Wholesale group Supreme bets revenues on vaping amid lockdown growth
Wholesale provider Supreme, the company behind 88Vape, has seen its revenue for the smoking alternative alone lift 36 per cent as lockdown smokers tried to kick the habit.
The company’s total preliminary revenue was up 33 per cent at £122.3m in the year to 31 March, up from £92.3m in the year prior.
Gross profits lifted to £33m, which helped the company to slash its debt by 64 per cent, ending the financial year with a just £7.6m burden compared with £21.3m in 2020.
The strongest sales growth was found in vaping and its sports nutrition and wellness branch, the company said in a statement today.
The company’s partnership with convenience store chain McColl’s to supply shops with vaping products marked the company’s growth in the vaping sphere.
The rollout of 88Vape products was completed in March 2021, adding a further 1,180 retail convenience stores nationwide to Supreme’s portfolio courtesy of McColl’s estate.
“There are clear and very exciting opportunities that exist for our business, particularly in categories like sports nutrition and wellness and vaping, and I look forward to providing further updates in due course as we capitalise on these,” CEO Sandy Chadha said.
“We have made a good start to the current financial year and look to the future with confidence.”