Supreme PLC (AIM:SUP) saw its share rise in Monday’s early deals after highlighting an expectation-beating performance in its financial year ended 31 March 2023.
The company, in a statement, told investors that it enjoyed both organic growth and growth through acquisition during the year.
It also now anticipates trading in the current financial year will be slightly ahead of current consensus forecasts.
Ahead of the results for FY2023, due for release in July, Supreme said revenue is expected to reach at least £150mln, up from £130.8mln in the prior year.
Earnings (adjusted EBITDA) are projected to be at least £19.3 mln, comfortably ahead of market predictions.
Results were boosted by the performance of vaping businesses acquired by the company in the first half, with the combined vaping unit generating some £75mln of revenue versus £43.5mln in the year before.
Supreme said it welcomes the UK government's support for vaping as an effective smoking cessation tool and the launch of its "swap to stop" campaign – which will see the government provide vape starter kits to support 1mln British adults quit smoking over the next two years.
Looking to the current year, Supreme told investors it expects to maintain its strong growth trajectory and said it remains confident in the company's ability to deliver organic and acquisition-led growth.
In London, Supreme shares gained 9.3p or 9.44% to trade at 107.8p, valuing the company at just over £125.5mln.