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Voyager Life PLC (VOY)

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Tuesday 12 October, 2021

Voyager Life PLC

Trading Update, Options & Half-year Results Notice

RNS Number : 7232O
Voyager Life PLC
12 October 2021
 

 

 

12 October 2021

 

Voyager Life plc

 

("Voyager" or the "Company") 

 

Trading Update, Grant of Options & Notice of Half-year Results

 

Voyager, the health and wellness company supplying high-quality Cannabidiol (CBD), hemp seed oil and hemp-related products , is pleased to provide a trading update on its operations, notification of a grant of share options and notice of its first half-year results for the six months ended 30 September 2021 .

 

Highlights:

 

· 32 formulated products and 90 total SKUs available across website and stores

· Revenue from incorporation to 30 September 2021 of approximately £65,000

· Cash balance of approximately £1.8 million (as at 8 October 2021) with no debt

· Monthly overheads of below £50,000 (as at 30 September 2021)

· Inventory of over £80,000 (at cost price)

· Voyager products now sold in 80 third party stores

· Voyager products will be listed by CLF, a leading wholesaler UK of health and wellness products, in January 2022

· Forthcoming store openings in Edinburgh and Dundee

 

Nick Tulloch, Chief Executive Officer and Founder of Voyager, said: "Our focus during the first half of the 2021 calendar year was to establish a solid platform for Voyager, developing our product range and building the team, and of course complete our IPO.  The effort we put in during those months is now showing in the positive transformation of our business over the summer.

 

"In May of this year, almost 100% of our revenue came from online sales but, with the opening of our first store in St Andrews, Scotland and our roll out of Voyager products to 80 third party stores, online sales are now one of three complementary parts to our business .

 

"The speed of take up by other retailers supports our view on the quality of our brand and products and CLF's decision to stock our products in particular is not only further vindication of our business model but should mark another significant step up in the volumes of our sales."

 

Overview

 

The period to 30 September 2021 saw Voyager list on Aquis Stock Exchange Growth Market, expand its sales from entirely online to a multi-retail strategy having developed and launched several new product lines.  The Company's strategy is to outsource its manufacturing and focus on formulations and branding which the Directors believe is the higher margin part of the industry. By not investing in capital equipment and manufacturing premises, Voyager keeps its cost base low.  Through the strength of Voyager's relationships with its suppliers, the Company has been able to develop new products on low production volumes while maintaining a full inventory of product lines without committing extensive working capital.

 

During the past four months, the Company has concentrated on developing a network of stores that stock its products, including opening its first Voyager store in St Andrews, Scotland.  This programme of building relationships with trade customers began with individual health stores and pet stores but quickly moved onto larger country stores and regional chains.  More recently the Company's strategy has seen a significant success with confirmation by CLF that it will begin stocking Voyager products from January 2022.

 

CLF are one of the leading wholesalers in the UK of health and wellness products offering a daily delivery service to their nationwide customer base.  Voyager's team have already had discussions with prospective customers in the health and wellness sector who specifically asked if the Company's products are available through CLF - therefore the Directors believe this represents a significant opportunity.

 

Voyager's own store rollout has been supported by the development of a considerably enhanced product range, supplementing its 32 formulated products with a total of 90 SKUs (stock keeping unit), including certain guest brands.  Not only does this improve the shopping experience for its customers but it also enables the Company to stock products that are exclusive to its stores.

 

Objectives in the coming months include:

 

· A relaunch and upgrade of Voyager's website, coupled with targeted social media and advertising campaigns

· Continued development of its network of trade partners

· Opening its store in Edinburgh in late October and its store in Dundee in late November

 

Voyager maintains a strong balance sheet with cash and inventory totalling almost £1.9 million.  The Company carries no debt and the cash balance is stated after the prepayment of rent at its St Andrews store to May 2022 and rent at its Edinburgh store to December 2022.

 

Monthly overheads exclude all product manufacturing, marketing and delivery costs.  Following the opening of the new stores in Edinburgh and Dundee, monthly overheads are expected to rise by approximately £18,000.  The Company continues to benefit from the UK and Scottish government's employment assistance schemes with four members of staff currently supported by grants.

 

Trade fairs

 

Following its recent success at Glee, the Scottish Game Fair and the National Health Trade Summit, Voyager's next trade fair will be Professional Beauty London at the Excel Centre on 17 and 18 October 2021.

 

Grant of share options

 

On 11 October 2021, Voyager granted a total of 70,800 share options under its EMI share option plan (the "EMI Plan") to employees who joined the Company in the past three months.  The share options are exercisable at 22 pence and are otherwise subject to the same conditions as described in Voyager's admission document dated 28 June 2021, including the 2-year vesting period and the 30-day volume-weighted price of the Company's shares being 70 pence or more per share. The total number of awards made under the EMI Plan are currently 1,069,366 representing 11.56% of the Company's issued share capital.

 

Interim results

 

Voyager expects to announce its interim results for the period ended 30 September 2021 during the second half of November 2021.

 

Financial information included in this announcement has not been audited.

 

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.

 

ENDS

 

Enquiries:

Voyager

Nick Tulloch -  [email protected]  / 01738 505 130

http://voyagerlife.uk

 

Cairn Financial Advisers LLP (AQSE Corporate Adviser)

Liam Murray or Ludovico Lazzaretti  +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.

 

In line with UK regulations, the Company makes no medicinal claims but guarantees to customers that its products are as described on their labels and on its website. Voyager's products do not contain any THC.  Voyager focuses its resources on product formulations and retail and outsources its manufacturing to specialists. 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.

 

Website and social media links:

https://voyagercbd.com/

https://www.instagram.com/voyagercbd/

https://twitter.com/voyagercbd

https://www.linkedin.com/company/voyager-cbd/

https://www.facebook.com/VoyagerCBD/  

 

Caution regarding forward looking statements

Certain statements in this announcement, are, or may be deemed to be, forward looking statements. Forward looking statements are identified by their use of terms and phrases such as ''believe'', ''could'', "should" ''envisage'', ''estimate'', ''intend'', ''may'', ''plan'', ''potentially'', "expect", ''will'' or the negative of those, variations or comparable expressions, including references to assumptions. These forward-looking statements are not based on historical facts but rather on the Directors' current expectations and assumptions regarding the Company's future growth, results of operations, performance, future capital and other expenditures (including the amount, nature and sources of funding thereof), competitive advantages, business prospects and opportunities. Such forward looking statements reflect the Directors' current beliefs and assumptions and are based on information currently available to the Directors

 

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