Science in Sport on the right track
SCIENCE in Sport, which makes products such as energy bars and gels for professional and amateur athletes, has reported continued financial progress in its half year figures.
The AIM-listed firm, which was spun out of another listed business, Provexis, two years ago, makes all of its products at a manufacturing facility in Nelson, Lancashire.
In the six months to the end of September SiS grew revenues by 23% to £4.92m, while underlying operating profits more than trebled to £75,000, from £21,000 last year.
The company which counts Olympians Sir Chris Hoy MBE and Mark Cavendish MBE as elite sports consultants and brand ambassadors said its continued investment in new product development had delivered34% of the growth in the first half.
During the summer a multimedia marketing investment during the Tour de France reached more than four million consumers, it added.
The Nelson facility delivered an improved gross margin at 58.4%, up 1.7% SiS revealed.
Chief executive and founder Stephen Moon said:”We are pleased to report a strong set of interim results, both financially and operationally, demonstrating the continued success of the company.
“We will continue to drive sales growth through consistent investment in marketing and sales and through a strong new product pipeline. At the same time, we remain focused on ensuring the gross margin is on an upward trend and maintaining careful control of costs.
“Our investment in operational and administrative infrastructure is largely complete and we expect underlying profitability to continue to improve particularly as we begin to benefit from operational leverage. We remain confident of achieving strong growth in 2015 and beyond.”
In the 2012 London Olympics, 24 medal-winning athletes or teams used SiS products.