14th Jan 2020 12:02
(Alliance News) - Science in Sport PLC said Tuesday its trading in 2019 was in line with market expectations.
The AIM-listed nutrition company said 2019 was a "landmark" year, representing its first full year of owning brand PhD.
"Integration of the acquisition was completed successfully during the year, PhD protein production was brought in house, a new PhD e-commerce platform was launched, and synergies were delivered to plan," the company said.
Science in Sport expects its 2019 sales to top GBP50.5 million, more than double the GBP21.3 million reported in 2018. Underlying PhD sales grew 23% to GBP26.0 million whilst the company's other brand, SiS, saw sales rise 24% to GBP24.5 million.
E-commerce sales increased 34% to GBP16.1 million. International Retail sales were up 44% year on year to GBP12.6 million.
"In the Middle East, Saudi Arabia was a major new international launch for the PhD brand. Brazil was the biggest new international market for SiS during the year and a significant master distribution agreement was signed in Colombia, where, in common with other South American countries, cycling is hugely popular," Science in Sport explained.
The US, Italy and Australia all performed in line with expectations, the company said.
UK Retail grew 8% to GBP21.8 million, with its brands now being sold in Lidl, Aldi and Tesco PLC attributed for the rise.
Chief Executive Stephen Moon said: "2019 was a landmark year for Science in Sport during which we integrated the PhD acquisition as planned and continued our strategic growth focus on e-commerce and international markets. Our executive management team was significantly strengthened during the year which, along with important operational progress, has positioned the group for the next stage of its growth.
"We remain confident of the outlook for 2020 and beyond, supported by a robust balance sheet and strong innovation pipeline," he added.
Science in Sport is scheduled to release its 2019 results on March 18.
Shares in Science in Sport were 1.7% higher in London on Tuesday at 42.70 pence each.
By Paul McGowan; [email protected]
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