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Chill Brands Group PLC on Friday said that its interim loss came in higher as it requested its shares to trade in London again.
Chill Brands operates the chill.com e-commerce website for nicotine-free vapour products and other wellness and recreational products.
The company has formally requested the Financial Conduct Authority in the UK for the suspension of trading in shares to be lifted, now that it has published its results.
The company said pretax loss widened to £2.5 million in the six months to September 30, from £1.6 million a year ago.
Revenue rose 14% to £164,001 from £143,938.
Cost of sales multiplied to £540,187 from £56,776.
Chief Executive Officer Callum Sommerton said the past year was ‘exceptionally challenging’ as it ‘was forced to navigate a prolonged period of instability during which many of its commercial activities were necessarily scaled back or paused altogether’.
Despite this, the company is confident in the long-term potential of its product range, while adding that the launch and commercialisation of new vape products is ‘highly capital intensive and operationally complex’.
He added: ‘The market remains volatile following the ban on disposables, as retailers reassess category plans and consumers adjust to the transition toward reusable formats. This has resulted in a period of heightened uncertainty and consolidation, with many smaller or undercapitalised brands withdrawing from the category or shifting their commercial strategies.’
Looking ahead, CEO Sommerton said: ‘The months ahead will be critical as the company works to scale its distribution operations and demonstrate consistent traction across its service lines. While the path to recovery is still ongoing, Chill Brands is now better equipped to meet the challenges ahead and to take advantage of the many opportunities that exist within the evolving consumer goods and wellness landscape.’
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