Record profit for Totally Wicked ahead of single-use vapes ban as sales double in two years
Profit at Totally Wicked has surged to a new record level ahead of the sale of single-use disposable vapes being banned in England and Wales later this year.
The Lancashire-headquartered has reported a pre-tax profit of £8.1m for the 12 months to 31 March, 2024, up from the £3.3m it posted for the prior year.
Newly-filed documents with Companies House have also revealed that the firm’s turnover jumped from £90.4m to £118.1m over the same period – a new record.
The latest total comes after Totally Wicked’s turnover stood at £54.4m in the year to 31 March, 2022.
The accounts have been filed after the government confirmed in October 2024 that the sale of single-use disposable vapes will be banned in England and Wales from June 2025.
The government is also looking at introducing a vaping products duty of £2.20 per ml of eliquid from October 1, 2026.
Totally Wicked braced for single-use vapes ban
On the ban and duty, Totally Wicked said: “There are concerns that introducing so many new regulations at once could have an adverse impact of restricting access for smokers and former smokers to vaping products, which may lead to an increase in tobacco use.
“However, we believe the combination of the licensing scheme and new tobacco vaping duty will lead to a significant increase in HMRC enforcement action to clam down on illegitimate sellers of vaping products creating a potential significant increased opportunity for legitimate operators such as Totally Wicked.”
Totally Wicked’s UK turnover rose from £77m to £96.9m in the year while it grew from £12.9m to £20.8m in Europe.
However, sales dropped from £441,696 to £396,079 in the rest of the world.
Its turnover from wholesale increased from £53.8m to £76.4m and from £16m to £18.9m in retail.
Totally Wicked’s sales online and over the phone rose from £20.6m to £22.7m.
During the year its headcount increased from 372 to 411.
A statement signed off by the board said: “The business has delivered strong growth over the last financial year, with the continuing growth of single use vapes in the category being a disproportionate driver, particularly through the convenience and grocer channels, though we are now seeing consumer driven demand for more cost effective and less environmental impactful vaping solutions.
“Our owned channels to market have continued to allow customers to transition to more sustainable products, and strategically advantageous branded product propositions, much earlier than would otherwise be the case in third party routes to market.
“The year continued to see the developing trend in consumer habits towards single use e-cigarettes.
“The simplicity of these products has attracted a significant number of new adult vipers into the category, and our business, allowing a new cohort of smokers to transition to a significantly reduced harm product.”
Totally Wicked was founded in 2008 by Jason Cropper and is run by chief executive Marcus Saxton.