Voyager Life PLC (AQSE:VOY) said revenues have grown strongly and it had £1.43mln cash in the bank at year-end to continue developing its business model.
In what was its first year of operations, the hemp and cannabidiol (CDB) retailer and product manufacturer said it generated revenue of roughly £178,000 in the 16 months to 31 March 2022, from sales made online, to third party retailers and via the three stores it opened during the year.
Revenue in the second six months of the financial year increased 88% compared with the first half, with directors saying they “expect to see further improvements throughout the current financial year”.
December’s manufacturing acquisition Cannafull – since rebranded as VoyagerCann – had a potential order book of around £100,000 spread across 15 customers, with three orders delivered to well-known CBD companies so far.
Chief executive Nick Tulloch said: “Our first full year of operations was always going to be about developing the platform for our business to grow. In that regard we can look back on the last 12 months with a considerable degree of satisfaction.
“Measured on product range, distribution channels and our own stores, Voyager has taken significant steps forward and, most importantly, has assembled a highly capable and committed team.”
He said there is “a great deal more to do for the company to break even” but added that the company has been able to keep “a tight rein on costs” and has a strong balance sheet with no debt, a growing distribution capability across different categories and a growing product range.
“There is every reason to look forward to our 2022-23 financial year with confidence and optimism,” Tulloch said.
In anticipation of supply shortages, rising prices and its expansion plans, Tulloch and the management team took the decision to considerably increase its inventory near the end of 2021, which amounted to over £140,000 at year end.
Debt-free, the company said its cash balance reflects a pre-payment of rent in its Edinburgh store through to December 2022 and its St Andrews store to May 2022.
Tulloch said Voyager’s application to be included in the FSA's list of ingestible products is under review. “Encouragingly, we have examined the products already on the list, including those of our own manufacturing partner, and we believe that Voyager's products will be validated by the FSA in due course.”