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(Alliance News) - Nutrition company Science in Sport PLC on Wednesday said it kept a lid on costs and narrowed its interim loss, despite revenue falling due to Covid-19.
Revenue in the six months to June 30 fell 5.2% to GBP23.6 million from GBP24.9 million a year earlier. Science in Sport trimmed its first-half loss to GBP2.6 million from GBP3.1 million.
The revenue slip was due to the "severe" second-quarter disruption caused by Covid-19. Total costs were 3.0% lower at GBP13.8 million.
Science in Sport supplies nutrition products to sports team such as the INEOS Grenadiers cycling team, for which the reigning Tour de France champion rides. It also partners with USA Cycling and with Manchester United Football Club.
But its product is also popular among gym-goers, so the company was hurt as Covid-19 lockdowns meant gyms were forced to close.
Its UK retail operation recorded interim revenue of GBP7.7 million, a 31% year-on-year plunge from GBP11.2 million.
"We are witnessing an increase in demand and are cautiously optimistic, as demonstrated by the July and August year-on-year decline reducing to 16%," Science in Sport said of its UK retail arm.
The London-based company added: "We are looking through the Covid-19 disruption and intend to get back onto our proven growth trajectory, underpinned by science-led innovation and strong brand equity. Significant projects in supply chain and technology are underway, to help support the next phase of Digital and International growth.
"Given the Covid-19 situation is likely to remain uncertain for some time, all guidance consequently remains suspended. Nevertheless, we remain optimistic about our long-term, profitable growth strategy."
Shares were 5.0% higher at 37.80 pence each in London on Wednesday afternoon.
By Eric Cunha; ericcunha@alliancenews.com
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