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Science in Sport books loss as rising costs offset jump in sales

By BFN News | 07:24 AM | Wednesday 18 September, 2019


Performance nutrition company Science in Sport booked a first-half loss after an acquisition-fueled jump in revenue was offset by a rise in costs and thinner margins. Pre-tax losses for the six months through June amounted to £3.1m, compared to losses of £2.7m on-year. Revenue more than doubled to £24.9m, up from £9.93m, reflecting the first full six-month contribution from PhD Nutrition, acquired in December. Gross margin fell to 44.8%, down from 45.9%, and was expected to be in line with year-end expectations. 'The integration of the PhD and SiS brands remains firmly on track and we are particularly excited by the potential of the PhD.com e-commerce business,' chief executive Stephen Moon said. 'Introduction of the new protein powder line at our Nelson site remains on track to enable in-house PhD powder manufacture with a go-live date of November 2019.' 'We remain confident of delivering on full year expectations, and of the future growth of both our brands.' 'Investment in performance innovation, brand awareness, e-commerce, International and effective manufacturing will underpin expected growth in 2020 and beyond.' Story provided by StockMarketWire.com

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