Supreme PLC - Manchester, England-based consumer products manufacturer and supplier - Begins share buyback programme worth up to GBP1.0 million, as originally announced on Monday last week, which is expected to complete by no later than the end of April. Says an extension to this would be subject to a further announcement. The board considers its "strong balance sheet and cash generation provides an opportunity to repurchase shares at attractive levels", taking advantage of current market conditions. Says this "reflects the board's confidence in the group's future value and dedication to enhancing shareholder returns, alongside its continued investment in the group's strategy."
Also on Monday last week, Supreme strong trading and moved to soothe investor worry related to a UK clampdown on disposable vaping products. It said it enjoyed an "excellent trading performance" in the three months to December 31, its third-quarter, which is traditionally its busiest. The announcement came after the UK announced a possible crackdown on disposable vapes. Supreme said it is "ahead of the curve" and has already implemented "a number of proactive measures".
Current stock price: 116.00 pence, up 3.6%
12-month change: up 12%
By Greg Rosenvinge, Alliance News senior reporter
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Supreme Plc (SUP)