Science in Sport back on track after revenues grow more than 20%
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Sports nutrition company, Science in Sport, expects revenues “to exceed target” as momentum gains in the first half of its financial year.
The AIM-listed business, which has a manufacturing site in Nelson, East Lancashire, serves the elite athletes, sports enthusiasts and gym lifestyle communities.
Revenues for the six months to 30 June 2021 was up 24% to £29.3m, up from £23.6m for the same period last year.
Online sales were up 44% to £15.7m compared to £10.9m in 2020. This was supported by increased investment and now accounts for 54% of total sales.
Science in Sport reported underlying EBITDA of £600,000 after one-off Brexit-related costs of £700,000.
It said trading has been strong in the first two months of H2, and while there are still some challenges and uncertainties, the group expects to “exceed its revenue targets for the year.”
Stephen Moon, Chief Executive Officer of Science in Sport, said: “Trading over the first half of the financial year recovered well, gaining momentum as coronavirus pandemic restrictions lifted.
“The Group returned to over 20% revenue growth, overcoming Brexit supply chain disruptions.
“Gross margin percentage and underlying profitability continued to improve. This reflected last year’s strategic progress and continued investment in our premium brands and online capability.
” The second half has started strongly for us, and we are continuing to manage successfully input cost pressure.
“While uncertainties remain, we expect to exceed revenue targets for the year, and continue to be very optimistic about growth prospects over the medium and long-term.”