REG - Supreme PLC - Half-year Results
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RNS Number : 8109I Supreme PLC 25 November 2025
25 November 2025
Supreme plc
("Supreme," the "Company" or the "Group")
Unaudited Results for the Half Year Ended 30 September 2025
· Revenue up 17% in the Period, driven by acquisitions and organic
growth
· Acquisitions continue to accelerate Supreme's ongoing product
diversification strategy
· Successful transition from disposable vapes to pod systems, retaining
all major listings and volumes
· Interim dividend of 1.6 pence per share in line with annual dividend
policy of 25% of profit after tax
Supreme (AIM:SUP), a leading manufacturer, supplier, and brand owner of
fast-moving consumer goods, announces its unaudited results for the six-month
period ended 30 September 2025 ("H1 FY 2026" or the "Period").
Financial Highlights
H1 FY 2026 H1 FY 2025 Change
£m £m %
Revenue 132.6 113.0 +17%
Gross profit 38.4 34.1 +13%
Gross profit % 29% 30% -1%
Adjusted EBITDA(1) 18.5 18.5 0%
Profit before tax 12.2 12.9 -5%
Adjusted items (charges) (0.6) (1.8)
Adjusted profit before tax(2) 12.8 14.7 -13%
EPS 7.7p 9.2p -16%
Adjusted EPS(3) 9.1p 11.1p -18%
Net debt i.e. including IFRS 16 leases 20.0 11.8 -69%
Adjusted net (cash) / debt i.e. excluding IFRS 16 leases(4) 4.1 (2.3)
Dividend per share 1.6p 1.8p -11%
· Revenue up 17% or £19.6 million to £132.6 million (H1 2025: £113.0
million) - £15.4 million of this growth came from the acquired businesses
(Clearly Drinks, Typhoo and 1001) whilst the remaining £4.2 million came from
the core business
· Gross profit of £38.4 million (H1 2025: £34.1 million), growth of
13% owing to incremental sales volume
· Adjusted EBITDA(1) was £18.5 million (H1 2025: £18.5 million), a
result of acquisitive and organic growth offset by a decline within our
battery and lighting segments
Operational Highlights
· Ongoing strategic progress delivering earnings-enhancing acquisitive
growth
o Acquired 1001 carpet care brand in September 2025 and SlimFast UK &
Europe post Period end in October, together adding approximately £30 million
of annualised revenue
o Acquisitions closely aligned to Supreme's strategy to diversify product
revenue mix
· Typhoo Tea now fully integrated with financial and operational
turnaround underway, including the opening of a new UK-based manufacturing
facility, a rebrand and ongoing product innovation
· Unified Vaping category performed well, delivering an 13% increase in
revenues to £76.9 million, having successfully navigated the transition from
disposable vapes to pod systems in the Period
· Ongoing new product development within the Drinks & Wellness
category
Outlook / Current Trading
· Supreme continues to see solid sales traction across its extensive
product portfolio
· The Company has a robust M&A pipeline, capable of offering
opportunities across various product categories and markets
· Supreme continues to successfully navigate the evolving UK vaping
market, alongside broadening its product portfolio, with the Group now on
track to deliver half of its annualised revenues from non-vape activities
going forward
· The Group remains ideally placed to expand its existing Drinks &
Wellness activities, delivering continued organic and inorganic growth, and
targeting further profit margin improvements, ensuring that Supreme continues
to offer consumers great quality products at affordable prices - pivotal in
the current economic climate
· Ongoing weakness in the Electricals & Household category set to
continue as a result of overall market decline
· Following a solid start in H1 FY 2026, Supreme expects trading for FY
2026 to be in line with market expectations(5).
Sandy Chadha, Chief Executive Officer of Supreme, commented:
"I'm delighted to report another period of sales growth supported by organic
growth coupled with the positive impact from acquisitions.
Supreme is now home to over 40 brands and licenses, including Typhoo, SlimFast
and 1001, with access to an extensive retail footprint. This unique market
reach will continue to enable the business to further leverage our growing
product portfolio, alongside developing new products to further expand our
market share.
We remain confident about the business and look forward to updating investors
as we continue to evolve the business."
Retail Investor Presentation
Management will be hosting a presentation for investors in relation to the
Company's interim results today at 2.30 p.m. GMT.
To register for the event, please go to:
https://www.equitydevelopment.co.uk/news-and-events/supreme-hy-results-investor-presentation-25th-november-2025
(https://www.equitydevelopment.co.uk/news-and-events/supreme-hy-results-investor-presentation-25th-november-2025)
(1.) Adjusted EBITDA means operating profit before depreciation, amortisation
and Adjusted items (as defined in Note 5 of the financial statements).
Adjusted items include share-based payments charge, fair value movements on
non-hedge accounted derivatives and non-recurring items.
(2.) Adjusted Profit before tax means profit before tax and Adjusted items (as
defined in Note 5 of the financial statements) Adjusted items include
share-based payments charge, fair value movements on non-hedge accounted
derivatives and non-recurring items.
(3.) Adjusted EPS means Earnings per share, where Earnings are defined as
profit after tax but before amortisation of acquired intangibles and Adjusted
items (as defined in Note 5 of the financial statements). Adjusted items
include share-based payments, fair value movements on non-hedge accounted
derivatives and non-recurring items.
(4.) Adjusted net cash means net cash / debt as defined in the year-end
financial statements excluding the impact of IFRS16.
(5 .)Analysts' consensus for the year ending 31 March 2026, immediately before
this announcement was published, was revenue of £245 million and Adjusted
EBITDA of £37 million.
Enquiries:
Supreme plc via Vigo Consulting
Sandy Chadha, Chief Executive Officer
Suzanne Smith, Chief Finance Officer
Shore Capital (Nominated Adviser and Joint Broker) +44 (0)20 7408 4090
Mark Percy / David Coaten / George Payne - Corporate Advisory
Ben Canning - Corporate Broking
Zeus (Joint Broker) +44 (0)161 831 1512
Jordan Warburton / Emma Burn - Investment Banking
Benjamin Robertson - Corporate Broking
Vigo Consulting (Financial Public Relations) +44 (0)20 7390 0230
Jeremy Garcia / Peter Jacob / Anna Stacey
supreme@vigoconsulting.com (mailto:supreme@vigoconsulting.com)
About Supreme
Supreme supplies products across three operating divisions: Vaping (previously
known as 'Vaping' and 'Branded Distribution'), Drinks & Wellness ('Sports
Nutrition & Wellness' combined with Typhoo Tea, Clearly Drinks and the
newly acquired SlimFast brand), and Electricals & Household (previously
'Batteries' and 'Lighting', also including the recently acquired 1001 cleaning
brand). The Company's capabilities span from product development and
manufacturing through to its extensive retail distribution network and direct
to consumer capabilities. This vertically integrated platform provides an
excellent route to market for well-known brands and products.
The Group has over 3,000 active business accounts with around 55,000 retail
outlets. Customers include B&M, Home Bargains, Poundland, Tesco,
Sainsbury's, Morrisons, Amazon, The Range, Costcutter, Asda, Halfords,
Iceland, Waitrose, Aldi and HM Prison & Probation Service.
In addition to distributing globally-recognised brands such as Duracell,
Energizer and Panasonic, and supplying lighting products exclusively under the
Energizer, Eveready, Black & Decker and JCB licences across 45 countries,
Supreme has also built a strong portfolio of in-house brands, most notably
88Vape. The Company has a growing footprint in Sports Nutrition & Wellness
via its principal Sci-MX brand and has recently expanded into the soft drinks
and hot beverages markets with the acquisitions of Typhoo Tea and Clearly
Drinks and now into weight management through SlimFast, one of the UK's
leading meal replacement brands.
https://investors.supreme.co.uk/ (https://investors.supreme.co.uk/)
Chief Executive Officer's Review
Introduction
Supreme delivered another solid performance across H1 FY 2026, supported by
ongoing sales traction coupled with the positive impact of a number of
strategic acquisitions, further delivering on our diversification ambitions.
The Group delivered strong revenue growth of 17% to £132.6 million (H1 FY
2025: £113.0 million), alongside a 13% increase in gross profit to £38.4
million (H1 FY 2025: £34.1 million). Adjusted EBITDA(1) was £18.5 million
(H1 FY 2025: £18.5 million). The Group generated operating cash of £3.8
million (H1 FY 2025: £11.3 million) and reported an Adjusted net debt(4) of
£4.1 million (H1 FY25: £2.3 million Adjusted net cash) and the Group
proposes to pay an interim dividend of 1.6 pence per share. This dividend will
be payable on 9 January 2026 to shareholders on the register at 5 December
2025. The ex-dividend date is 4 December 2025.
Our diversified sales mix, which will now generate c.50% of annualised revenue
from non-vape products, has been further expanded following the acquisitions
of the 1001 carpet care brand in September and SlimFast UK & Europe in
October. In addition, our teams have been busy innovating, launching new
products, and further extending our market reach into new territories.
Our unified Vaping category delivered a 13% increase in sales during the
Period, alongside an excellent performance from our Drinks & Wellness
category, which doubled revenue in the Period, driven predominantly by
acquisitions. Electricals reported revenue of £22.8 million (H1 FY 2025:
£28.3 million) as a result of the well-signposted ongoing reduction in
lighting sales combined with reduced volumes in low-margin battery sales,
largely as a result of the overall market decline that Supreme had previously
been sheltered from, combined with Panasonic announcing that they are exiting
the European battery market, which has led to slower sales whilst we have
begun to transition to alternative brands.
Operational Review
I am pleased to report another solid performance of the Group, further
reinforcing our commitment to both developing and distributing our own
products, alongside providing a truly unique distribution platform for
reputable third parties.
Our focus on M&A has been further reinforced through the acquisition of
1001 carpet care brand in September, followed by the acquisition of SlimFast
UK & Europe post Period in October, bringing additional iconic brands into
the Supreme family. These transactions, alongside ongoing product development,
continue to align with our core strategic growth drivers, namely to:
· explore and execute on complementary earnings-enhancing acquisitions;
· exploit cross-selling opportunities to expand our customer footprint
and average revenue per customer;
· develop new product verticals that complement Supreme's customer
base;
· leverage Supreme's manufacturing and distribution footprint to create
ongoing economies of scale and explore bringing the manufacture of even more
products in-house; and
· enhance online distribution and services to further expand our B2B
and D2C sales channels.
Vaping
The Group's vaping activities, which include own brands and third-party
branded products, delivered a strong performance with sales up 13% in the
Period to £76.9 million (H1 FY 2025: £68.2 million). This performance, set
against the transition from disposable vapes to pod systems, highlights the
strength of both our brand proposition and our sales footprint to successfully
navigate significant regulatory changes.
Gross margin as a percentage of sales reduced marginally from 33% to 31% owing
to the reduced margins on pod systems versus their disposable counterparts.
Sales across the remainder of the category have been solid, benefitting from
additional price increases and further ongoing traction from our B2C online
channel.
Supreme also introduced new third-party brands during the Period, which
include IVG and Hayati, with activity now distributed across our retail
footprint alongside established brands, such as Lost Mary and ElfBar. The
addition of newer third-party brands to the category not only extends our
product range but increases the frequency of sales per customer, which is a
key internal metric.
Supreme continues to believe that vaping remains a credible and highly
effective smoking cessation tool endorsed by global public health officials
and is integral to the UK Government's 'Achieving Smoke-free 2030' initiative.
Drinks & Wellness
Our Drinks & Wellness category has continued to evolve at pace, delivering
revenue growth of 99% to £32.9 million (H1 FY 2025: £16.5 million), fuelled
by a combination of highly complementary acquisitions and organic initiatives.
Our retail offering now encompasses a diverse range of soft drinks, hot
beverages, vitamins, protein powders, and wellness and slimming products,
largely under brands owned by Supreme and manufactured in-house, including
Typhoo Tea and the addition of SlimFast in October 2025.
Clearly Drinks continues to evolve under the Group's ownership. Two pilot
canning lines were added to the existing Sunderland manufacturing facility,
increasing its capacity and agility, and allowing smaller volume runs to be
more profitable to the business. There have also been significant levels of
own brand product development across both the energy drinks and iced tea
categories in collaboration with Typhoo. Our team also launched Fruit Aqua, a
flavoured water product for a large UK discounter, alongside other own-brand
soft drinks launches.
Teams across the Sci-MX brand and at Clearly Drinks have collaborated to
launch Juicy Protein, a fruit juice drink combining collagen peptides and whey
protein hydrolysate providing up to 35g of protein in one serving. The launch
of this brand across the UK and the Far East is currently underway.
Clearly Drinks' legacy business, which relied on contract manufacturing for
around 70% of its revenue, experienced reduced volumes across two major soft
drinks contract manufacturing customers. These volatile revenue streams, which
our new products, investment, and strategy seek to mitigate, will impact
overall profitability in the year overall.
The Typhoo brand has been part of the Supreme portfolio for nine months.
During this time, we have turned the business around financially,
re-engineered the entire supply chain, which included opening a brand-new tea
manufacturing facility in the UK, and re-branded and re-packaged key products,
returning the iconic "ooO" to the Typhoo tagline. We have also undertaken
significant product innovation in the form of a gold blend and decaf options,
in addition to launching Typhoo iced tea. Sales traction in the Period has
been slower than anticipated owing to reduced volumes in key retailers, such
as Poundland. Our in-house manufacturing facility continues to build scale and
enhance productivity. Over time, this will provide greater capacity, improved
lead times, and increased agility to support ongoing product innovation.
The core Sports Nutrition and Wellness category within Supreme has performed
well, growing its own revenue and profit by around 10% respectively.
SlimFast, a market leader in meal replacement products, which was acquired by
Supreme for £20.1 million, is highly complementary to Supreme's existing
Drinks and Wellness category, further expanding our presence in the weight
management market - a market that is projected to reach £1.5 billion by 2027.
SlimFast has an established sales UK footprint, comprising Amazon, Home
Bargains, B&M, Asda, Sainsbury's, Tesco and Morrisons, which are all
existing customers to Supreme, and will provide Supreme access to Boots and
Superdrug.
Electricals & Household
Our combined Electricals & Household segment, which now comprises
batteries and lighting products as well as household cleaning, largely as a
result of the acquisition of 1001, delivered revenues of £22.8 million (H1 FY
2025: £28.3 million), reflecting the well-documented reduction in lighting
sales, owing to price deflation and falling consumer demand. During the
Period, we proactively made the decision to exit from Fittings, as opposed to
bulbs, which has accelerated this slow-down and we expect this trend to
continue into H2 2026.
Batteries revenue also fell in the Period, largely as a result of overall
market decline that Supreme had previously been sheltered from, combined with
Panasonic announcing that they are exiting the European battery market which
has led to slower sales whilst we began our transition to alternative brands.
Margins across the category have remained broadly consistent year on year.
The acquisition of 1001, the iconic carpet care brand, which was completed in
September, will sit within the Electricals & Household segment. 1001 was
immediately earnings enhancing for the Group and provides access to new retail
customers, including Aldi. Looking forward, Supreme seeks to develop 1001 into
a broader household cleaning brand, which we believe is a high-growth
category, particularly within the discount retail channel.
Dividend
The Board proposes an interim dividend of 1.6 pence per share in line with the
Company's stated annual dividend policy of 25% of profit after tax. This
dividend will be payable on 9 January 2026 to shareholders on the register at
5 December 2025. The ex-dividend date is 4 December 2025. ISIN: GB00BDT89C08
and TIDM: SUP.
Outlook
We have made a solid start to the current financial year, driven by ongoing
organic momentum, which continues to be supported by the acquisition of highly
complementary brands into our business. Our unique operating model and
distribution platform continues to support the broadening of our product
range, as we seek to extend our reach beyond our vaping activities.
Pleasingly, we remain firmly on track to deliver sustainable revenue growth in
FY 2026 and beyond. Supreme expects trading for FY 2026 to be in line with
market expectations(5).
The recent earnings-enhancing acquisitions of both 1001 carpet care brand and
SlimFast support the Group's broader ambitions to add well-recognised UK
consumer brands to our existing product portfolio. By integrating these highly
recognisable brands into Supreme's vertically integrated platform, we believe
the Group can continue to create greater levels of cross-selling opportunities
from our extensive retail footprint alongside strengthening our presence in
high-demand consumer goods segments.
Acquisitions remain a core driver of Supreme's growth strategy, alongside new
product development, as our teams seek to leverage our branded product
portfolio and the Group's extensive manufacturing capabilities.
Supreme continues to successfully navigate the evolving UK vaping market,
alongside broadening its product portfolio. Supreme also remains well-placed
to expand its existing Drinks & Wellness activities, delivering continued
organic and inorganic growth, and targeting further profit margin
improvements, all while ensuring we continue to offer consumers great quality
products at affordable prices - pivotal in the current economic climate.
Sandy Chadha
Chief Executive Officer
24 November 2025
Chief Finance Officer's Review
H1 FY 2026 H1 FY 2025 Change
£m £m %
Revenue 132.6 113.0 +17%
Gross profit 38.4 34.1 +13%
Gross profit % 29% 30% -1%
Adjusted EBITDA(1) 18.5 18.5 0%
Profit before tax 12.2 12.9 -5%
Adjusted profit before tax(2) 12.8 14.7 -13%
EPS 7.7p 9.2p -16%
Adjusted EPS(3) 9.1p 11.1p -18%
Net debt i.e. including IFRS 16 leases 20.0 11.8 -69%
Adjusted net (cash) / debt i.e. excluding IFRS 16 leases(4) 4.1 (2.3)
Operating cashflow 3.8 11.3 -66%
Net assets 82.1 65.3 +25%
Dividend per share 1.6p 1.8p -11%
Revenue
Revenue for the Period increased by £19.6 million (+17%) to £132.6 million
(H1 FY25: £113.0 million). Of this growth, £15.4 million was attributable to
the impact of acquisitions, with the remaining £4.2 million reflecting
organic expansion. The organic increase comprised £10.6 million of growth
across the Vaping and Drinks & Wellness categories (excluding
acquisitions), partially offset by a £6.4 million decline in Electricals.
Gross profit
Gross profit for the Period was £38.4 million (H1 2025: £34.1 million),
growth of 13%, as a result of this increase in revenue. Gross profit as a
percentage of sales was 29% (H1 2025: 30%) owing to sales mix and IFRS
reporting requirements in respect of acquisitions within Drinks & Wellness
and specifically the shift from disposable vapes to pods within Vaping.
Adjusted EBITDA(1)
( )
Adjusted EBITDA(1) was £18.5 million in the Period (H1 2025: £18.5 million),
the result of increased gross profit of £4.3 million offset by an equal
increase in overheads costs. Most of the increases to overheads arose in the
acquired businesses (£1.6 million at Clearly Drinks and £1.4 million at
Typhoo).
Clearly Drinks operates largely as a standalone business due to the fixed
nature of its manufacturing (the business operates three on-site natural
spring water boreholes from which it draws its water-supply), meaning that it
can only tap into Supreme's back-office functions on a limited basis.
In contrast, the Typhoo cost base is inherently more transitional, comprising
predominantly personnel costs (many of which have since been rationalised) and
third-party storage and distribution expenses. In the longer term, the Group
expects to service the Typhoo brand from its own centralised distribution
centre, thereby delivering meaningful efficiency gains and overhead
reductions.
Within the core business' overhead base, variable costs increased in line with
revenue (specifically distribution costs which increased by £0.2m), national
insurance and national living wage rose by £0.3 million and there were also
some discrete investments into senior sales personnel to support future growth
of £0.2m.
Finance costs
Finance costs were £0.7 million (H1 2025: £0.6 million) with most of the
interest arising from IFRS16 lease liabilities with only £0.3 million (H2
2025: £0.2 million) attributed to bank interest.
Dividends
The Board has declared an interim dividend of 1.6 pence per share in line with
the Company's stated dividend policy of 25% of profit after tax. The dividend
will be payable on 9 January 2026 to shareholders on the register at 5
December 2025. The ex-dividend date is 4 December 2025.
Cash flow
H1 2026 H1 2025 FY 2025
£m £m £m
Adjusted EBITDA(1) 18.5 18.5 40.5
Movement in working capital (11.0) (5.9) (6.9)
Tax paid (3.7) (0.6) (6.8)
Cash-impacting Adjusted items (-) (0.7) (1.7)
Operating cash flow 3.8 11.3 25.1
Debt (servicing) / raising 3.0 (0.2) 1.7
Lease payments (1.0) (1.0) (1.9)
Capex (2.5) (0.1) (2.2)
M&A (1.3) (15.6) (25.6)
Dividends (4.0) (3.7) (5.5)
Net cash flow (2.0) (9.3) (8.4)
Operating cash flow for the Period was £3.8 million. As expected, the Group
experienced a seasonal working capital outflow in the first half, reflecting
the build-up of inventory ahead of the peak trading period. This outflow was
more pronounced than in the prior year, primarily due to the inclusion of
1001-branded stock following the August acquisition, and a strategic shift
from air to sea freight on selected vaping product lines to improve long-term
margin efficiency.
Corporation tax payments were consistent with the Group's standard payment
schedule, whereas in the prior year certain payments were deferred into the
early part of H2, creating a timing variance year-on-year.
Capital expenditure in the Period spanned three key projects: completion of
the two pilot canning lines within the Drinks factory to allow for more agile
manufacturing (shorter changeover times and smaller minimum order quantities),
investment into the Tea manufacturing facility that opened at the start of
this Period and the early stages of the Hive fit out; the new Protein facility
currently under construction.
M&A represented the cash outflow associated with the acquisition of the
intellectual property of 1001 carpet care brand.
Net debt
H1 2026 H1 2025 FY 2025
£m £m £m
(restated)
(Cash) (1.7) (2.3) (3.2)
Borrowings (excl IFRS 16 leases) 5.8 - 2.0
Adjusted net (cash) / debt(4) 4.1 (2.3) (1.2)
IFRS 16 (leases) 15.9 14.1 13.4
Net debt 20.0 11.8 12.3
In March 2025, the Group refinanced its borrowing facilities, replacing its
(largely unused) revolving credit facility for an asset-based lending
facility, a less expensive but equally agile form of borrowing. At the balance
sheet date of 30 September 2025, the Group reported £34.2 million of
unutilised borrowings and Adjusted net debt(4) of £4.1 million
Suzanne Smith
Chief Finance Officer
24 November 2025
CONDENSED CONSOLIDATED INTERIM FINANCIAL INFORMATION OF SUPREME PLC
Consolidated Statement of Comprehensive Income
Unaudited Unaudited Audited
6 months ended 6 months ended Year ended 31 March 2025
30 September 2025 30 September 2024
Note £'000 £'000 £'000
Revenue 3 132,558 112,987 231,078
Cost of sales (94,194) (78,934) (157,395)
Gross profit 38,364 34,053 73,683
Other operating income - - 95
Administration expenses (25,468) (20,554) (44,214)
Net gain on bargain purchase - - 2,941
Operating profit 12,896 13,499 32,505
Adjusted EBITDA(1) 18,520 18,465 40,481
Depreciation (3,805) (2,283) (6,448)
Amortisation (1,261) (866) (2,273)
Adjusted items 5 (558) (1,817) 745
Operating profit 12,896 13,499 32,505
Finance income 10 117 157
Finance costs (715) (731) (1,755)
Profit before taxation 12,191 12,885 30,907
Income tax 6 (2,979) (2,205) (7,400)
Profit for the period/year 9,212 10,680 23,507
Profit is attributable to:
Owners of Supreme plc 9,009 10,680 23,459
Non-controlling interests 203 - 48
9,212 10,680 23,507
Other comprehensive income/(expense)
Items that may be reclassified to profit or loss
Exchange differences on translation of foreign operations (26) 13 11
Total other comprehensive income/(expense) (26) 13 11
Total comprehensive income for the period/year 9,186 10,693 23,518
Total comprehensive income is attributable to:
Owners of Supreme plc 8,980 10,693 23,470
Non-controlling interests 206 - 48
9,186 10,693 23,518
Earnings per share for profit attributable to the ordinary equity holders of
the company:
Earnings per share - basic 7 7.7p 9.2p 20.1p
Earnings per share - diluted 7 7.5p 8.9p 19.5p
(1)Adjusted EBITDA, which is defined as profit before finance costs, tax,
depreciation, amortisation and adjusted items is a non-GAAP metric used by
management and is not an IFRS disclosure.
All results derive from continuing operations
Consolidated Statement of Financial Position
Unaudited Unaudited Audited
As at As at As at
30 September 2025 30 September 2024 31 March 2025
£'000 £'000 £'000
Assets
Goodwill and other intangibles 22,658 19,303 21,242
Property, plant and equipment 32,112 28,127 30,800
Net investment in sublease - 171 -
Total non-current assets 54,770 47,601 52,042
Current assets
Assets held for sale - - 500
Inventories 42,627 32,323 36,329
Trade and other receivables 42,768 35,144 42,199
Net investment in sublease 171 330 338
Cash and cash equivalents 1,672 2,278 3,182
Total current assets 87,238 70,075 82,548
Total assets 142,008 117,676 134,590
Liabilities
Current liabilities
Borrowings 7,326 981 3,342
Trade and other payables 29,672 28,376 33,686
Forward contract derivative 448 1,008 131
Income tax payable 6,015 7,500 6,276
Provisions - 349 -
Total current liabilities 43,461 38,214 43,435
Net current assets 43,777 31,861 39,113
Borrowings 14,270 13,113 12,104
Deferred tax liability 1,443 610 2,117
Provisions 751 466 480
Total non-current liabilities 16,464 14,189 14,701
Total liabilities 59,925 52,403 58,136
Net assets 82,083 65,273 76,454
Equity
Share capital 11,732 11,661 11,731
Share premium 7,686 7,486 7,685
Merger reserve (22,000) (22,000) (22,000)
Capital redemption reserve 83 83 83
Share-based payments reserve 4,756 4,244 4,326
Retained earnings 79,468 63,799 74,477
Capital and reserves attributable to owners of Supreme plc 81,725 65,273 76,302
Non-controlling interests 358 - 152
Total equity 82,083 65,273 76,454
Unaudited Consolidated Statement of Changes in Equity
Share capital Merger reserve Capital redemption reserve Share-based payments reserve Retained earnings Total equity attributable to shareholders Non-controlling interest Total
equity
Share premium
£'000 £'000 £'000 £'000 £'000 £'000 £'000 £'000 £'000
As at 1 April 2024 11,652 7,435 (22,000) 83 3,967 56,838 57,975 - 57,975
Profit for the year - - - - - 23,459 23,459 48 23,507
Other comprehensive expense - - - - - 11 11 - 11
Total comprehensive income for the year - - - - - 23,470 23,470 48 23,518
Transactions with shareholders:
Non-controlling interests on acquisition of subsidiary - - - - - - - 1 1
Transactions with non-controlling interests - - - - - - - 103 103
Issue of shares 79 250 - - - - 329 - 329
Employee share schemes - value of employee services - - - - 437 - 437 - 437
Deferred tax on share-based payment charge - - - - (78) - (78) - (78)
Dividends - - - - - (5,831) (5,831) - (5,831)
79 250 - - 359 (5,831) (5,143) 104 (5,039)
As at 31 March 2025 11,731 7,685 (22,000) 83 4,326 74,477 76,302 152 76,454
Unaudited Consolidated Statement of Changes in Equity
Share capital Share premium Merger reserve Capital redemption reserve Share-based payments reserve Retained earnings Total equity attributable to shareholders Non-controlling interest Total
equity
£'000 £'000 £'000 £'000 £'000 £'000 £'000 £'000 £'000
As at 1 April 2024 11,652 7,435 (22,000) 83 3,967 56,838 57,975 - 57,975
Profit for the period - - - - - 10,680 10,680 - 10,680
Other comprehensive income - - - - - 13 13 - 13
Total comprehensive income for the period - - - - - 10,693 10,693 - 10,693
Transactions with shareholders:
Issue of shares 9 51 - - - - 60 - 60
Employee share schemes - value of employee services - - - - 219 - 219 - 219
Deferred tax on share-based payment charge - - - - 58 - 58 - 58
Dividends - - - - - (3,732) (3,732) - (3,732)
9 51 - - 277 (3,732) (3,395) - (3,395)
As at 30 September 2024 11,661 7,486 (22,000) 83 4,244 63,799 65,273 - 65,273
As at 1 April 2025 11,731 7,685 (22,000) 83 4,326 74,477 76,302 152 76,454
Profit for the period - - - - - 9,009 9,009 203 9,212
Other comprehensive income - - - - - (29) (29) 3 (26)
Total comprehensive income for the period - - - - - 8,980 8,980 206 9,186
Transactions with shareholders:
Issue of shares 1 1 - - - - 2 - 2
Employee share schemes - value of employee services - - - - 182 - 182 - 182
Deferred tax on share-based payment charge - - - - 248 - 248 - 248
Dividends - - - - - (3,989) (3,989) - (3,989)
1 1 - - 430 (3,989) (3,557) - (3,557)
As at 30 September 2025 11,732 7,686 (22,000) 83 4,756 79,468 81,725 358 82,083
Consolidated Statement of Cash Flows
Unaudited Unaudited Audited
6 months ended 6 months ended Year ended 31 March 2025
30 September 2025 30 September 2024
Net cash flow from operating activities £'000 £'000 £'000
Profit for the period 9,212 10,680 23,507
Adjustments for:
Amortisation of intangible assets 1,261 866 2,273
Depreciation of tangible assets 2,948 1,534 5,023
Depreciation of right of use assets 857 749 1,425
Finance income (10) (117) (157)
Finance costs 690 703 1,700
Amortisation of capitalised finance costs 25 28 55
Income tax expense 2,979 2,205 7,400
Negative goodwill on acquisition - - (4,163)
Impairment of assets classified as held for sale - - 65
(Gain)/loss on disposal of fixed assets (99) 74 (94)
Movement on forward foreign exchange contracts 317 956 79
Share based payments expense 210 249 498
Working capital adjustments (net of acquired on business combinations)
Increase in inventories (5,286) (6,830) (2,042)
(Increase)/decrease in trade and other receivables (570) 3,546 (925)
Decrease in trade and other payables (5,034) (2,660) (1,953)
Increase/ (decrease) in provisions 20 40 (321)
Taxation paid (3,670) (638) (6,848)
Invoice discounting fees (78) (88) (430)
Net cash generated from operations 3,772 11,297 25,092
Cash flows used in investing activities
Purchase of intangible fixed assets (1,376) (64) (57)
Purchase of property, plant and equipment (2,564) (1,074) (3,148)
Purchase of business combinations net of cash acquired - (15,570) (25,619)
Proceeds from sale of property, plant, and equipment 109 924 1,024
Lease receipts 173 134 306
Finance income received 10 117 157
Net cash used in investing activities (3,648) (15,533) (27,337)
Cash flows used in financing activities
Repayment of related party loans 2 - -
Repayment of ABL facility (102,034) - (1,277)
Drawdowns of ABL facility 105,165 - 3,276
Issue of options or share capital 2 60 329
Dividends paid (3,989) (3,732) (5,831)
Finance costs paid (23) (270) (269)
Facility fees paid - - (150)
Interest paid on ABL facility (163) - -
Interest paid on leases (441) (427) (835)
Lease payments (691) (669) (1,382)
Net cash used in financing activities (2,172) (5,038) (6,139)
Net decrease in cash and cash equivalents (2,048) (9,274) (8,384)
Cash and cash equivalents brought forward 3,182 11,631 11,631
Foreign exchange 538 (79) (65)
Cash and cash equivalents carried forward 1,672 2,278 3,182
Notes to the condensed consolidated interim financial information
1. Basis of preparation
Supreme PLC ("the Company") is a public company limited by shares, registered
in England and Wales and domiciled in the UK, with company registration number
05844527. The principal activity is the distribution of fast moving branded
discounted consumer goods to retailers and wholesalers in the UK and online.
These goods are either manufactured by Supreme in the UK or are sourced from
the UK, Europe and the Far East. The registered office is 4 Beacon Road,
Ashburton Park, Trafford Park, Manchester, M17 1AF.
These condensed consolidated interim financial statements of the Group are for
the period ended 30 September 2025. They have been prepared on the basis of
the policies set out in the 2025 annual financial statements and in accordance
with UK adopted IAS 34.
The condensed consolidated interim financial statements have not been reviewed
or audited, nor do they comprise statutory accounts for the purpose of Section
434 of the Companies Act 2006, and do not include all of the information or
disclosures required in the annual financial statements and should therefore
be read in conjunction with the Group's 2025 annual financial statements,
which were prepared in accordance with UK adopted international accounting
standards in conformity with the requirements of the Companies Act 2006.
Financial information for the year ended 31 March 2025 included herein is
derived from the statutory accounts for that year, which have been filed with
the Registrar of Companies. The auditors' report on those accounts was
unqualified, did not contain an emphasis of matter paragraph and did not
contain a statement under Section 498 of the Companies Act 2006.
The interim condensed consolidated financial statements are presented in the
Group's functional currency of pounds Sterling and all values are rounded to
the nearest thousand (£'000) except when otherwise indicated.
2. Summary of significant accounting policies
The accounting policies adopted in the preparation of the interim condensed
consolidated financial statements are consistent with those followed in the
preparation of the Group's annual financial statements for the year ended 31
March 2025 as described in the Group's Annual Report and full financial
statements for that year and as available on the Company's website
(www.investors.supreme.co.uk (https://investors.supreme.co.uk/) ).
2.1 Taxation
Taxes on income in the interim periods are accrued using management's best
estimate of the weighted average annual tax rate that would be applicable to
expected total annual earnings.
2.2 Forward looking statements
Certain statement in these condensed consolidated interim financial statements
are forward looking with respect to the operations, strategy, performance,
financial condition and growth opportunities of the Group. The terms "expect",
"anticipate", "should be", "will be", "is likely to" and similar expressions
identify forward-looking statements. Although the Board believes that the
expectations reflected in these forward-looking statements are reasonable, by
their nature these statements are based on assumptions and are subject to a
number of risks and uncertainties. Actual events could differ materially from
those expressed or implied by these forward-looking statements. Factors which
may cause future outcomes to differ from those foreseen in forward-looking
statements include, without limitation: general economic conditions and
business conditions in the Group's markets; customers' expectations and
behaviours; supply chain developments; technology changes; the actions of
competitors; exchange rate fluctuations; and legislative, fiscal and
regulatory developments. Information contained in these condensed consolidated
interim financial statements relating to the Group should not be relied upon
as a guide to future performance.
2.3 Key risks and uncertainties
The Group has in place a structured risk management process which identifies
key risks and uncertainties along with their associated mitigants. The key
risks and uncertainties that could affect the Group's medium-term performance,
and the factors that mitigate those risks have not substantially changed from
those set out in the Group's Annual Report which can be found on the Group's
website (www.investors.supreme.co.uk).
2.4 Going concern
Supreme PLC provides a diversified portfolio of essential products to well
established household names in the retail sector. The nature and price point
of the products offered mean that the Group is well positioned to navigate the
currently challenging economic environment.
The Group is funded by an external Asset Based Lending Arrangement with HSBC
of £40 million which is secured by an assignment of, and fixed charge over
the trade debtors and inventory of Supreme Imports Limited. Interest is
charged at a rate of 1.75% over SONIA on drawn amounts. There is no interest
charged on undrawn amounts.
The group also utilises credit insurance to mitigate specific credit risk, and
foreign exchange currency contracts to mitigate currency risk. The board and
senior management regularly review revenue, profitability and cashflows,
across the short, medium and long term.
In assessing the appropriateness of adopting the going concern basis in the
preparation of these financial statements, the Directors have prepared cash
flow forecasts and projections for the 18 month period to 31 March 2027. These
forecasts and projections, which the Directors consider to be prudent, have
been sensitised by applying general reductions to revenue and profitability,
to consider downside risk and the impact these scenarios would have on the
Group's cashflows and liquidity and its ability to continue to operate and
trade.
Based on these various scenarios, the Directors are satisfied that the Group
has adequate resources to continue in operational existence for the
foreseeable future. For this reason, they continue to adopt the going concern
basis in preparing the Group and Company financial statements.
3. Revenue analysis
Revenue Unaudited Unaudited
6 months ended 6 months ended
30 September 2025 30 September 2024
£'000 £'000 £'000 £'000
Revenue Gross Profit Revenue Gross Profit
Electricals & Household 22,821 4,467 28,269 5,912
Vaping 76,831 23,575 68,216 22,177
Drinks & Wellness 32,906 9,643 16,502 5,382
Foreign Exchange - 679 - 582
132,558 38,364 112,987 34,053
Following various acquisitions in the year ended 31 March 2025, the Group has
reconsidered it's reporting to the board and has revised the reporting
categories used to reflect how the Group is assessed and managed. In the 6
months ended 30 September 2024 the Group had 6 analysis categories: Batteries,
Lighting, Vaping, Sport Nutrition & Wellness, Branded Distribution and
Soft Drinks. The newly consolidated categories are: Electricals &
Household (formerly Batteries, Lighting and the non-vaping components of
Branded distribution), Vaping (formerly Vaping and primarily Branded
Distribution), and Drinks & Wellness (formerly Sports Nutrition &
Wellness, Soft drinks and the addition of the newly acquired Typhoo Tea
business). The results for the 6 months ended 30 September 2024 have been
re-presented to reflect the new category alignment.
Analysis of revenue by geographical destination
Unaudited Unaudited
6 months ended 6 months ended
30 September 2025 30 September 2024
£'000 £'000
United Kingdom 120,235 107,199
Ireland 2,664 4,005
Netherlands 13 55
France 929 1,247
Rest of Europe 7,391 175
Rest of the World 1,326 306
132,558 112,987
The above revenues are all generated from contracts with customers and are
recognised at a point in time. All assets of the Group reside in the UK except
for total net assets of £4,896,000 (H1 2025: £3,628,000) held in Europe.
4. Operating segments
The Chief Operating Decision Maker ("CODM") has been identified as the Board
of Directors. The Board reviews the Group's Internal reporting in order to
assess the performance and allocate resources. The Board of Directors deem
the Group to be one operating segment because they do not assess performance
or allocate resources at a disaggregated level.
Information about major customers
The Group has generated revenue from individual customers that accounted for
greater than 10% of total revenue. The total revenue from this customer (H1
2025: these 2 customers) was £21,372,000 (H1 2025: £16,847,000 and
£14,454,000). These revenues related to all divisions.
5. Adjusted items
Unaudited Unaudited
6 months ended 6 months ended
30 September 2025 30 September 2024
£'000 £'000
Share based payments charge 210 249
Fair value movements on financial derivatives 317 956
Acquisition costs 31 705
Other restructuring costs - (93)
558 1,817
Share Based Payments Charges
The Group operates a number of share incentive arrangements. The aggregate
expense recognised in the year has been reported as an Adjusted item in line
with its treatment by other comparable businesses. The charge is a non-cash
item and was disallowable for corporation tax purposes. The resulting tax
impact is therefore £nil. The charge for share-based payments is made up of
£28,000 related to Employers National Insurance Contributions and £182,000
related to the share-based payments charge.
Fair value movements on financial derivatives
The Group typically holds 1 years' worth of USD-denominated purchases on open
forward contracts. The charge in the period ended 30 September 2025 reflects
the movement in the fair value of these open forward contracts at the balance
sheet date. The movement is reported each year as Adjusted due to its
volatility. The liability at 30 September 2025 is £448,000 and is reported as
'forward contract derivative' in the statement of financial position. This is
a non-cash item and is not taxable for corporation tax purposes. The resulting
tax impact is therefore £nil.
Acquisition Costs
Acquisition costs related to the operational integrations of the businesses
and net assets acquired that took place in the period. For the period ended 30
September 2025 these costs related to the acquisition of the 1001 brand. For
the period ended 30 September 2024 these costs included costs associated with
the acquisition of the group headed by Acorn Topco Limited, as well as costs
associated with the closure of the Food IQ site. For the purposes of
taxation, these costs have been assessed individually to determine the correct
treatment. The corresponding corporation tax impact for the 6 months ended
30 September 2025 was £8,000 (H1 2025: £176,000).
Other restructuring costs
On 16 July 2024, Supreme Imports Limited entered into an agreement to sublease
a property which it had a qualifying lease under IFRS 16 in. As a result of
this transaction, the group recognised the disposal of a Right of use asset
and the creation of a right of use receivable. The gain arising from this
transaction was treated as adjusting as it is outside of the group's normal
trading activity. The gain was treated as allowable for the purposes of
corporation tax, and the tax impact was £24,000.
6. Taxation
The income tax expense for the half year ended 30 September 2025 is based upon
management's best estimate of the weighted average annual tax rate expected
for the full year ending 31 March 2026. The income tax expense is slightly
higher than standard rate of 25%, primarily due to the disallowable nature of
the exceptional items and provisions.
7. Earnings per share
Basic earnings per share is calculated by dividing the net income for the year
attributable to ordinary equity holders after tax by the weighted average
number of ordinary shares outstanding during the period.
Diluted earnings per share is calculated with reference to the weighted
average number of shares adjusted for the impact of dilutive instruments in
issue. For the purposes of this calculation an estimate has been made for the
share price in order to calculate the number of dilutive share options.
The basic and diluted calculations are based on the following:
Unaudited Unaudited
6 months ended 6 months ended
30 September 2025 30 September 2024
£'000 £'000
Profit for the period after tax 9,009 10,680
No. No.
Weighted average number of shares for the purposes of basic earnings per share 117,315,596 116,564,333
Weighted average dilutive effect of conditional share awards 3,221,041 3,870,298
Weighted average number of shares for the purposes of diluted earnings per 120,536,637 120,434,631
share
Pence Pence
Basic profit per share 7.7 9.2
Diluted profit per share 7.5 8.9
Adjusted EPS
The calculation of adjusted earnings per share is based on the after tax
adjusted operating profit after adding back certain costs as detailed in the
table below. Adjusted earnings per share figures are given to exclude the
effects of depreciation, amortisation and adjusted items, all net of taxation,
and are considered to show the underlying performance of the Group.
Adjusted earnings per share is presented as an Alternative Performance Measure
(APM). Adjusted EPS is not defined by IFRS and may therefore differ from
similarly titled measures presented by other companies, limiting
comparability. Management believes Adjusted EPS provides useful additional
information to assess underlying performance of the Group, but it should not
be considered in isolation or as a substitute for IFRS-defined measures.
Unaudited Unaudited
6 months ended 6 months ended
30 September 2025 30 September 2024
£'000 £'000
Adjusted earnings (see below) 10,667 12,974
No. No.
Weighted average number of shares for the purposes of basic earnings per share 117,315,596 116,564,333
Weighted average dilutive effect of conditional share awards 3,221,041 3,870,298
Weighted average number of shares for the purposes of diluted earnings per 120,536,637 120,434,631
share
Pence Pence
Adjusted basic profit per share 9.1 11.1
Adjusted diluted profit per share 8.8 10.8
The calculation of basic adjusted earnings per share is based on the following
data:
Unaudited Unaudited
6 months ended 6 months ended
30 September 2025 30 September 2024
£'000 £'000
Profit for the period attributable to equity shareholders 9,009 10,680
Add back/(deduct):
Amortisation of acquisition related intangible assets 1,108 653
Adjusted items 558 1,817
Tax effect of the above (8) (176)
Adjusted earnings 10,667 12,974
8. Financial instruments
The fair values of all financial instruments included in the statement of
financial position are a reasonable approximation of their carrying values.
9. Acquisition of trade and assets
On 1 September 2025, the Group acquired the trade and intellectual property of
1001, the iconic carpet care brand trusted by consumers for decades ("1001")
for a fixed consideration of £1.65 million (including £0.35 million of
deferred consideration) from the US-based WD-40 Company. The transaction also
provides for the purchase of inventory at book value, with additional
contingent consideration, associated with future sales growth, up to a maximum
of £3 million.
10. Dividends
Dividends of £3,989,000 were declared in the 6 months ended 30 September 2025
(H1 2025: £3,732,000). This amounted to £0.034 per share (H1 2025: £0.032).
11. Post balance date events
On 20 October 2025, the Group acquired the trade and selected UK and European
assets of SlimFast, a market leader in meal replacement products, for a total
cash consideration of £20.1 million (including £9.0 million of deferred
consideration due in 15 months' time) from Glanbia PLC, a global nutrition and
food company. The Group will satisfy the consideration for the Acquisition
through a mixture of its existing cash resources and utilisation of its
asset-based lending facility.
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