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
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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
