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30 Jan 2025 07:00
Science in Sport plc
("Science in Sport", "the Company" or the "Group")
Trading update - Unaudited pre-close statement
FY24 results exceed market expectations with a strengthened balance sheet
Science in Sport plc (AIM: SIS), the premium performance nutrition company serving elite athletes, sports enthusiasts, and the active lifestyle community, is pleased to announce an unaudited trading update in respect of the financial year ended 31 December 2024 ("FY24") and the outlook for 2025.
The Board is pleased to report that the Group's unaudited results for FY24, including Adjusted EBITDA and Net Debt, are expected to be ahead of current market expectations by reporting:
Key Financials (unaudited):
| Full Year Comparisons | Half Year Comparisons | ||||
| FY24 | FY23 | Change | FY24 H2 | FY24 H1 | Change |
Revenue | £51.9m | £62.8m | (17.5%) | £26.2m | £25.7m | +1.9% |
Adjusted EBITDA | £4.2m | £2.0m | +105.0% | £2.2m | £2.0m | +10.0% |
Net Debt | £5.9m | £12.9m | +£7.0m | £5.9m | £13.8m | +£7.9m |
Since the Interim Results were announced on 16 September 2024 the Group has continued to see improvements in its operational and financial performance, gaining further traction on returning to profitable growth from a stronger operating platform, with a significantly reduced cost base as well as improving operating margins and cash generation dynamics. Gross margins have continued to improve throughout FY24 to in excess of c.45% (FY23: c.43%). As previously announced, the reset of the operating model undertaken by the new leadership team is now well underway and is underpinning the improved performance, particularly in FY24 H2 where the Group returned to growth, which is anticipated to continue into FY25.
FY25 Outlook
Trading has started well and we expect the return to growth seen in FY24 H2 to continue in to FY25 together with the full effects of the cost savings made in FY24. The strategic focus areas are driving profitable revenue growth through distribution agreements both domestically and internationally; controlled growth over the medium term supported by effective marketing with clear commercial execution; and, continued margin improvements from disciplined pricing and an ongoing focus on cost and operational change resulting in cash generation to deleverage and re-invest for growth. Management's confidence in targeting a 15% EBITDA business earlier than previously anticipated is increased.
For further information:
Science in Sport plc | T: +44 (0) 20 7400 3700 |
Daniel Wright, Executive Chairman Daniel Lampard, Chief Operating Officer Christopher Welsh, Chief Financial Officer | |
Panmure Liberum Limited (Nominated Adviser and Broker) | T: +44 (0) 20 3100 2000 |
Richard Lindley John More
|
Notes to Editors
About Science in Sport plc
Headquartered in London, Science in Sport plc is a leading sports nutrition business that develops, manufactures, and markets innovative nutrition products for professional athletes, sports and fitness enthusiasts and the active lifestyle community. The Company has two highly regarded brands, PhD Nutrition, a premium active-nutrition brand targeting the active lifestyle community, and SiS, a leading endurance nutrition brand among elite athletes and professional sports teams.
The two brands sell through the Company's phd.com and scienceinsport.com digital platforms, third-party online sites, including Amazon and ebay, and extensive retail distribution in the UK and internationally, including major supermarkets, high street chains and specialist sports retailers. This omnichannel footprint enables the Company to address the full breadth of the sports nutrition market.
PhD is one of the UK's leading active nutrition brands with a reputation for high quality and product innovation. The brand has grown rapidly since its launch in 2005. The range now comprises powders, bars, and supplements, including the high protein, low sugar range, PhD Smart.
SiS, a leading endurance nutrition business founded in 1992, has a core range comprising gels, powders and bars focused on energy, hydration, and recovery. SiS is an official endurance nutrition supplier to over 320 professional teams, organisations, and national teams worldwide. SiS supplies more than 150 professional football clubs in the UK, Europe, and the USA.
For further information, please visit phd.com and scienceinsport.com
1 Earnings before interest, tax, depreciation, amortisation, share-based payments and foreign exchange variance on intercompany balances, restructuring costs, transition costs and material one-off items
2 Net debt is defined as cash, less banking working capital facilities and asset financing and excludes property leases
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