Shares of Supreme plc, the Manchester-based supplier of vaping supplies, drinks and fast-moving consumer goods, fell about 10% after it published a trading update for the 12 months ended March 31, 2025.

“Supreme expects to report FY25 revenue of around £235.0 million (FY24: £221.2 million) and adjusted EBITDA of at least £40.0 million (FY24: £38.1 million), in-line with current market expectations.

“In addition, the company expects to trade in-line with market expectations for FY26.”

Supreme said analysts’ consensus for the year ending March 31, 2025, was revenue of approximately £240 million and adjusted EBITDA of £40 million.

It said analysts’ consensus for the year ending March 31, 2026, had been revenue of around £231 million and adjusted EBITDA of around £36.6 million.

“After investing £25.0 million on strategic acquisitions during the period, the business remained net-cash positive at year end,” said Supreme.

“Following the complementary acquisitions of Clearly Drinks and Typhoo Tea during the period, representing the group’s entry into the soft drinks and hot beverages vertical, sales traction remains strong with management exploring a number of new commercial opportunities with both potential and existing customers, alongside an increased focus on new product development.

“Vape sales remain in line with internal estimates ahead of the imminent UK disposable vape ban scheduled for 1 June 2025.

“The company’s established UK vaping profile and its longstanding, trusted partner status across a diverse UK retail footprint, combined with proactive investment in rechargeable pod system vaping devices, ensures Supreme remains well positioned within the UK market.

“The board remains confident of the group’s future prospects.”