Science in Sport pumps up with £9m

SCIENCE in Sport, the sports nutrition company with its worldwide manufacturing base in Lancashire, is raising nearly £9m to boost further growth.

The AIM-listed business has revealed a Firm Placing and Open Offer to raise up to £8.9m before costs through the issue of up to 15,085,481 new Ordinary Shares at the offer price of 59p per share.

The lion’s share of the funds raised came from an oversubscribed firm placing of 13.4 million shares, raising £7.9m, while the open offer has raised £1m.

SiS said the proceeds of the fund-raising would be used to further accelerate its revenue growth primarily through international expansion and investment in e-commerce

  International growth plans include the transition to direct marketing through all sales channels in Australia, the world’s second largest sports nutrition market, and market entry in the US

 Chief executive Stephen Moon, said: “We are delighted by the strong level of support from new and existing investors in this significantly oversubscribed firm placing, which has been priced without a discount to yesterday’s close. Through the open offer, we are giving other shareholders the opportunity to participate in this fundraising, which is focused on further accelerating the company’s revenue growth.

 “The net proceeds of the fundraising will allow us to take advantage of the compelling growth opportunities available to us, particularly in the further international expansion of the SiS brand and through further developing our e-commerce platform.”