For the year to 31 March 2025 Supreme reported revenue of £231.1m, +4%YoY, (ED est £235.1m), gross profit (including forex) of £73.7m, +16%YoY (ED est £72.3m), and (adj.) EBITDA of £40.5m, +6%YoY (ED est £40.0m). Top line growth was propelled by the acquisition of Clearly Drinks and Typhoo Tea, further diversifying the portfolio as the Group adjusted to the ban on disposable vapes which was implemented on 1 June.
EPS (adj.) for the year was 20.1p (ED est 20.1p). Acquisitions to the value if £25.0m added c.£40.0m (annualised basis) in non-vape revenue, whilst the Group closed the year net cash positive (pre-IFRS 16) at £1.2m (FY24: £11.6m). The Group proposes a final dividend of 3.4p/ share, up +10% YoY, taking the full year dividend to 5.2p/ share and foresees FY26 performance consistent with analysts’ consensus estimates of revenue of £236m and (adj.) EBITDA of £36.5m.
Our Fair Value remains 225p/share.