Science in Sport hits the road after demerger
SPORTS Nutrition company Science in Sport was taking its first steps as an independent listed company after its demerger from former parent company Provexis.
SiS, which counts Knutsford-based Olympic gold medal winning cyclist Sir Chris Hoy as one of its brand ambassadors, has its manufacturing operation in Nelson, Lancashire.
SiS has raised net proceeds of £1.7m via a placing at 56p per share. The market capitalisation at the placing price is nearly £11m.
In the year ended 31 March 2013, SiS reported net turnover of £5.5m and an underlying profit of £100,000. Sales grew 17% in the six months to the end of March and the company says this positive sales momentum has continued in the current financial year
Chief executive Stephen Moon, said: “Demerging Science in Sport from Provexis has created two companies with distinct identities. At Science in Sport, we look forward to driving the growth of the SiS brand. With current sales momentum, and the continued resilience of the sports nutrition category, the board believes that SiS is well positioned for strong growth in the current year and beyond.”
SiS’ products include isotonic gels, energy powders, hydration tablets, cereal-based energy bars and a range of recovery and protein products. They are sold through various retail channels including its own website.
