21st Jul 2016 09:03
LONDON (Alliance News) - Sports nutrition company Science in Sport PLC said Thursday the six months to the end of June saw strong trading, in line with the company's expectations for the full year.
Sales increased 24% to GBP6.5 million in the first half of 2016, from GBP5.2 million in the same period the previous year. Sports in Science said sales growth was strong through both the company's website and from third-party online retailers.
Science in Sport increased its database of customers on its own website significantly ahead of its targets. The sports nutrition company said international expansion of the online scienceinsport.com trading platform should accelerate growth in the second half of the year.
Growth in international markets was also positive for Science in Sport, with the recently launched Australia business trading in line with the company's expectations. In July, Science in Sport will launch websites in the new markets of the US and Germany. Native language websites will be launched in the existing markets of Italy and Holland.
Costs remained "tightly controlled" in the first half, and Science in Sport said the company was in a "strong financial position" with over GBP6.5 million of net cash. The sports nutrition company said this left it well placed to "exploit further growth opportunities". It remained confident on its full year outlook.
"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," Chief Executive Stephen Moon said.
Science in Sport will issue its half-year results on September 22.
The stock was up 8.8% Thursday morning at 51.15 pence.
By Lucy Heming; [email protected]
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