(Alliance News) - Science in Sport PLC on Wednesday said it delivered earnings in 2023 despite a slight decrease in annual revenue.
The London-based performance nutrition product said revenue in 2023 dipped by 1.6% to GBP62.8 million from GBP63.8 million the year before.
This was driven from growth in the firm's Retail business and Marketplace channels, but was offset by lower trading in China, as well as in the Digital channel.
However, Science in Sport swung to adjusted earnings before interest, tax, depreciation and amortisation of GBP2.0 million from an Ebitda loss of GBP2.7 million in 2022, consistent with market expectations.
Looking ahead, the company expects revenue to be "broadly flat" in 2024, with a doubling of underlying Ebitda.
"At the core of the business are two very strong brands operating in a growing marketplace. Management is confident with the revised operating model and new leadership, through re-engaging with core customers, shareholders and financing partners the business is building a more stable platform from which substantial shareholder value can be delivered," Science in Sport said.
Shares in Science in Sport rose 1.5% to 17.00 pence each in London on Wednesday afternoon.
By Sabrina Penty, Alliance News reporter
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