Acquisition helps drive fortunes of sports nutrition group
AIM-listed nutrition and food supplement firm Science In Sport (SiS) announced a trading update for the six months to June 30, today.
The Nelson-based business said group revenue for the six month period was £24.9m, up 152% compared with the same period last year (£9.9m) reflecting the acquisition of PhD Nutrition in December 2018, and strong growth of the SiS brand.
On a like-for-like basis, total group sales grew 21%.
The PhD brand traded in line with expectations in the six month period, with half year sales up 16% at £12.4m. International sales were up 58%, while UK sales were up 7%.
The SiS brand’s sales were up 25% in the period at £12.5m driven by international growth, up 55%. Growth in the UK was up 10% and sales from the SiS website were up strongly at 52%.
Integration of the two businesses is progressing well and is in line with the firm’s plan and expectations, it said.
Important milestones achieved in the first half include relaunching the PhD.com website, opening an e-commerce fulfilment facility and exploiting international distribution synergies. For example, it said, the PhD brand has been launched in a number of existing SiS markets.
Further international initiatives are anticipated in the current half year, including the test marketing of PhD in the US this Summer and the Middle Eastern launch of the SiS brand via PhD’s existing distribution.
New product launches during the period included PhD’s vegan Smart Bar Plant, which is already PhD’s fourth best-selling product, and the SiS brand’s innovative range for footballers of all levels.
Planned launches in the current half include the SiS vegan Plant20 Bar.
The group’s cash position at the half year remained strong at £5m.
SiS said it continues to trade well and remains in line with market expectations for the full year.
The company will issue its financial results for the six months ended 30 June 2019 on Wednesday, September 18.
