(Alliance News) - Supreme PLC on Wednesday said it was "well positioned" to adapt to changes in the UK e-cigarette market as it reported trading in line with market expectations.
Shares in Supreme rose 3.4% to 125.60 pence in London on Wednesday afternoon.
The Manchester, England-based consumer products manufacturer and supplier said it had delivered a "record" financial performance in the year to March 31.
This was driven by organic revenue and profit growth across all divisions. The group has almost doubled profitability year-on-year, has generated record levels of cash and has ended the year debt-free, it said.
Supreme expects to report full-year revenue of around GBP225.0 million, up from GBP155.6 million a year prior, and adjusted earnings before interest, taxes, depreciation, and amortisation of at least GBP38.0 million, nearly double last year's GBP19.4 million, in-line with current market expectations.
The company believes continued investment in rechargeable pod system vaping devices, and a diverse vape product mix, has ensured it is "well positioned to adapt to changes in the UK e-cigarette market."
Alongside a focus on accelerating organic growth and strategic cross-selling, Supreme said it remains committed to exploring complementary acquisition opportunities to further diversify and scale the business.
The group's Sports Nutrition & Wellness, Lighting and Batteries divisions remain profitable and resilient, it added.
"The board remains confident of the Group's future prospects."
By Jeremy Cutler, Alliance News reporter
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Supreme Plc (SUP)