Last checked at 21 Jul 2016 07:00
SCIENCE IN SPORT PLC
("SiS" or the "Company)
Half Year Trading Update
Science in Sport plc (AIM: SIS), a leading sports nutrition company, is pleased to announce the following pre-close trading update ahead of its financial results for the six months ended 30 June 2016.
The Board is pleased to report another period of strong sales growth, and significant progress in execution of the Company's growth strategy.
Sales increased 24% to £6.48 million in the six months to 30 June 2016 compared with the same period for the previous year (H1 2015 £5.24 million). Sales growth was particularly strong via the Company's website and from third party online retailers. Growth in international markets was also strong, and the recently launched Australian business is trading in line with expectations.
The Company increased its database of customers on its own website significantly ahead of target. International expansion of the scienceinsport.com trading platform is to accelerate in the second half of the year, with July seeing websites launch in the new markets of USA and Germany, and native language websites launched in the existing markets of Italy and Holland.
Costs remain tightly controlled and the Company is in a strong financial position with over £6.5 million of net cash, leaving it well placed to exploit further growth opportunities as they arise. The Board remains confident of the outlook for the full year and beyond.
SiS intends to issue its half year results on Thursday 22 September 2016.
Stephen Moon, Science in Sport's CEO, said: "We have had a strong start to the year in a difficult market, and have made very good progress, particularly when many of our competitors have faced growth challenges."
"We have invested heavily in our e-commerce business and in international markets, and together with our strong innovation pipeline, we expect this to underpin the second half of the year."
This announcement contains inside information
For further information:
Science in Sport PLC | +44 (0) 20 7400 3700 |
Stephen Moon, CEO Elizabeth Lake, Finance Director | |
Cenkos Securities |
+44 (0) 20 7397 8900 |
Bobbie Hilliam - NOMAD and Broker | |
Notes for editors
About Science in Sport plc
Science in Sport plc is a leading sports nutrition company that develops, manufactures and markets sports nutrition products for professional athletes and sports enthusiasts. SiS is a strong brand in the elite athlete community.
The SiS core product ranges include: SiS GO, comprising energy powders, isotonic gels, energy bars and hydration tablets; SiS REGO, including protein-based recovery powders and bars; and SiS Protein, a whey protein range for lean muscle development including WHEY20, a novel ready to consume whey protein product. SiS products are sold in a range of retail channels, including specialist sport retailers, major grocers, high street retailers and e-commerce websites. The Company sold product in more than 100 countries in 2015.
SiS is the official sports nutrition supplier to professional cycling teams Team Sky and Team WIGGINS. SiS is also the official supplier of sports drinks and sports nutrition to the GB Rowing Team. In addition, Olympians Sir Chris Hoy MBE, Mark Cavendish MBE and Katarina Johnson-Thompson are Elite Sports Consultants and brand ambassadors.
SiS was founded in 1992 and is headquartered in Hatton Garden, London. Its manufacturing facility is in Nelson, Lancashire.
SiS shares are traded on the AIM market of the London Stock Exchange under the ticker symbol SIS.
For further information, please visit www.scienceinsport.com