Leading sports nutrition company Science in Sport has announced its preliminary results for the twelve months ended 31 March 2014. These results represent the company’s maiden full year financial results as an independently quoted company following admission to AIM (formerly the Alternative Investment Market – a sub-market of the London Stock Exchange) on 9 August 2013.
Key highlights and financial results:
- Revenue increased by 24% to £6.85 million (2013: £5.52 million), ‘reflecting strong growth across all selling channels’
- Underlying operating loss of £0.40 million (before depreciation, amortisation and exceptional items). This is reportedly in line with management expectations, as the company continues to invest in revenue growth (2013 underlying operating profit was £0.23 million)
- Appointment of European and Asia Pacific distributors during the second half of SIS’ fiscal 2014
- Substantial and ongoing investment in e-commerce resulting in strong year on year online growth
- Cash and cash equivalents of £0.63 million at 31 March 2014 (2013: £0.14 million)
- Placing of £2.1 million (net) to meet working capital requirements completed post financial year end (April 2014)
- Loss from operations of £1.17 million (2013: £0.18 million). These losses are after charging £0.26 million (2013: £0.17 million) of non-cash depreciation and amortisation, £0.26 million (2013: £Nil) of exceptional costs in relation to the SiS de-merger and £0.25 million (2013: £0.18 million) of exceptional restructuring costs.
Stephen Moon, Science in Sport’s CEO, said “These full year results highlight the continuing momentum in sales growth for the year, far outstripping the sector growth for the sports nutrition category. We have seen solid growth in our heartland of independent cycle, running and triathlon stores, with very strong growth in major grocers and high street chains through a combination of new distribution outlets and an increased rate of sale.
“Much resource and investment has been directed towards international sales and e-commerce sales and it is pleasing to report very strong performances in both these channels.”
He continued, “I am pleased to say that sales momentum has carried into the new financial year, and we remain confident of achieving strong growth in the coming financial year, as we capitalise on growth opportunities including the Tour de France visiting the UK.”
Science in Sport has today also confirmed the appointment of Vivienne Sparks as Finance Director. Vivienne will also become Company Secretary, and will start at SiS on 3 August 2014 and at the same time join the Company’s Board.
Vivienne qualified as an accountant at PricewaterhouseCoopers in 1999 before gaining international financial experience in a variety of roles at quoted companies including First Technology plc, BG Group plc and Anite plc.
Between 2007 and 2013, Vivienne worked at AIM-quoted Regenersis plc where she became group financial controller in 2011. Vivienne was most recently at Atex Group, a privately held software company where she held the title of EMEA CFO.
Stephen Moon, Science in Sport’s CEO, said “I am delighted to welcome Vivienne to the new role of Finance Director at Science in Sport. Her breadth of international financial experience gained at publicly quoted companies will be of great value in the future development of SiS.”
