Supreme has seen its revenue increase by 42% year-on-year to £221m, adding that it is "not concerned" about the Government’s potential vaping proposals.

The firm, which produces vaping products such as ElfBar and LostMary in the UK, said its profits more than doubled (55%) in the year to 31 March to £63.5m, while its adjusted EBITDA also increased by 96% to £38.1m.

Supreme, which also sells products across soft drinks, lighting, sports nutrition and wellbeing, stated that it had seen revenue growth across all divisions, with its earnings per share jumping by 85% to 19.1 pence per share.

Furthermore, it completed a £1m share buyback programme in this period, supporting its commitment to delivering shareholder value.

Looking ahead, Supreme has forecast the 2025 financial year to be "another profitable and highly cash-generative" year, adding that it traded comfortably in first quarter and expects to be in line with current market expectations.

It went on to state that it does not expect its vaping and branded distribution divisions to be affected by the Government’s proposed future disposable vape ban.

It is also looking to further scale its distribution channels, with the acquisition of Clearly Drinks for £15m in June being "directly in line with this strategy".

Chief executive officer at Supreme, Sandy Chadha, said: "Supreme has delivered an outstanding financial performance across the Period, with strong revenue growth across all five of our divisions. Set against a challenging backdrop, we continue to be committed to providing high-quality, high-value products to both retailers and our customers.

"Looking at our vaping business, we are fully committed to doing what we can to support the eradication of underage vaping so that the industry can get back to its core objective: helping adult smokers find an affordable, sustainable, and safer alternative to smoking.

"I am not concerned that the Government's vaping proposals will have any long-term impact on Supreme as a responsible manufacturer and distributor with resources and experience to adapt to potential new market dynamics. Operationally and financially, we are in an excellent position to expand organically and, as we've successfully demonstrated in the past (and post-period end with the Clearly Drinks acquisition), we continue to evaluate complementary acquisitions.

"We've made a very positive start to the current financial year, and I look forward to updating all our stakeholders later this year on our continued progress."

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