Science in Sport, a leading sports nutrition company, has announced its preliminary results for the nine months ended 31 December 2014. These results are for a nine-month period owing to a change of year end, for operational reasons, from 31 March to 31 December.
This results announcement also includes unaudited pro forma results for the 12 months ended 31 December 2014 and, for comparative purposes, pro forma results for the 12 months ended 31 December 2013, as the directors believe that this will provide the reader with more relevant information with which to assess the performance of the business.
Readers are also referred to the consolidated statement of comprehensive income which shows the statutory results for the nine month period.
Highlights in the twelve month period ¹
- Revenues increased by 23.4% to £8.03 million (12 months to 31 December 2013: £6.51 million), reflecting ‘growth across all sales channels’;
- Underlying operating loss ² of £0.19 million in line with management expectations (12 months to December 2013: £0.34 million);
- New product development delivered 29% of the growth in the twelve month period;
- Significant progress with e-commerce platform, including three comprehensive technology upgrades;
- Manufacturing facility in Nelson remains the sole UK factory with Evolved Certification from Informed Sport and delivered an improved gross margin at 59.4% (12 months to 31 December 2013: 55.5%); and
- Cash and cash equivalents of £2.03 million at 31 December 2014 (31 December 2013: £0.82 million).
¹ Highlights are given for the pro forma 12 months to 31 December 2014 and the pro forma 12 months to 31 December 2013 to aid comparison. The pro forma figures are unaudited.
² excludes depreciation and amortisation, non cash share based payments and exceptional items
Stephen Moon, Science in Sport’s CEO, said: “We are delighted with the progress that the company has made during the period, having generated sustainable growth across all sales channels. The current year has started well with sales in line with management expectations, and a particularly strong performance in the e-commerce channel. We will continue to drive sales growth during 2015 with significant investment in marketing and sales and in new product development.”
He continued, “We are seeking to achieve further improvements in gross margin and we expect underlying profitability to continue on a positive trend during 2015, particularly as we begin to benefit from operational leverage. We remain confident of delivering robust growth during this year and beyond.”
The core SiS product ranges include: SiS GO, comprising energy powders, isotonic gels, energy bars and hydration tablets; and SiS REGO, including protein-based recovery powders and bars – with SiS Whey Protein recently added to the mix.
SiS products are sold in a range of retail channels, including specialist sport retailers, major grocers, high street retailers and e-commerce websites.
SiS is currently the official sports nutrition supplier to professional cycling teams Rapha Condor JLT, Madison Genesis, Pro Team Astana, Team Katusha and Trek. SiS is also the official supplier of sports drinks and sports nutrition to the GB Rowing Team. In addition, Olympians Sir Chris Hoy MBE, Mark Cavendish MBE and Helen Jenkins are Elite Sports Consultants and brand ambassadors.
SiS was founded in 1992 and is headquartered in Hatton Garden, London. Its manufacturing facility is in Nelson, Lancashire.
SiS shares are traded on the AIM market of the London Stock Exchange under the ticker symbol SIS.
