(Alliance News) - Chill Brands Group PLC on Thursday said it expects to see "record" revenue in the second half of its financial year, after reporting a narrowed loss in the first half.
The Colorado, US-based CBD products company reported that revenue multiplied to GBP83,392 in the six months ended September 30 from GBP19,610 a year before.
Chill Brands said this "reflects initial sales of the company's vape products, commissions earned on products sold by third-party brands on the Chill.com website, and continued sales of certain legacy products including CBD oral chew pouches."
Pretax loss narrowed to GBP1.6 million from GBP2.2 million.
Looking ahead, Chill Brands said it expects to record "substantially higher" revenue during the second half of the financial year, which ends March 31. It said this reflects "the positive impact of the company's new product focus on overall business development".
Chill Brands also said it expects further progress, with its products now in hundreds of independent stores and having secured listings with major US and UK retail chains.
Chief Executive Callum Sommerton said: "We will see in the New Year with more than 2,365 committed retail stores, sustained multi-channel growth and substantial purchase orders that will result in material income for the company as they are fulfilled during Q1.
"2024 will be an exciting time for Chill Brands as we further extend our international distribution network and expand our offering both in terms of our own products and those sold by third-party brands on the Chill.com website."
By Sophie Rose, Alliance News senior reporter
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Chill Brands (CHLL)