Chill Brands Group PLC (LSE:CHLL, OTCQB:CHBRF) has hailed commercial deals made during the first half of this year for preparing the company to score significant growth in 2024.
Having penned deals to stock its zero-nicotine vape products in supermarkets, WH Smith, Shell and BP stores, Chill Brands said a material jump in income is expected.
“In the months since September 2023, we have sold Chill ZERO products into hundreds of independent stores and secured listings with major retail chains in both the US and UK,” chief executive Callum Sommerton said in the group’s half-year results.
“We will see in the new year with more than 2,365 committed retail stores, sustained multi-channel growth and substantial purchase orders that will result in material income.”
For the first half of the year, revenue sat at £83,392, marking a four-fold increase on the £19,610 recorded in early 2022 and a jump on the full year’s £82,840.
There was an operating loss of £1.5 million, compared to £2.2 million at 2022’s midpoint, meanwhile.
“As the Chill brand gains recognition and a foothold in the market, we anticipate a cascading effect that will foster additional sales and create opportunities for further expansion into new retail channels,” the company added in a statement.