18th Mar 2020 14:27
(Alliance News) -Â Science in Sport PLC on Wednesday reported a narrowed loss as it hailed a "transformational year".
Revenue for 2019 surged to GBP50.6 million from just GBP21.3 million the year before. With operating expenses up to GBP27.3 million from GBP18.0 million, the company's pretax loss narrowed to GBP5.1 million from GBP6.0 million.
On a proforma basis, revenue was up 23%, reflecting the first full year contribution of PhD - which makes protein supplements.
"2019 was a transformational year for Science in Sport as we integrated the PhD business as planned and continued our strategic growth focus on eâ€commerce and international, positioning the Group for the next stage of its growth," said Chief Executive Stephen Moon.
"Our preparations for Covid-19 disruption have been underway for several weeks and measures include buying sensitive raw materials, securing the supply chain operation, and remote working for commercial and operations staff," Moon said. "Costs are being managed very tightly and contingency plans are in place. We are well prepared to protect the company and its workforce should the impact from Covid-19 become extended."
Shares in Science in Sport were up 1.5% at 33.00 pence in London on Wednesday.
By Lucy Heming;Â [email protected]
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