TIDMVOY
RNS Number : 3440I
Voyager Life PLC
14 April 2022
14 April 2022
Voyager Life plc
("Voyager" or the "Company")
Trading Update
Voyager, the health and wellness company supplying high-quality
Cannabidiol (CBD), hemp seed oil and hemp-related products, is
pleased to provide the following trading update as at its financial
year end of 31 March 2022.
Highlights of the year include:
-- Successfully opening three stores (St Andrews, Edinburgh and Dundee)
-- Relaunched e-commerce website (VoyagerCBD.com)
-- Second brand launched: Ascend Skincare (AscendSkincare.co.uk)
-- Acquisition of manufacturing capability and establishment of VoyagerCann (VoyagerCann.com)
-- Over 30 formulated products and, in its own stores, over 150 SKUs (stock-keeping units)
-- Distribution partnership with CLF, one of the largest
distributors of healthcare products in the UK
-- Hemp Shampoo for Pets awarded best pet grooming product at PATS Sandown
-- Listing on the Aquis Stock Exchange
Review of trading
In a year that began with four employees (two of whom were part
time) and an online-only business model of 16 products, the Company
has grown substantially in a rapid period of time, now employing 20
people and selling a range of over 30 formulated products and over
150 SKUs wide enough not only to support its own stores but also to
attract an increasing number of trade customers.
Today, Voyager has four revenue streams:
-- E-commerce from its own websites and third-party websites
(including online marketplaces such as Amazon and eBay)
-- Sales through its three own physical stores
-- Sales to third party distributors and third-party stores
-- Manufacturing products for other CBD and skincare companies
As at 31 March 2022, cash at bank was GBP1.43 million giving the
Company the balance sheet strength to continue developing its
business model without the need to raise new funds. In anticipation
of supply shortages, rising prices and its expansion plans,
management took the decision near the end of 2021 to considerably
increase its inventory which amounted to over GBP140,000 at year
end. Voyager has no debt and the cash balance reflects a
pre-payment of rent in its Edinburgh store through to December 2022
and its St Andrews store to May 2022. Voyager's monthly overheads
during the year averaged just under GBP50,000, of which payroll and
rent make up the majority.
Unaudited revenue for the 16-month period to 31 March 2022 was
approximately GBP178,000 with revenue in the last 12 months
representing an increase of over 28x revenue generated in the
financial period to 31 March 2021. Importantly our revenue in the
second six months of the financial year increased by 88 per cent.
compared with the first half of the year. Given the inconsistent
nature of trade sales, analysing a monthly run rate of revenues can
be misleading but, with the exception of the early part of the 2022
calendar that was impeded by Covid restrictions, revenues have been
steadily growing and the Directors expect to see further
improvements throughout the current financial year.
By their nature, Voyager's products are personal - taste, scent
and texture as well as packaging are key determinants of a
customer's decision to buy. Consequently, and with regard to trade
sales which the Directors continue to believe will be the largest
driver of revenue, the ability of the Voyager team to meet in
person its prospective customers is very often definitive in
closing a sale. As with many businesses, Covid restrictions were a
limiting factor in 2021, particularly with many trade fairs being
curtailed or postponed, and the Company has also found recruitment
of salespeople to be slower than expected. Nevertheless, with Covid
restrictions largely dropped across the United Kingdom, the Company
has taken the opportunity to book into more trade fairs (with three
attended in 2022 already) and organise more face-to-face meetings.
The effects of this have been immediate with a growing order book
and rising number of distributors. Winning the prestigious award
for its Hemp Shampoo for Pets at PATS Sandown, an award which is
judged by industry experts, is a further reminder of the popularity
and quality of Voyager's range.
Following its acquisition of the business and assets of
Cannafull in December 2021 for GBP9,000, Voyager has added a fourth
business line of manufacturing to its already established lines of
online sales, own stores and third-party stores. Cannafull was
rebranded as VoyagerCann in February 2022 and is already proving to
be a meaningful part of the Company. The potential order book
currently stands at around GBP100,000 spread across 15 customers
and the Company has already secured and delivered three orders,
both to well-known CBD companies.
The Cannafull acquisition also added a second brand to Voyager.
Ascend Skincare has been relaunched with its range of three face
oils being the first products made by Voyager since the addition of
its manufacturing capabilities.
Novel Foods
On 31 March 2022, the Food Standards Agency ("FSA") published
its initial list of ingestible CBD products permitted for sale in
England and Wales until such time as they are either authorised or
rejected. Currently, no CBD products have been authorised for sale
by the FSA. At present, Voyager's ingestible CBD products are not
included on the list however, from what the Directors understand,
the only impediment to the Company's inclusion is that, initially,
the FSA has assessed brands that were on the market on 13 February
2020, being the date of the FSA's original announcement of its
policy on CBD products and prior to Voyager's incorporation. The
Directors are aware of other products already on the list that were
launched after that date; accordingly, the Company is not expecting
that limitation to be permanent.
In particular:
1. products and ingredients from Voyager's manufacturing partner
appear multiple times throughout the list, thereby implying that
the Company's products are likely to be approved in due course;
2. the vast majority of products on the list are not yet
validated but instead are marked "awaiting evidence"; and
3. the FSA has said to expect further updates to the list in due course.
Voyager is in contact with the FSA about its inclusion on the
list.
Finally, the FSA's list only applies to ingestible CBD products
and these are a minority part of Voyager's business - the Company
has nine ingestible products out of over 30 formulated products and
some 150 SKUs in its shops.
Nick Tulloch, Chief Executive Officer and Founder of Voyager,
said: "Our first full year of operations was always going to be
about developing the platform for our business to grow. In that
regard we can look back on the last 12 months with a considerable
degree of satisfaction. Measured on product range, distribution
channels and our own stores, Voyager has taken significant steps
forward and, most importantly, has assembled a highly capable and
committed team.
"But of course our business is about far more than positioning
for the future and it is right that we should and will be judged on
our financial performance. In this, and in spite of our rapid
expansion, we have kept a tight rein on costs as we promised and we
have seen revenue develop considerably over the year. There is a
great deal more to do for the Company to break even but we have a
strong balance sheet, a growing distribution capability across a
number of different categories and a wide product range to attract
different customers. There is every reason to look forward to our
2022-23 financial year with confidence and optimism.
"We are under no illusions about the competitive nature of our
industry, but we set out in our second full year of operations with
several differentiating factors - our own stores, our product
range, our well-funded business - and the onus is on us now to make
that count. Our application to be included in the FSA's list of
ingestible products is under review; encouragingly, we have
examined the products already on the list, including those of our
own manufacturing partner, and we believe that Voyager's products
will be validated by the FSA in due course.
"It is also appropriate for us to comment on our share price
which, since our IPO on Aquis in June 2021, has been disappointing.
In many respects we have fallen in line with others in the cannabis
sector as investors react to disappointments elsewhere. The lack of
liquidity in our shares, which is perhaps a function of a large
number of our investors being long term EIS holders as well as (to
date) limited broker involvement in Aquis, has also contributed to
our share price and is perhaps responsible for the occasional sharp
movements in our share price. We continue to develop our investor
relations profile but, from the Directors' point of view, our share
price performance does not mirror the progress made in our business
which has developed very much in line with our expectations. As
mentioned above, we expect to be judged on our financial
performance and therefore, as our efforts to date translate into
revenue growth, we remain confident that the investor community
will reflect that in our share price in the future."
This announcement contains inside information for the purposes
of the UK Market Abuse Regulation and the Directors of the Company
are responsible for the release of this announcement.
S
Enquiries:
Voyager
Nick Tulloch - nick@voyagerlife.uk / 01738 505 130
http://voyagerlife.uk
Cairn Financial Advisers LLP (AQSE Corporate Adviser)
Ludovico Lazzaretti or Liam Murray +44 (0) 20 72130 880
Notes to Editors:
About Voyager
Voyager was founded in 2020 and is based in Perth, Scotland. The
Company's primary objective is the formulation and supply of high
quality CBD and hemp seed oil products although it also produces
several other complementary products, the majority of which are
manufactured from the hemp plant. Its product categories include a
pet range which has rapidly developed into one of the Company's
best sellers. The Company sells online, through third party stores
and in its own stores which are located in St Andrews, Edinburgh
and Dundee. Voyager products are currently available from Cornwall
to Shetland in over 100 online and brick-and-mortar outlets.
The Company's philosophy of plant-based health and wellness is
embodied in its mission statement and hashtag of "Choose you". With
an experienced team and a product line created in line with the
UK's regulatory regime, Voyager aims to become the trusted brand in
this increasingly popular health and wellness space.
Through Voyager's bespoke skincare product creation and
development division , voyagerCann , the Company also offers a full
turnkey service to other CBD and cosmetics companies assisting them
in developing and launching new products.
Website and social media links:
Voyager:
https://voyagercbd.com/
https://www.instagram.com/voyagercbd/
https://twitter.com/voyagercbd
https://www.linkedin.com/company/voyager-cbd/
https://www.facebook.com/voyagercbd/
voyagerCann:
https://voyagercann.com/
https://www.instagram.com/voyagercann/
https://twitter.com/voyagercann/
https://www.linkedin.com/company/voyagercann/
https://www.facebook.com/voyagercann/
Forward Looking Statements
These forward-looking statements are not historical facts but
rather are based on the Company's current expectations, estimates,
and projections about its industry; its beliefs; and assumptions.
Words such as 'anticipates,' 'expects,' 'intends,' 'plans,'
'believes,' 'seeks,' 'estimates,' and similar expressions are
intended to identify forward-looking statements. These statements
are not a guarantee of future performance and are subject to known
and unknown risks, uncertainties, and other factors, some of which
are beyond the Company's control, are difficult to predict, and
could cause actual results to differ materially from those
expressed or forecasted in the forward-looking statements. The
Company cautions security holders and prospective security holders
not to place undue reliance on these forward-looking statements,
which reflect the view of the Company only as of the date of this
announcement. The forward-looking statements made in this
announcement relate only to events as of the date on which the
statements are made. The Company will not undertake any obligation
to release publicly any revisions or updates to these
forward-looking statements to reflect events, circumstances, or
unanticipated events occurring after the date of this announcement
except as required by law or by any appropriate regulatory
authority.
This information is provided by RNS, the news service of the
London Stock Exchange. RNS is approved by the Financial Conduct
Authority to act as a Primary Information Provider in the United
Kingdom. Terms and conditions relating to the use and distribution
of this information may apply. For further information, please
contact rns@lseg.com or visit www.rns.com.
RNS may use your IP address to confirm compliance with the terms
and conditions, to analyse how you engage with the information
contained in this communication, and to share such analysis on an
anonymised basis with others as part of our commercial services.
For further information about how RNS and the London Stock Exchange
use the personal data you provide us, please see our Privacy
Policy.
END
NEXUOAARUOUSAUR
(END) Dow Jones Newswires
April 14, 2022 02:11 ET (06:11 GMT)
Voyager Life (AQSE:VOY)
Historical Stock Chart
From May 2024 to Jun 2024
Voyager Life (AQSE:VOY)
Historical Stock Chart
From Jun 2023 to Jun 2024