Voyager Life PLC (AQSE:VOY), the health and wellness firm focused on CBD, hemp seed oil and related products, reported a 73% increase in UK revenue, which rose to £307,000 for the year ending March 2023.
The company's gross margin averaged at an impressive 68% across all UK business lines, with a closing cash balance of approximately £1mln.
Underpinning this success was Voyager's successful integration of a Polish CBD extraction and manufacturing facility, initially acquired from Goodbody Health Limited.
CEO Nick Tulloch highlighted that the development marked a step forward in the company's European operations, with the business well poised for success following the integration. Tulloch also indicated that prospective customer orders are now materially larger than they have been.
The company's portfolio boasts one of the UK's largest ranges of CBD products, and it continues to adapt and improve its retail and wholesale strategy to meet the dynamic demands of the industry. Despite current market challenges, Voyager is leveraging its control over the supply chain to maintain competitive pricing for customers.