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(Sharecast News) - Performance nutrition company Science in Sport updated the market on a significant shift in its operating model on Wednesday, following a comprehensive business review.
The AIM-traded firm said its new leadership team, in place since the fourth quarter of 2023, had noted past strategic missteps that led to an inflated cost structure and the prioritising of revenue growth over profitability.
To address those issues, Science in Sport said it was implementing several key actions.
It had streamlined its executive team by eliminating senior roles, and was also reassessing overseas distribution agreements while emphasising securing and growing profitable revenue streams.
Additionally, supplier relationships and product inventory were being reviewed for further optimisation.
Marketing spend would be closely tied to measurable commercial results, with significant cost savings already achieved and further efficiencies expected in 2024.
Despite lower revenues in 2023, Science in Sport said it delivered EBITDA in line with market expectations.
The company's focus on cash and profit resulted in improved margins during the final quarter of the year.
It said that, while 2024 revenue was expected to remain broadly flat, it anticipated a doubling of underlying EBITDA and a reduction in net debt.
At 1338 GMT, shares in Science in Sport were down 2.69% at 16.3p.
Reporting by Josh White for Sharecast.com.
