REG - Science in Sport PLC - Trading Statement

Science in SportAnnouncement

30/01/2025 07:00

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RNS Number : 1960V  Science in Sport PLC  30 January 2025

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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