VAPING company Supreme insisted the Government’s ban on disposable vapes will not affect its business as it issued an upbeat trading update.
Prime Minister Rishi Sunak today said the disposable products would be banned in a move to tackle a rise in young people vaping.
When the news broke this morning, shares in vaping companies including Supreme fell. But Supreme’s share price recovered after the group put out a statement to the Stock Exchange this afternoon, saying the company was prepared for the ban, and announcing a proposed £1m share buyback programme.
The group’s update for the nine months to December 31 hailed an ‘excellent trading performance’ in Q3 and said: “It is now expected that FY 2024 will significantly outperform market expectations, with revenue projected to be at least £225m and Adjusted EBITDA anticipated to reach at least £38m - a doubling from FY 2023’s Adjusted EBITDA.”
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