Chill Brands Group PLC (LSE:CHLL, OTCQB:CHBRF) is preparing to request the lifting of a long-standing suspension in its share trading, following the publication of overdue annual results for the period to March 2024.
The company confirmed on Monday that it plans to submit interim accounts for the period ended September '24 in early July, which would bring it fully up to date with its reporting obligations.
Shares in the consumer goods group have been suspended for over a year, after delays in publishing its annual results for the year to March 2024 and its half-year figures to September of the same year.
Under UK listing rules, companies must remain current with their financial disclosures to maintain trading status.
The release of the 2024 audited accounts clears the first hurdle. Once the September interim results are filed, Chill Brands intends to formally approach the Financial Conduct Authority to request that the suspension be lifted.
The company stated that it will collaborate with the Financial Conduct Authority to agree on the process and timing for restoration.
The update came as Chill Brands posted a sharp rise in revenue to £1.9 million for the 12 months to March 2024, up from £83,000 a year earlier.
The improvement was driven by strong demand for its nicotine-free vape products in the UK. Losses narrowed to £3.4 million from £4.2 million.
Chill Brands has since moved to a new strategy, shifting away from own-label products and instead launching a distribution platform for third-party consumer goods, known as Chill Connect.
The company cautioned that revenue for the current period would be materially lower, citing both regulatory headwinds and well-documented internal disruption.