UK's Supreme hits over 1-yr high on upbeat outlook
** Shares of Supreme Plc SUP.L climb as much as 12.9% to 118p, their highest since July 4, 2022
** The manufacturer and supplier of fast-moving consumer products sees FY24 trading to be "significantly ahead" of current consensus, partly helped by a new distribution contract for vaping brands ElfBar and Lost Mary
** Sees FY24 adjusted core profit to be ahead of latest expectations by at least 1 mln pounds ($1.27 mln)
** Co expects to generate 25 mln-30 mln pounds of revenue and around 2 mln pounds of incremental adjusted core profit for FY24 from vaping distribution agreement
** SUP says it will supply ElfBar and Lost Mary products to some of the UK's biggest retailers, including Tesco TSCO.L, Morrisons, One Stop and WHSmith Travel
** Berenberg analysts in a note say the distribution agreement should provide the opportunity for Supreme to cross-sell its additional products to sizeable retailers
** Berenberg raises target price on stock to 190p from 170p
** Stock currently up 11.5%, taking YTD gains to ~18%
($1 = 0.7875 pounds)
Reporting by Aby Jose Koilparambil in Bengaluru
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