14 April 2022
Voyager Life plc
("Voyager" or the "Company")
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 (
· 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
· 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
Unaudited revenue for the 16-month period to 31 March 2022 was approximately
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
Following its acquisition of the business and assets of Cannafull in December 2021 for
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.
On 31 March 2022, the Food Standards Agency ("FSA") published its initial list of ingestible CBD products permitted for sale in
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
Nick Tulloch - email@example.com / 01738 505 130
Cairn Financial Advisers LLP (AQSE Corporate Adviser)
Ludovico Lazzaretti or Liam Murray +44 (0) 20 72130 880
Notes to Editors:
Voyager was founded in 2020 and is based in
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
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:
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.