26th Mar 2015 10:24
LONDON (Alliance News) - Science in Sport PLC Thursday said its current year has started in line with its expectations, and it expects to see revenue growth weighted towards the second half, as it posted a widened pretax loss for its recently ended financial year.
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 nine months compared to a year before.
For the nine months to end-December, the company posted a pretax loss of GBP1.7 million, widened from a pretax loss of GBP1.2 million a year before, as revenue declined to GBP6.3 million from GBP6.8 million and it posted a GBP1.2 million share based payment charge.
On a pro-forma basis, comparing twelve month periods, the company posted a pretax loss of GBP1.8 million, widened from a loss of GBP1.1 million, as a rise in revenue to GBP8.0 million from GBP6.5 million was offset by GBP1.2 million in a share based payment charge and higher cost of goods.
Science in Sport said it had focused on its online sales platform during the year, continuing to refine its website and launching a mobile version later in the year. It has also launched a loyalty scheme to help drive up traffic to the site. Following the year end the company began a trading relationship with Amazon Inc.
The company plans to continue investing in marketing, sales and new product development during 2015 to drive up sales.
"We are seeking to achieve further improvements in gross margin and we expect underlying profitability to continue on a positive trend during 2015, particularly as we begin to benefit from operational leverage. We remain confident of delivering robust growth during this year and beyond," said Chief Executive Officer Stephen Moon in a statement.
Shares in Science in Sport are trading up 0.8% at 67.70 pence Thursday morning.
By Hana Stewart-Smith; [email protected]; @HanaSSAllNews
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