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4 Mar 2022 07:30
THIS ANNOUNCEMENT CONTAINS INSIDE INFORMATION FOR THE PURPOSES OF REGULATION 11 OF THE MARKET ABUSE (AMENDMENT) (EU EXIT) REGULATIONS 2019/310.
4 March 2022
Chill Brands Group plc
("Chill Brands" or the "Company")
Trading Update
Chill Brands Group, the international consumer packaged goods company, provides an update on its trading as it approaches its financial year end on 31 March 2022.
As previously announced, the Company has experienced significant logistical issues common with other organisations around the world. Since the start of the new calendar year, the Company has successfully eliminated many of these issues by establishing a new distribution and fulfilment arrangement in the USA as announced on 9 February 2022.
The Company's supply chain was also affected by geopolitical issues during the course of the current financial year, in some cases causing delays to the delivery of orders placed by Chill Brands' distribution partners. As announced in the Company's interim report published 28 January 2022, Chill Brands' recognised revenues of over US$1,200,000 for the first half of this financial year. As a result of supply chain delays, previously announced additional orders valued at approximately US$1,000,000 may not all become recognisable revenue by the end of the current financial year. The Chill Brands' Board is confident that any remaining orders will be placed with distribution and retail partners during the first half of the next financial year.
As a result of the disruption to its supply chain, Chill Brands is actively seeking to onshore the manufacturing of its products through the establishment of a North American strategic partnership. The Company looks forward to updating the market in due course.
-ENDS-
About Chill Brands Group
Chill Brands Group plc is an international company focused on the development, production, and distribution of best-in-class hemp-derived CBD products, tobacco alternatives and other consumer packaged goods (CPG) products. The Company operates primarily in the US, where its products are distributed online and via some of the nation's most recognizable convenience retail outlets. The Group's strategy is anchored around lifestyle marketing that is designed to enhance the popularity of its products, channelling visitors to its landmark chill.com website.
Publication on website
A copy of this announcement is also available on the Group's website at http://www.chillbrandsgroup.com
Media enquiries:
Chill Brands Group plc | contact@chillbrandsgroup.com |
Allenby Capital Limited (Financial Adviser and Broker) | +44 (0) 20 3328 5656 |
Nick Harriss/Nick Naylor (Corporate Finance)Kelly Gardiner (Equity Sales) |
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