22nd Mar 2016 08:33
LONDON (Alliance News) - Science in Sport PLC on Tuesday said it had begun 2016 in line with its expectations, as it reported a narrowed pretax loss for 2015 due to a rise in revenue and a lower share based payment charge.
The company, which makes nutrition products for the sports market, has moved its year end from end-March to match the calendar year, and as a result gave results for the year compared to unaudited full year results for 2014.
For the year to December 31, Science in Sport said revenue was GBP9.5 million from GBP8.0 million a year earlier, boosted by a strong performance in online channels and international markets.
This meant its pretax loss narrowed to GBP1.7 million from GBP1.8 million.
Science in Sport also reported a GBP995,000 share based payment charge, down from a charge of GBP1.2 million the previous year, although cost of goods came in higher at GBP3.9 million from GBP3.3 million.
Science in Sport said it has focused on marketing to broaden distribution across retail and online channels over the year, and in the current financial year will be focusing on the e-commerce area, as well as making efficiency improvements in its factory.
"Our model is working, as consistent investment in the brand and development of our e-commerce operation results in top line growth. This is underpinned by close attention to gross margin and tight control of overheads. We remain very confident in our strategy and believe we will continue to deliver sector leading growth," said Chief Executive Stephen Moon.
Shares in Science in Sport were untraded on Tuesday, having last traded at 53.00 pence.
By Hannah Boland; [email protected]; @Hannaheboland
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