(Alliance News) - Science In Sport PLC said its revenue more than doubled in the first half of 2019, but losses widened on rising costs.
In the six months to June 30, revenue rose sharply to GBP24.9 million from GBP9.9 million. Its pretax loss widened to GBP3.1 million from GBP2.7 million in the first half of 2018.
Operating expenses, including sales and marketing costs and administrative costs, rose by 65% to GBP14.2 million from GBP8.6 million, Science In Sport reported.
The sports nutrition firm said protein products maker PhD Nutrition Ltd, which it acquired in December 2018, delivered a 16% increase in like-for-like revenue to GBP12.4 million from GBP10.7 million. The company said this represented record growth for the PhD brand. Revenue in the SiS brand rose by 26% to GBP12.5 million from GBP9.9 million.
Outside the UK for the group, sales more than doubled in the US to GBP1.2 million from GBP512,000, benefiting from increased investment, the company reported. In Italy, sales rose by 84% to GBP880,000 from GBP478,000 and by 50% to GBP518,000 from GBP345,000 in Australia.
Meanwhile, revenue from the football segment more than doubled to GBP484,000 from GBP235,000, driven by its partnership with Manchester United Football Club, the company explained.
Science In Sport said it is confident of meeting its full-year expectations and outlined that new product development will be key to the PhD and SiS brands.
Chief Executive Stephen Moon said: "The integration of the PhD and SiS brands remains firmly on track and we are particularly excited by the potential of the PhD.com e-commerce business. Introduction of the new protein powder line at our Nelson site remains on track to enable in-house PhD powder manufacture with a go-live date of November 2019.
"We remain confident of delivering on full-year expectations, and of the future growth of both our brands. Investment in performance innovation, brand awareness, e-commerce, international and effective manufacturing will underpin expected growth in 2020 and beyond."
Shares in Science In Sport were 2.8% higher at 55.00 pence each in London on Wednesday morning.
Science Sprt (SIS)