We could not find any results for:
Make sure your spelling is correct or try broadening your search.
Share Name | Share Symbol | Market | Type | Share ISIN | Share Description |
---|---|---|---|---|---|
Science In Sport Plc | LSE:SIS | London | Ordinary Share | GB00BBPV5329 | ORD 10P |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
-0.50 | -2.60% | 18.75 | 18.50 | 19.00 | 19.25 | 18.75 | 19.25 | 314,482 | 10:02:24 |
Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
---|---|---|---|---|---|
Health & Allied Services,nec | 63.77M | -10.91M | -0.0640 | -2.93 | 31.95M |
TIDMSIS
RNS Number : 0087O
Science in Sport PLC
28 September 2023
FORMATTING AMMENT
The 'Interim Results' announcement released on 28/09/2023 at 07:00 under RNS No 9063N has been replaced as the image of the first table wasn't clear. All details remain unchanged.
The full text is shown below.
28 September 2023
AIM: SIS
SCIENCE IN SPORT PLC
("Group" or "Company")
Interim results for the six months ended 30 June 2023
Focus on margin enhancement underpins strong EBITDA improvement
Science in Sport plc (AIM: SIS), the premium performance nutrition company serving elite athletes, sports enthusiasts, and the active lifestyle community, announces interim results for the six months to 30 June 2023.
Summary H1 results
Key highlights
-- Revenue grew by 7% to GBP34.4m in the period. Record trading month in March, with April, May, and June all setting records for the respective months, with Q2 delivering 11% growth versus Q2 2022.
-- Gross margin was 42% (2022: 42.8%), with further progress expected in H2, given whey prices softening and our new in-house bar line delivering a margin enhancement.
-- Trading contribution was GBP6.9m (20% of net revenue), a sharp increase on the GBP3.6m (11.1% of net revenue) in 2022, given marketing efficiencies, and the new Blackburn site contributing with GBP1.4m savings versus H1 2022.
-- Overheads were reduced by GBP0.3m year-on-year, with the most significant contributor being people costs.
-- These efficiencies throughout our operations resulted in an adjusted H1 EBITDA (1) of GBP1.1m (H1 2022: loss of GBP2.8m).
-- Loss before tax for H1 of GBP3.3m (H1 2022: loss of GBP7.2m before tax), with the improvement driven by the positive underlying trading performance and cost efficiencies.
-- Cash generated in the period of GBP0.3m, compared to an outflow of GBP3.5m in H1 2022. Headroom of GBP3.8m in facilities.
Stephen Moon, Chief Executive Officer of Science in Sport plc, said:
"We are seeing the results from our year-long contribution margin enhancement activity reflected in a GBP3.9 million positive movement in EBITDA. Our investment in the Blackburn site and technology are critical enablers in this. Overall growth of 7% is encouraging, but there is no doubt that consumer confidence is fragile and trading is volatile.
Whilst we expect H2 to broadly reflect H1, the full-year outcome is always heavily influenced by Q4. Provided there is no material deterioration in consumer confidence, the improved and ongoing margin improvements give upside potential with a strong finish to the year.
We remain committed to our long-term strategy with our premium brand equities in good health and efficiencies from our strategic capital investment delivering on track."
INTERIM REPORT
Overview
Our strategy remains unchanged, with the medium-term goal of GBP100m of profitable revenue, driven by our scientifically proven premium brands and operational gearing enhancing the bottom line. Our world-class supply chain delivers high gross margin products with best-in-class quality and banned substance controls.
Our premium brands remain in good health. Science in Sport leads the endurance nutrition category in brand awareness, consideration, and all brand image measures. PhD ranks behind the established mass-market brands of MyProtein and Grenade in awareness and consideration but is strong compared to similar-sized peer brands.
Our science and innovation teams remain very active. We will deliver a relaunch of our Rego recovery range in Q1 2024. Our PhD bar range will relaunch in Q4 2023 with an improved higher protein, lower fat, and sugar format, enabling access to more channels and markets.
Operational improvements
Management commenced an organisation-wide margin enhancement programme in H1 2022, continuing throughout H2 2022 and 2023.
We restructured our Digital operations and USA business. Given rising acquisition costs and aggressive price competition, we reduced digital marketing costs and delivered GBP4.1m revenue (H1 2022: GBP7.5m), with a strongly improved trading contribution expected for the full year. Costs in the channel will reduce by a further GBP1.2m annualised from Q4 2023. The Digital channel will focus on high-lifetime-value customers, who contribute 65% of revenue. Our change to a distributor model in the USA reduced revenue by 15% to GBP1.9m, although trading contribution was positive at GBP0.4m (H1 2022: loss GBP0.1m.)
The Blackburn site is delivering efficiencies in line with our plan. Particularly notable is the reduction in carriage costs by GBP1.4m in H1 versus last year. We commissioned a new bar line in Q1 2023, delivering a unit cost per bar of approximately 30% less than the previous bought-in product range. The full benefit will flow into the gross margin in H2 as the co-manufactured product exits inventory. Further efficiencies are expected from the site.
Commercial review
The Science in Sport brand delivered GBP18.6m revenue in H1, 20% ahead of H1 2022. The high-margin gel format delivered 38% growth, accounting for 29% of total Group revenue. SiS gels are the market leader in each UK channel.
The PhD brand delivered GBP15.8m H1 revenue, a 5% decline compared to 2022, given a slow start to the year. PhD is the second largest protein powder and bar manufacturer in UK grocery and is Amazon UK's fastest-growing protein brand.
Retail
We saw growth of 21%, given the improved rate of sale, new distribution, and price increases. The channel is performing consistently during H2, and we are extending distribution further.
At the period end, the Group had a 15.7% share in UK Grocery, second behind Grenade. Science in Sport is the leader in endurance nutrition, growing 23% in the last 52 weeks and 28% in the 12 weeks to the end of June. PhD is the number two protein powder manufacturer, with a 25.5% share. PhD is the market leader in both lean whey and plant protein. PhD is the second largest Sports Nutrition bar manufacturer, with a 6.4% share.
30% growth to GBP7.2m in H1 came from international retail. Shimano Europe delivered a solid performance, and we made good gains through our distributor serving Indonesia, Malaysia, and Japan.
Amazon
Sales started slowly due to a global destocking programme by the customer. Amazon UK and Europe grew 17% to GBP7.5m in H1. Overall growth, including the discontinued Amazon USA business, which transferred to The Feed, was 10%. Sales out from Amazon UK and Europe to end customers were up 35% year compared to our top five competitors growing at 22%. With a share of 11.3%, the Group is the second largest sport nutrition manufacturer on Amazon UK.
China
China has been and continues to be challenging. Dampened demand, given COVID-19 in January and February and a weaker economy later in the period, resulted in revenue of GBP2.7m, down on the GBP3.1m delivered in H1 2022. Visibility on orders from our current distributor remains below expectations and our focus for Q4 will be restoring the strong growth we saw in 2022, starting with our sponsorship of Shanghai Marathon in November.
Retail share data Nielsen IQ Grocery Multiples L12wks w/e 01.07.23
Amazon data from Amazon EPOS and Edge
Capital Investment and Working Capital
Capital investment for H1 was GBP1.5m (H1 2022: GBP7.0m), the reduction in spending due to the strategic investment in the Blackburn facility now being complete. H2 2023 capital expenditure will be lower than H1.
Headroom of GBP3.8m in facilities on 30 June 2023 in-line with the position on 31 December 2022 of GBP4m. Cash generated in the period of GBP0.3m, compared to an outflow of GBP3.5m in H1 2022.
Cash at bank of GBP1.2m (H1 2022: GBP1.3m; 2022: GBP0.9m). HSBC have renewed and increased credit facilities by GBP1.5m, giving a total of GBP12.6m of working capital facilities. The increase in facilities due to the higher mix of revenue through wholesale channels compared to our direct-to-consumer channel. This trend is expected to continue in the future.
Pre IFRS 16 net debt(2) (note 6) of GBP13.2m (2022: GBP10.9m) due to weighting of capital spend in H1 2023 and higher inventory levels of GBP9.5m as at 30 June 2023 (2022: GBP6.6m). Net debt is forecast to reduce throughout H2 2023 due to positive operating cash flow and a decrease in inventory. Overall net debt at the year-end is anticipated to be at similar levels to 31 December 2022.
Outlook
Key focus areas for management are delivering EBITDA improvements and managing cash tightly. Further cost efficiencies are expected in H2 2023 as part of the organisation-wide margin improvement programme, which commenced during Q2 2022. This will feed into operational gearing gains as we grow revenue.
We expect H2 to mirror H1 at a revenue level. Q4 always heavily influences the full year, given Black November and all retail and online platforms finishing December strongly, ahead of the traditional January health awareness campaigns. Provided there is no material deterioration in consumer confidence the improved and ongoing margin improvements may bring upside potential with a strong finish to the year.
Our strategy remains unchanged. We continue to target profitable growth to take us to GBP100m in revenue and beyond.
Stephen Moon
Chief Executive Officer
Ends
Science in Sport plc T: 020 7400 3700 Stephen Moon, CEO Dan Lampard, CFO Liberum (Nominated adviser and broker) T: 020 3100 2000 Richard Lindley
About Science in Sport plc
www.sisplc.com
Headquartered in London, Science in Sport plc is a leading sports nutrition business that develops, manufactures, and markets innovative nutrition products for professional athletes, sports and fitness enthusiasts and the active lifestyle community. The Company has two highly regarded brands, PhD Nutrition, a premium active-nutrition brand targeting the active lifestyle community, and SiS, a leading endurance nutrition brand among elite athletes and professional sports teams.
The two brands sell through the Company's phd.com and scienceinsport.com digital platforms, third-party online sites, including Amazon and Tmall, and extensive retail distribution in the UK and internationally, including major supermarkets, high street chains and specialist sports retailers. This omnichannel footprint enables the Company to address the full breadth of the sports nutrition market, sports nutrition market, worth $24.6bn in 2022 and forecast to grow CAGR 5.9% from 2022 to 2027.(3)
SiS, a leading endurance nutrition business founded in 1992, has a core range comprising gels, powders and bars
focused on energy, hydration, and recovery. SiS is an official endurance nutrition supplier to over 320 professional teams, organisations, and national teams worldwide.
SiS is Performance Solutions partner to Ineos Grenadiers cycling team, Tottenham Hotspur and CGC Nice football, as well as Official Nutrition Partner to the Milwaukee Bucks, 2021 National Basketball Association Champions.
PhD is one of the UK's leading active nutrition brands with a reputation for high quality and product innovation. The brand has grown rapidly since its launch in 2005. The range now comprises powders, bars, and supplements, including the high protein, low sugar range, PhD Smart. PhD brand ambassadors include leading endurance and strength athlete Ross Edgley and influencer Gabby Allen.
For further information, please visit phd.com and scienceinsport.com
(1) EBITDA excludes interest, tax, depreciation, amortisation, share-based payments, foreign exchange variances on intercompany balances and non-cash & non-recurring items set out in note 3 to the financial statements.
(2) Net debt is defined as cash, less banking working capital facilities and asset financing and excludes property leases
(3) Euromonitor Passport Database Global Assessment (October 2022)
Consolidated statement of comprehensive income
Six months ended 30 June 2023
Unaudited Unaudited Audited six months six months twelve months ended ended ended 31 30 June 30 June December 2023 2022 2022 Notes GBP'000 GBP'000 GBP'000 ------------------------------------ --------------- ------------ ------------ --------------- Revenue 34,436 32,279 63,773 Cost of goods (19,957) (18,473) (36,837) ------------------------------------ --------------- ------------ ------------ --------------- Gross Profit 14,479 13,806 26,936 Total Costs (16,999) (20,667) (36,757) ------------------------------------ --------------- ------------ ------------ --------------- Loss from operations (2,520) (6,861) (9,821) Comprising: Underlying EBITDA 3 1,132 (2,800) (2,689) Depreciation and amortisation (2,743) (2,571) (4,808) Foreign exchange variances on intercompany balances (344) 60 (99) Share-based payment charges (181) (660) (262) Blackburn transition costs - (618) (1,075) Restructuring costs (228) (272) (888) Cost of Strategic review (156) - - ------------------------------------ --------------- ------------ ------------ --------------- Loss from operations (2,520) (6,861) (9,821) Finance income - - - Finance costs (747) (339) (757) Loss before taxation (3,267) (7,200) (10,578) Taxation benefit/(charge) 4 - 92 (332) ------------------------------------ --------------- ------------ ------------ --------------- Loss for the period (3,267) (7,108) (10,910) ------------------------------------ --------------- ------------ ------------ --------------- Other comprehensive income Cash flow hedges - (40) 2 Exchange difference on translation of foreign operations - 82 (21) Total comprehensive loss for the period (3,267) (7,066) (10,929) ------------------------------------ --------------- ------------ ------------ --------------- (Loss) per share to owners of the parent Basic and diluted 7 (1.9p) (5.2p) (7.6p) ------------------------------------ --------------- ------------ ------------ ---------------
All amounts relate to continuing operations
Consolidated statement of financial position
30 June 2023
Unaudited Unaudited Audited six months six months twelve months ended 30 ended ended 31 June 2023 30 June December 2022 2022 Notes GBP'000 GBP'000 GBP'000 ------------------------------- ------ ------------ ------------ ---------------- Intangible assets 29,704 30,939 30,739 Right of use assets 10,160 10,642 10,536 Plant and equipment 10,431 8,395 10,338 Total non-current assets 50,295 49.976 51,613 --------------------------------- ------ ------------ ------------ ---------------- Inventories 9,538 8,726 6,638 Trade and other receivables 19,727 14,706 16,524 Cash and cash equivalents 1,228 1,310 930 Total current assets 30,493 24,742 24,092 --------------------------------- ------ ------------ ------------ ---------------- Total assets 80,788 74,718 75,705 --------------------------------- ------ ------------ ------------ ---------------- Trade and other payables (27,962) (20,619) (19,993) Lease liabilities (415) (784) (415) Asset financing (843) (845) (843) Hire purchase agreement (80) (98) (80) Derivative financial - (42) - instruments Provision for liabilities (976) - (901) Total current liabilities (30,276) (22,388) (22,232) --------------------------------- ------ ------------ ------------ ---------------- Lease liabilities (9,990) (10,393) (10,261) Asset financing (3,275) (2,545) (2,839) Hire purchase agreement (43) (129) (82) Total non-current liabilities (13,308) (13,067) (13,182) --------------------------------- ------ ------------ ------------ ---------------- Total Liabilities (43,584) (35,455) (35,414) Total net assets 37,204 39,263 40,291 --------------------------------- ------ ------------ ------------ ---------------- Share capital 8 17,242 13,510 17,242 Share premium reserve 53,134 51,839 53,134 Employee benefit trust (204) (256) (429) Other reserve (907) (907) (907) Foreign exchange reserve (138) (35) (138) Cash Flow hedge reserve - (42) - Retained deficit (31,923) (24,846) (28,611) Total Equity 37,204 39,263 40,291 --------------------------------- ------ ------------ ------------ ----------------
Consolidated statement of cash flows
Six months ended 30 June 2023
Unaudited Unaudited Audited six months six months twelve ended 30 ended months June 2023 30 June ended 31 2022 December 2022 GBP'000 GBP'000 GBP'000 ---------------------------------------- ------------ ------------ ---------- Cash flows from operating activities Loss after tax (3,267) (7,108) (10,910) Adjustments for: Amortisation 1,565 1,693 2,919 Amortisation of right-of-use assets 350 437 963 Depreciation 816 442 926 Interest Expense 747 339 757 Taxation benefit - (92) 332 Share-based payment charges 181 660 262 Operating cash inflow / (outflow) before changes in working capital 392 (3,629) (4,751) ---------------------------------------- ------------ ------------ ---------- Changes in inventories (2,900) (280) 1,809 Changes in trade and other receivables (3,204) (2,027) (3,737) Changes in trade and other payables 6,577 2,734 2,207 Total cash inflow / (outflow) from operations 865 (3,202) (4,472) ---------------------------------------- ------------ ------------ ---------- Cash flow from investing activities Purchase of property, plant and equipment (820) (3,577) (6,013) Purchase of intangible assets (532) (1,013) (1,941) Net cash outflow from investing activities (1,352) (4,590) (7,954) ---------------------------------------- ------------ ------------ ---------- Cash flow from financing activities Net proceeds from asset financing 900 1,890 2,184 Net proceeds from invoice financing 1,363 2,540 3,080 Repayments of asset financing (679) - - Interest paid on invoice financing (284) - (172) Gross proceeds from issue of share capital - - 5,000 Interest paid on asset financing (134) (7) (143) Principal paid on lease liabilities (170) (134) (629) Interest paid on lease liabilities (212) (37) (442) Share issue costs - - (372) Net cash (outflow)/inflow from financing activities 784 4,252 8,506 ---------------------------------------- ------------ ------------ ---------- Net increase / (decrease) in cash and cash equivalents 298 (3,540) (3,920) Opening cash and cash equivalents 930 4,850 4,850 Closing cash and cash equivalents 1,228 1,310 930 ---------------------------------------- ------------ ------------ ----------
Consolidated statement of changes in equity
Share Share Employee Other Foreign Cash Retained Total Capital Premium Benefit Reserve Exchange Flow Deficit Equity trust Reserve Hedge Reserve Reserve GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 ---------------------------- ---------- --------- --------- --------- --------- --------- --------- -------- Balance at 31 December 2021 13,510 51,839 (158) (907) (117) (2) (17,836) 46,329 ---------------------------- ---------- --------- --------- --------- --------- --------- --------- -------- Comprehensive Income Total comprehensive loss for the period - - - - 82 (40) (7,108) (7,066) Transactions with owners Exercise of share options - - (98) - - - 98 - Balance at 30 June 2022 13,510 51,839 (256) (907) (35) (42) (24,846) 39,263 ---------------------------- ---------- --------- --------- --------- --------- --------- --------- -------- Comprehensive Income Total comprehensive loss for the period - - - - (103) 42 (3,801) (3,862) Transactions with owners Issue of shares 3,732 1,295 (399) - - - - 4,628 Issue of shares held by EBT to employees - - 226 - - - (226) - Share-based payments charge - - - - - - 262 262 Balance at 31 December 2022 17,242 53,134 (429) (907) (138) - (28,611) 40,291 ---------------------------- ---------- --------- --------- --------- --------- --------- --------- -------- Comprehensive Income Total comprehensive loss for the period - - - - - - (3,267) (3,267) Transactions with owners Issue of shares to EBT - - - - - - - - Share Based payments charge - - - - - - 181 181 Exercise of share options - - 225 - - - (225) - Balance at 30 June 2023 17,242 53,134 (204) (907) (138) - (31,922) 37,204 ---------------------------- ---------- --------- --------- --------- --------- --------- --------- --------
Notes to the interim financial information
For the six months ended 30 June 2023
1. Basis of preparation
This interim report has been prepared using the same accounting policies as those applied in the annual financial statements for the year ended 31 December 2022.
The Directors believe that operating profit / (loss) before depreciation, amortisation, share based payments and foreign exchange variances on intercompany balances and exceptional items of Strategic review costs and restructuring items measure provides additional useful information for shareholders on underlying trends and performance. This measure is used for internal performance analysis.
Strategic review costs relate to one-off costs from the review that commenced in December 2022 and concluded in April 2023. Restructuring costs includes one-off people-related expenses from reduced headcount when implementing the new leaner organisation structure.
Underlying operating profit / (loss) is not defined by IFRS and therefore many not be directly comparable with other companies' adjusted profit measures. It is not intended to be suitable substitute for, or superior to IFRS measurements of profit. A reconciliation of underlying operating profit to statutory operating profit is set out on the face of the statement of comprehensive income.
The condensed financial information herein has been prepared using accounting policies consistent with International Financial Reporting Standards in conformity with the requirements of the Companies Act 2006 ("adopted IFRS") and as applied in accordance with the provisions of the Companies Act 2006. While the financial figures included in this interim report have been prepared in accordance with IFRS applicable for interim periods, this interim report does not contain sufficient information to constitute an interim financial report as defined in IAS 34. The Company has taken advantage of the exemption not to apply IAS 34 'Interim Financial Reporting' since compliance is not required by AIM listed companies.
This interim report does not constitute statutory accounts as defined in section 434 of the Companies Act 2006 and has been neither audited nor reviewed by the Company's auditors, pursuant to guidance issued by the Auditing Practices Board.
The interim report should be read in conjunction with the annual financial statements period ended 31 December 2022.
The statutory Accounts for the last period ended 31 December 2022 were approved by the Board on 30 June 2023 and are filed at Companies House. The report of the auditors on those accounts was unqualified, did not draw attention to any matters by way of emphasis and did not contain a statement under section 498 of the Companies Act 2006.
The unaudited interim report was authorised by the Company's Board of Directors on 26 September 2023.
2. Segmental reporting
Operating segments are identified on the basis of internal reporting and decision making. The Group's Chief Operating Decision Maker ("CODM") is considered to be the Board, with support from the senior management teams, as it is primarily responsible for the allocation of resources to segments and the assessments of performance by segment.
The Group's reportable segments have been split into the two brands, SiS and PhD Nutrition. Operating segments are reported in a manner consistent with the internal reporting provided to the CODM as described above. The reportable segments are consistent with 2022 year-end financial statements with relevant costs across the brands allocated on a more appropriate basis.
Unaudited six months ended 30 June 2023 SiS PhD Total GBP'000 GBP'000 GBP'000 Sales 18,618 15,818 34,436 -------------------------- --------- --------- --------- Gross profit 8,942 5,537 14,479 Marketing costs (3,310) (1,413) (4,723) Carriage (1,613) (1,013) (2,626) Online selling costs (138) (118) (256) -------------------------- --------- --------- --------- Trading contribution 3,881 2,993 6,874 Other operating expenses (9,394) -------------------------- --------- --------- --------- Loss from Operations (2,520) ========================== ========= ========= ========= Unaudited six months ended 30 June 2022 SiS PhD Total GBP'000 GBP'000 GBP'000 Sales 15,543 16,736 32,279 -------------------------- --------- --------- --------- Gross profit 8,725 5,081 13,806 Marketing costs (3,966) (1,585) (5,551) Carriage (2,807) (1,198) (4,005) Online selling costs (322) (345) (667) -------------------------- --------- --------- --------- Trading contribution 2,505 1,078 3,583 Other operating expenses (10,444) -------------------------- --------- --------- --------- Loss from Operations (6,861) ========================== ========= ========= ========= Year ended 31 December 2022 SiS PhD Total GBP'000 GBP'000 GBP'000 Sales 29,708 34,065 63,773 -------------------------- -------- -------- --------- Gross profit 17,383 9,553 26,936 Marketing costs (6,602) (2,387) (8,989) Carriage (4,839) (2,273) (7,112) Online selling costs (703) (807) (1,510) -------------------------- -------- -------- --------- Trading contribution 5,021 4,304 9,325 Other operating expenses (19,146) -------------------------- -------- -------- --------- Loss from Operations (9,821) ========================== ======== ======== =========
3. Operating expenses
Unaudited six Unaudited Audited twelve months ended six months months ended 30 June 2023 ended 30 31 December June 2022 2022 GBP'000 GBP'000 GBP'000 ------------------------------ ----------------- ------------ --------------- Sales and marketing costs 7,605 10,223 17,611 ----------------------------------- ------------ ------------ --------------- Operating Costs 6,571 7,273 13,977 Depreciation and amortisation 2,298 2,571 4,808 Foreign exchange variances on intercompany balances 344 (60) 99 Share-based payments 181 660 262 Administrative Costs 9,394 10,444 19,146 Total operating expenses 16,999 20,667 36,757 ----------------------------------- ------------ ------------ ---------------
The operating expenses above includes costs that were incurred in relation to transition to our consolidated supply chain facility in Blackburn, strategic review and restructuring costs.
These costs are not deemed to be recurring costs, as such they are not deemed to be part of the usual operating expenditure:
GBP'000 Total ------------------------ -------- Strategic review costs 156 Restructuring costs 228 384
Management uses alternative performance measures as part of their internal financial performance monitoring, including Underlying EBITDA. The measure provides additional information for users on the underlying performance of the business, enabling consistent year-on-year comparison.
4. Taxation
The corporation tax and deferred tax for the six months ended 30 June 2023 has been calculated with reference to the estimated effective tax rate on the operating results for the full year and taking into account movements in deferred tax assets and liabilities.
5. Revenue from contracts with customers
The Group operates four primary sales channels, which form the basis the basis on which management monitor revenue. UK Retail includes domestic grocers and high street retailers, Digital are sales through the phd.com and scienceinsport.com platforms, International Retail relates to retailers and distributors outside of the UK and Marketplace relates to online marketplaces such as Amazon and Tmall.
Unaudited six Audited twelve Unaudited six months ended months ended months ended 30 June 2022 31 December 30 June 2023 2022 SiS PhD Total SiS PhD Total SiS PhD Total GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 --------------- -------- -------- -------- ---------- -------- -------- -------- -------- -------- Digital 2,866 1,245 4,111 5,288 2,249 7,537 8,859 3,618 12,477 Marketplace 3,268 4,291 7,559 2,597 4,273 6,870 6,199 7,851 14,050 China 882 1,806 2,688 89 3,018 3,107 178 7,031 7,209 USA 1,745 - 1,745 - - - - - - --------------- -------- -------- -------- ---------- -------- -------- -------- -------- -------- Global Online 8,761 7,342 16,103 7,974 9,540 17,514 15,236 18,500 33,736 --------------- -------- -------- -------- ---------- -------- -------- -------- -------- -------- International Retail 4,919 2,278 7,197 3,564 1,969 5,533 6,491 3,904 10,395 UK Retail 4,938 6,198 11,136 4,006 5,226 9,232 7,981 11,661 19,642 --------------- -------- -------- -------- ---------- -------- -------- -------- -------- -------- Retail 9,857 8,476 18,333 7,570 7,195 14,765 14,472 15,565 30,037 --------------- -------- -------- -------- ---------- -------- -------- -------- -------- -------- Total sales 18,618 15,818 34,436 15,544 16,735 32,279 29,708 34,065 63,773 --------------- -------- -------- -------- ---------- -------- -------- -------- -------- --------
Turnover by geographic destination of sales may be analysed as follows:
Unaudited Unaudited Audited six months six months twelve months ended 30 ended 30 ended 31 June 2023 June 2022 December 2022 GBP'000 GBP'000 GBP'000 ------------------- ------------ ------------ --------------- United Kingdom 19,982 18,250 36,574 Rest of Europe 7,502 6,627 11,391 USA 1,913 2,254 4,670 Rest of the World 5,039 5,148 11,138 Total sales 34,436 32,279 63,773 -------------------- ------------ ------------ ---------------
6. Net debt reconciliation
Unaudited Unaudited Audited six months six months twelve months ended 30 ended ended 31 June 2023 30 June December 2022 2022 GBP'000 GBP'000 GBP'000 -------------------------------- ------------ ------------ ---------------- Invoice financing 5,960 4,055 4,523 Trade facility 3,330 - 2,733 Virtual credit card 988 898 877 Total working capital facilities 10,279 4,953 8,133 ----------------------------------- ------------ ------------ ---------------- Asset financing 4,118 3,390 3,682 ----------------------------------- ------------ ------------ ---------------- Debt 14,397 8,343 11,815 Less cash and cash equivalents 1,228 1,310 930 ----------------------------------- ------------ ------------ ---------------- Net Debt 13,169 7,033 10,885 ----------------------------------- ------------ ------------ ----------------
Net debt is defined as cash, less banking working capital facilities and asset financing and excludes property leases. Working capital facilities are included within trade and other payables.
As at 30 June 2023 there is headroom of GBP3.8m in working capital facilities (31 December 2022 GBP4.0m; 30 June 2022 GBP4.7m).
7. Loss per share
Basic and diluted loss per share is calculated by dividing the loss attributable to owners of the parent by the weighted average number of ordinary shares in issue during the period.
Unaudited Unaudited Audited six months six months twelve months ended 30 June ended 30 ended 31 2023 June 2022 December 2022 GBP'000 GBP'000 GBP'000 ----------------------------------- --------------- ------------ --------------- (Loss) for the financial period (3,267) (7,066) (10,929) Number of shares Number Number Number '000 '000 '000 Weighted average number of shares 172,420 136,429 143,313 EPS Summary Basic and diluted loss per share (1.9p) (5.2p) (7.6p) ----------------------------------- --------------- ------------ ---------------
8. Share Capital
The number of ordinary shares in issue as at 30 June 2023 is 172,419,741 shares (31 December 2022 - 172,419,741).
The number of shares held by the EBT and referred to as Treasury shares was 2,045,230 (30 June 2022: 4,293,194, December 2022: 4,293,194).
9. Cautionary statement
This document contains certain forward-looking statements with respect to the financial condition, results, and operations of business. These statements involve risk and uncertainty as they relate to events and depend on circumstances that will incur in the future. Nothing in this interim report should be construed as a profit forecast.
10. Copies of the interim report
The interim report for the six months ended 30 June 2023 can be downloaded from the Company's website www.sisplc.com . Further copies can be obtained by writing to the Company Secretary, Science in Sport plc, 16-18 Hatton Garden, Farringdon, London, EC1N 8AT.
This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact rns@lseg.com or visit www.rns.com.
RNS may use your IP address to confirm compliance with the terms and conditions, to analyse how you engage with the information contained in this communication, and to share such analysis on an anonymised basis with others as part of our commercial services. For further information about how RNS and the London Stock Exchange use the personal data you provide us, please see our Privacy Policy.
END
IR EANNPAAEDEEA
(END) Dow Jones Newswires
September 28, 2023 05:30 ET (09:30 GMT)
1 Year Science In Sport Chart |
1 Month Science In Sport Chart |
It looks like you are not logged in. Click the button below to log in and keep track of your recent history.
Support: +44 (0) 203 8794 460 | support@advfn.com
By accessing the services available at ADVFN you are agreeing to be bound by ADVFN's Terms & Conditions