high — €5 per 10 ml plus 23% VAT — so I’m definitely interested to see how this affects consumption once a full year of data is available.

Spain’s tax is also very recent, so I’m not sure how much reliable data exists yet. If you can point me to reputable sources for either country, I’d appreciate it.

I'm also pretty sure I saw somewhere that we're looking at also offering 5ml of liquid so that will presumably reduce the cost pressure to consumers somewhat. So it might be something like £2.50 for 5ml or £4 for 10ml.

We're still likely to be the lowest cost offering on the market and I'm not sure vaping numbers will decrease dramatically.

I'd also be interested to find out at the results how the vaping business is going in Spain and other international markets.

Tesco and sainsburys both selling liquids at £4 per 10mg. Asda at £2.75 and morrisons 88vape at £1.30 so not sure if there's been another 10p increase.

"Update reports that FY26 ‘significantly’ ahead" and new licensing agreement - research note freely accessible here: https://www.equitydevelopment.co.uk/research/update-reports-that-fy26-significantly-ahead

Supreme delivered FY26 results significantly ahead of market expectations, with the Board reiterating confidence in future trading prospects.

Key financial metrics were robust. Revenue increased 15% YoY to c.£265m, driven by broad‑based growth, with adjusted EBITDA of c.£40.6m, EPS of 19.6p, and the Group net‑cash positive at year end.

Supreme’s strategy continues to deliver. Performance was underpinned by material growth in vaping, a strong contribution from Drinks & Wellness supported by recent acquisitions, and continued investment in manufacturing capacity, supporting operational resilience. Today's new 5 year licensing deal with Carabao adds a further element to their growth strategy.

Valuation remains attractive. The shares trade on 8x PER, which does not fully reflect the Group’s scale, diversification and cash generative profile, supporting a fair value of 237p per share.

Ggplyr - I'd like to know more about the Slimfast opportunity. If it is possible to connect Slimfast products with a disciplined programme of weight management along with or after taking appetite suppressant drugs (which are expanding from novel to normal use in my view) then surely the opportunity to increase revenues must be significant. Supreme paid £20M odd so they must have some confidence. I've never worked in FMCG however and have no useful knowledge.

I was more surprised about the bolt on acquisition of 1001 from WD 40 - pity we couldn't buy WD 40 ! I haven't bought a carpet cleaning product as per that product range for more than 30 years and I think the trend is for all the home to be laminate flooring except lounge and bedrooms - ie a declining market before factoring in that the overall number of dwellings continues to increase as the population grows. But to me the 1001 acquisition looks like batteries and lightbulbs - we'll still sell some but the trend is downwards. Again, I have no expert knowledge at all and this is just thinking out loud.

Any thoughts on slimfast AValue?

I think the Typhoo purchase, from administrators, was cheap as chips - it included a lot of stock which was sold at a profit - the CFO confirmed in a webinar.

Supreme looks to be positioning itself as a contract filler for smaller brands that don’t have the scale or expertise to navigate the upcoming tax changes, which can only be a positive strategic move in my view:

https://www.linkedin.com/posts/supreme-imports_supreme-sup-fmcg-activity-7425192498274205697-P-zR?utm_source=share&utm_medium=member_android

Hopefully they can steer through this period successfully and come out the other side with a re‑rating. That other side is probably a smaller vaping market, partly offset by a growing share. The price elasticity here is going to be fascinating— >triple prices for 88Vape, trade‑downs from premium brands, and some users likely jumping to untaxed HnB or pouches… though if demand tanks more than I’m expecting, I’ll probably find it a lot less fascinating as a shareholder.

That said, I do have some concerns. Supreme’s model has historically been very straightforward and very effective:

-buy an underperforming or poorly managed business,

-improve operations,

-and then leverage Supreme’s existing distribution network to push the products out more efficiently.

This formula has served them extremely well over the years.

The SlimFast acquisition, however, feels very different. It was a substantial purchase relative to Supreme’s equity base, and unlike past deals, they’ve bought it from a major FMCG player—so presumably the brand was already well‑managed. Supreme is now betting on new product development, but I’m not convinced that NPD is their core strength. 88Vape was a massive success, but it may have been more a case of right place, right time rather than a deep understanding of why it worked. They haven’t been able to replicate that success with 88Nic, perhaps because they’re assuming the pouch market overlaps with the 10ml vape liquid customer base, which doesn’t seem to be the case.

The 1001 acquisition was from another established company as well—again likely well run—but at least the purchase price there was modest.

Typhoo Tea, on the other hand, seemed expensive relative to Supreme’s balance sheet, but that business did look very poorly managed, so there’s probably genuine turnaround potential and room for clear value creation.

Sandy has been doing this for a long time and has a huge amount of skin in the game, so I still trust that he’s making the right calls overall—even if I’ve got a few doubts about some of the recent strategic shifts.

I nearly missed five RNS announcements yesterday after the market closed, announcing new and increased shareholdings by Mikhail Borisovich Stiskin who has bought 7.14% of the shares over the past month. I estimate that he committed about £12M at an average of £1.46). I've not heard of his investing activity before but a bit of research suggests he has an investment banking background in Russia, though now Limassol based. Mining and value investing get a mention in simple research (veracity not checked). That same simple research (not quality checked) suggests that he has been a significant investor in FMCG business Kitwave plc which has accepted a buyout offer in early 2026, allowing him to exit at a premium price (and freeing up some cash to invest in Supreme).

I think this makes him the second largest investor, with Sanday still having more than 50%.

Note the volume appears to be rising substantially, obviously a seller is being cleared out at 148p, technically this looks like it's about to rise with 152p a key point. Let's take a guess, seller gets cleared out, and a decent acquisition is announced.

The CEO sold 1.6m shares at 160p 11th oct 24 to satisfy institutional demand. I do love a CEO who thinks about II before himself and brokers who assist in spinning the BS. However, there is now some value in this and the chart is improving, perhaps a small 20-25%, so I'm in at 144p. I do miss reading the multiple broker notes on this and their overly optimistic projections. Did they manage to replace the revenue from disposables with vape sales like the brokers anticipated?...........nope, just as predicted.

It wasnt an exciting investor presentation either.

Profits down, EPS down and lot of empty positive retoric from CEO...Nothing to get excited about

Not well received

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In his annual review of the small cap sector Investors’ Chronicle associate editor Simon Thompson notes that UK equities continue to be undervalued relative to US shares, particularly AIM-listed tech. Plenty of opportunities exist for canny stockpickers amid the many small caps with low earnings multiples.

The prospect of lower interest rates and – in due course – market reform augur well for AIM’s continued recovery in 2026. And though investors rightly look to the junior market for short-term gains they should not lose sight of one of the most well observed market patterns, frequently highlighted by TMS: the tendency of small caps to outperform their larger counterparts over time. The pattern has asserted itself in recent history, small and mid-sized companies generating a return premium over their larger peers of 6pc between 2009 and 2021. AIM was designed precisely to provide a framework for small cap growth over extended periods.

For investors willing to do their homework, manage risk, spread their money over different sectors, and hold on to promising shares through tough times, AIM offers as many opportunities as it ever has.

Here, we look at 10 Companies from a variety of sectors that have performed in 2025 or which may be positioned for a better year ahead. Also look out for our roundup of new year selections for Oil & Gas plus mining stocks. Enjoy.

https://total-marke

Investor Presentation video (HY Results) - link to recording below if you missed the live event last week

Sandy Chadha (CEO) and Suzanne Smith (CFO) of Supreme conducted an Investor Presentation covering Interim Results for the six month period to 30th September 2025. Highlights included revenues +17% in the period, driven by acquisitions and organic growth.

Management discussed how acquisitions continue to accelerate the Group's ongoing product diversification strategy, the successful transition from disposable vapes to pod systems, and highlighted the Interim dividend of 1.6 pence. The team discussed the performance of each business division, and provided a detailed summary of Financials, before answering a wide range of questions submitted by the audience.

The full video has been divided into chapters, as below:

0:00:03 Introduction to Supreme

0:04:05 Financial & Operational highlights

0:09:25 Evolution of Typhoo, Acquisitions of SlimFast and 1001

0:13:55 Vaping

0:15:11 Drinks & Wellness

0:17:32 Electricals & Household

0:19:12 Financial Review

0:30:52 Investment Highlights and & Outlook

0:36:40 Questions & Answers

Link to video: https://www.equitydevelopment.co.uk/research/supreme-hy-results-investor-presentation-video-25-november-2025

"H1 26 results: diversified and resilient" - new research note with video summary here (freely accessible): https://www.equitydevelopment.co.uk/research/supreme-h126results-diversified-and-resilient

For the six months to 30 September 2025 (H1 26), Supreme reported revenue of £132.6m, +17%YoY - reflecting both organic growth and the impact of acquisitions - gross profit (including forex) of £38.4m, +13%YoY, and (adj.) EBITDA of £18.5m (H1 25: £18.5m). The closing net debt position (non-IFRS16) was £4.1m, whilst the Group maintained its dividend policy (25% of net profit), recording an interim dividend of 1.6p/ share (H1 25: 1.8p/ share).

The Group reiterated its strategy of growth and product diversification driven by acquisition, noting a “robust M&A pipeline”. Post H1, the Group added an estimated £30m in annualised revenue via the acquisition of 1001 carpet care and SlimFast UK & Europe.

The planned introduction in the UK of the Vaping Products Duty (VPD) from 1st October 2026, at a flat rate tax of £2.20 per 10ml of e-liquid, is designed to discourage youth vaping and boost tax take. This development indicates the addition of c.£40m to Supreme Vaping revenue but is matched by a commensurate increase in COGS. As a result, although our FY27 revenue line is inflated, the (adj.) EBIT and (adj.) EBITDA outlook remains unchanged.

Based on a 5-year discounted cashflow analysis, our Fair Value remains 237p/ share.

A reminder of the Investor Presentation from management at 2.30pm this afternoon: https://www.equitydevelopment.co.uk/news-and-events/supreme-hy-results-investor-presentation-25th-november-2025

At 50ks worth of good siezed i dont think its going to move the needle.

On the BBC , can only be good for SUP, removing illegal vapes from the market , the volume will shift to reputable companies

"Acquisition of SlimFast UK and Europe" - new research freely accessible here: https://www.equitydevelopment.co.uk/research/acquisition-of-slimfast-uk-and-europe

Supreme has announced the acquisition of the trade and selected UK and European assets of SlimFast, the well-known provider of high protein foods and meal replacement products, for a total cash consideration of £20.1m. SlimFast is acquired from the Irish food and nutrition specialist Glanbia PLC (glanbia.com, market cap. €3.5bn) inclusive of £9.0m in deferred consideration due in 15 months, funded through a combination of cash resources and the asset-based lending facility. The acquisition is expected to be immediately earnings-enhancing.

Founded in 1977 in the US, SlimFast is well-known for its range of meal replacement shakes, bars and snacks, and weight loss plans, with brand strength in ready-to-drink and ready-to-mix powder products, and its ‘Advanced Nutrition’ range of high-protein, high-fibre, gluten-free meal replacement shakes and smoothies.

This latest acquisition is fully aligned with Supreme’s M&A strategy, incorporating established brands and products into an expanding portfolio of high-frequency consumable products.

The acquisition matches Supreme’s customer base with the opportunity to introduce SlimFast’s products across Supreme’s extensive retail network, whilst the addition of new retail customers including Boots and Superdrug further expands Supreme's retail reach, with the opportunity to expand SlimFast product sales globally.

The acquisition is expected to be immediately earnings-enhancing and we estimate that SlimFast adds £10.0m in revenue in FY26, and £1.0m in (adj.) EBITDA, and in FY27, respectively £28.0m and £2.4m. Our Fair Value is accordingly raised from 225p/share to 237p/share.

£2.25 fair value... expect this to start moving again soon. Grabbed a few more while its quiet

On another note, I've started buying Typhoo Tea! It's nice, way better Than Yorkshire Tea and i'm a Yorkshireman!

AGM statement: momentum maintained - new research note (freely accessible) here:

https://www.equitydevelopment.co.uk/research/agm-statement-momentum-maintained-2

In a statement to accompany today’s AGM, Supreme reports that the Group has “continued to see good momentum across its portfolio in the first half of the current financial year” (H126). The Group highlights the combination of strong recent (FY25) financial performance and strategy of complementary acquisitions.

On changes in the UK market for vaping products, Supreme reports that it “continues to successfully navigate the evolving UK vaping market, having strategically managed the ban on disposable vapes, which came into effect on 1 June 2025, as well as the transition to pods and other vaping alternatives”.

The AGM report confirms that Supreme expects FY26 trading to be in line with market expectations’ and our Fair Value estimate remains 225p/ share.

I'd be interested to see the payback period for this one. Seems pretty expensive for that level of revenue. They are also stating what the revenue used to be, implying they know its a high multiple but also implying they can get back to it.

Everything they buy now is to "counter balance" the contribution from Vaping, but vaping has huge gross profit margins and has been capex light, so decent operating margins too. typhoo tea, clearly drinks and now this cleaning brand aren't anywhere near these sort of margins. It would feel safer to me if they focused on return on capital employed a little more, rather than the "earnings accretive" badge which can be value destroying if that accretive earnings is on a large capital base.

Loving the growth story of this company. Will be adding where i can and holding for the forseeable...

Supreme has announced the acquisition of the carpet care products brand 1001 for a fixed consideration of £1.65m (of which £0.35m is deferred) from US-based WD-40 Company. 1001 reported current revenue of £4.5m, having recorded peak turnover of £8.0m. The acquisition is expected to be immediately earnings-accretive and maintains the pace of product diversification and enhancement of the range of offerings within its household goods range, further counterbalancing the contribution from vaping products.

Following FY25 results (‘FY25 another strong year and platform for growth’) - whilst noting the positive contribution of the 1001 acquisition - we have not adjusted our outlook at this stage as we expect that the full impact will become apparent as Supreme integrates and expands the 1001 product range across its extensive distribution estate. Our Fair Value remains 225p/share.

Research note: https://www.equitydevelopment.co.uk/research/acquisition-of-household-cleaning-brand-1001

Looks like a fair bit of volume today

*** Investor Presentation video recording (FY Results) - see link below ***

Sandy Chadha (CEO) and Suzanne Smith (CFO) of Supreme plc conducted an Investor Presentation covering their results for the year ended 31 March 2025.

While management were pleased with their record level of Adjusted EBITDA (up to £40.5m), they also discussed their continued focus on diversification from vaping with earnings-enhancing acquisitions in Typhoo Tea and Clearly Drinks. Other highlights included robust trading across FY25, and the delivery of major enhancements to in-house manufacturing capacity and capabilities.

The full video recording is available to watch, divided into chapters as below:

0:00:03 Introduction to Supreme

0:05:51 Financial & Operational highlights FY25

0:10:30 Vaping

0:15:39 Drinks and Wellness

0:16:44 Electricals

0:17:58 Acquisitions

0:23:48 Financial review

0:32:36 Outlook

0:35:04 Questions & Answers

Link to presentation video: https://www.equitydevelopment.co.uk/research/supreme-plc-fy-results-investor-presentation-video-1-july-2025

I agree its not one for day trading.

That said, I dont know how you go from a spread of 4% for this share to 10%.

@Monty, you do realise you can do limit orders? A wide spread is only bad for investors who rush in and aren't patient.

To say it's uninvestable is silly

Unfortunately it’s univestible due to the buy / sell spread set greedy market makers. If SP increases 10% your only at break even after trading costs and the spread. So who would want to bother when there are other companies with spreads below 1%. Sandy should sort this out as it’s holding back his market cap and related banking covenants ultimately.

"FY25 another strong year and platform for growth" - new research report with audio summary (freely accessible) here: https://www.equitydevelopment.co.uk/research/fy25-another-strong-year-and-platform-for-growth

For the year to 31 March 2025 Supreme reported revenue of £231.1m, +4%YoY, (ED est £235.1m), gross profit (including forex) of £73.7m, +16%YoY (ED est £72.3m), and (adj.) EBITDA of £40.5m, +6%YoY (ED est £40.0m). Top line growth was propelled by the acquisition of Clearly Drinks and Typhoo Tea, further diversifying the portfolio as the Group adjusted to the ban on disposable vapes which was implemented on 1 June.

EPS (adj.) for the year was 20.1p (ED est 20.1p). Acquisitions to the value if £25.0m added c.£40.0m (annualised basis) in non-vape revenue, whilst the Group closed the year net cash positive (pre-IFRS 16) at £1.2m (FY24: £11.6m). The Group proposes a final dividend of 3.4p/ share, up +10% YoY, taking the full year dividend to 5.2p/ share and foresees FY26 performance consistent with analysts’ consensus estimates of revenue of £236m and (adj.) EBITDA of £36.5m.

Our Fair Value remains 225p/share.

Supreme (AIM:SUP), a leading brand owner, manufacturer and supplier of fast-moving consumer goods, will be conducting an Investor Presentation covering its results for the year ended 31 March 2025.

The online event will be hosted by Sandy Chadha (CEO) and Suzanne Smith (CFO) and will take place at 2.30pm on Tuesday 1st July, following the announcement of results earlier the same day.

This is open to all existing and potential shareholders. Questions can be submitted during the presentation and will be addressed at the end.

Register here:

https://www.equitydevelopment.co.uk/news-and-events/supreme-fy-results-investor-presentation-1july2025

Thanks.

Not sure how they plan to achieve that GP % though, ive just had a look at typhoos accounts for the last few years. Gross profit as follows

2023 4% (they had a lot of problems this year so not a normal year)

2022 14%

2021 15%

2020 8%.

If we assumed that all their staff costs were part of cost of sales, which wont be the case, but lets pretend for a minute.

that would make Gross profit as follows:

2023 15%

2022 27%

2021 27%

2020 19%

still no where near the 30%

I guess there could be some products that are low margin that could be discountinued.

But we know they are forecasting 20m of revenue in FY26 from Equinity's most recent note, coupled with Sandy's comment of 2-300k of profit (lets take that as 250k per month) that comes to 15% margin in line with 2022 & 2021.

The of course know a lot more than i do, so i'll take them at their word that 30% is achievable, but it doesnt look like they are on track for it yet even with the manufacturing in house.

RNS regarding the Typhoo Tea acquisition: 'Under Supreme's ownership, it is anticipated that Typhoo Tea will operate on a capital light, outsourced manufacturing model, which the Board believes can generate a gross profit margin of around 30%, with a much reduced overhead base.'

Hi FinancialSkeptic, @ 10minutes in he says typhoo tea is contributing 2-300k of profits per month. I assumed it was gross profit only because they say they cant separate out anything below the gross profit line. where did they talk about 30% GP for tea?

FWIW I don't think he spoke about gross profit when it comes to the typhoo tea profit run rate. They expected to do 30% gross margin with typhoo tea but this was with an outsourcing model and Sandy said last week that they have a higher gross margin with their own production. But just if you take 30% and 20 million GBP annual revenue (which is reasonable I guess because he also said that they haven't lost a customer) you would arrive at an annual gross profit figure of 6 million.

Answered my own question - the equity papers have errors, the total lines for FY25 and 26 dont equal the sum of the parts.

Thanks for the link - what a very open interview which illustrates quite unusual flexibility and agility within the company. What a great business.

Love the CEO's enthusiasm and lack of corporate gobbledygook speak. I have a small holding in this company, but will likely buy more once next results are published (think in early July).

Https://youtu.be/xVng7HtYg9I?si=1UKd_UUjWUh-V6W6

I think the share price fall today is related to Supreme stating that they are in line with FY26 expectations (lower revenue than FY25 expected). Most likely this is related to loss of vaping revenue, but also leaves room for outperformance

Good trading. Domestically focussed. No reason for an 8% drop this morning so I've bought more.

"Strong trading shows benefit of diversified portfolio" - new research out this morning, freely accessible here: https://www.equitydevelopment.co.uk/research/strong-trading-shows-benefit-of-diversified-portfolio

In a Trading Update for the year to 31st March 2025, Supreme reports that the Group traded strongly, supported by acquisitions and underpinned by cost management. Supreme expects FY25 revenue of c.£235.0m and (adj.) EBITDA of “at least” £40.0m; they also expect FY26 (adj.) EBITDA in line with market expectations.

Supreme notes development of a number of new sales opportunities following from the acquisition of Clearly Drinks (June 2024), accessing the soft drinks sector, and Typhoo Tea (December 2024), enabling entry into the market for hot beverages. Having spent £25.0m on acquisitions during the period, the Group notes that it ended the year net cash positive (pre-IFRS 16-basis).

On our outlook, Supreme trades on an attractive FY26 EV/EBITDA of 5.5x. Overall, there is no change to our (adj.) EBITDA estimates and no change to our Fair Value of 225p/share.

Blimey, every share I own which more or less avoided the recent turmoil is copping it today.

This one down 8.5% today.... and no cash available to top up on these supposed 'bargains' even if I wanted to... horrible situation!

Looking at last yr there was a yr end trading update on 24 April

Yes, that one was predominantly "trading ahead of current expectations". I do check on here daily to see if we are getting another one for this year!

Ah OK, thanks. We had one end of January last year so thought same this year

Not if there is nothing to update no, if they are on track to materially beat or miss expectations then they are obligated to give an update. If there is no change then no. The year end isn't until March

Should we have had an update by now?