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SIS Science In Sport Plc

15.75
0.00 (0.00%)
Last Updated: 08:00:10
Delayed by 15 minutes
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
  0.00 0.00% 15.75 15.50 16.00 15.75 15.75 15.75 113,927 08:00:10
Industry Sector Turnover Profit EPS - Basic PE Ratio Market Cap
Health & Allied Services,nec 63.77M -10.91M -0.0640 -2.46 26.83M

Science in Sport PLC Half-year Report - Replacement (2651R)

20/09/2017 9:06am

UK Regulatory


Science In Sport (LSE:SIS)
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TIDMSIS

RNS Number : 2651R

Science in Sport PLC

20 September 2017

The following amendment has been made to the Half-year Report announcement released on 20 September 2017 at 7.00 a.m. under RNS number 2156R.

In the previous version of the announcement, the consolidated statement of comprehensive income incorrectly stated unaudited Total Costs for the six months ended 30 June 2017 as GBP4,118k; the correct figure of GBP6,006k is now shown.

All other details remain unchanged, and the full amended announcement is shown below.

SCIENCE IN SPORT PLC

("SiS" or the "Company")

INTERIM RESULTS FOR THE SIX MONTHSED 30 JUNE 2017

Science in Sport plc (AIM: SIS), a leading sports nutrition company that develops, manufactures and markets sports nutrition products for professional athletes and sports enthusiasts, is pleased to announce its unaudited results for the 6 months ended 30 June 2017.

Highlights

-- Revenues increased 28% to GBP8.27 million (H1 2016: GBP6.48 million) demonstrating continued strong growth, with the Company's e-commerce platform delivering 87% growth across all markets. All e-commerce channels now account for 51% of total revenues (H1 2016: 46%).

-- International performed strongly with growth of 55%, driven by increased investment in the USA and Italy which are trading in line with expectations, as is the Australian business. International revenue accounts of 27% of total revenue (H1 2016: 22%).

-- Strategic investment in international market expansion and e-commerce business resulted in underlying operating loss of GBP1,141k* in line with expectations and growth strategy (H1 2016: -GBP369k).

-- Core UK and EU business break even at the half year and on track for profitable second half, given first half phasing of marketing investment.

-- Increased input prices on raw materials and growth in protein products have been absorbed through increased efficiencies, leaving overall gross profit unchanged at 58.8%.

-- New product development and launches continued with GO Caffeine Shots launched in H1, and further acceleration in H2 with WHEY20 relaunched in July 2017 and GO Energy + Immune Gel and REGO Rapid Recovery Plus launched in August 2017.

-- Increased investment in marketing was focused on driving brand awareness in international markets and on growing our e-commerce business customer database by 38% from the beginning of the period.

   --      Significant investment in systems and people in all markets to support growth strategy. 
   --      Cash and cash equivalents of GBP3.9 million (H1 2016: 6.7 million) reflecting investment in international markets, e-commerce platform and investment in systems in all markets to support the accelerated growth. 

* excludes depreciation, amortisation, and share based payments

Stephen Moon, Science in Sport's CEO, said: "I am pleased that we have had such a strong start to the year in a difficult market of rising input costs and uncertain consumer spending. We have achieved yet another period of substantial growth, which was in line with our expectations, and saw revenues increase 28% year on year."

"We have invested heavily in international markets during the first half and trading is in line with expectations in Australia, Italy and the USA. We have also seen exceptionally strong growth from our own e-commerce platform. Our strategy of focusing on online and international growth is delivering results."

"Operating losses are in line with expectations and reflect our investment in category leading growth in new markets and digital channels. The core business is expected to be profitable at EBITDA level for the full year and we will continue to invest in strategic international markets. Costs remain tightly controlled and gross margin is very robust in a difficult climate. We remain confident in our growth-led strategy."

For further information:

 
Science in Sport PLC               +44 (0) 20 7400 3700 
Stephen Moon, CEO 
Elizabeth Lake, Finance Director 
 
  Cenkos Securities - NOMAD 
  and Broker                         +44 (0) 20 7397 8900 
Bobbie Hilliam 
 
 
 

About Science in Sport plc

Science in Sport plc is a leading sports nutrition company that develops, manufactures and markets sports nutrition products for professional athletes and sports enthusiasts. SiS is a strong brand in the elite athlete community - in the 2016 Rio Olympics, 34 medal-winning athletes or teams used SiS products (compared with 24 medals in 2012).

The SiS core product ranges include: SiS GO, comprising energy powders, isotonic gels, energy bars and hydration tablets; and SiS REGO, including protein-based recovery powders and bars; and SiS Protein, products specifically designed to contribute to athletes' lean muscle mass growth and maintenance. SiS products are sold in a range of retail channels, including specialist sport retailers, major grocers, high street retailers and e-commerce websites.

SiS is currently the official sports nutrition supplier to professional cycling team Team SKY, British Cycling, Cycling Australia, USA Cycling and British Triathlon. SiS is also the official sports nutrition partner to Celtic FC and Aston Villa FC and has supplies over 40 clubs including four national teams and seven Premiership teams. In addition, Olympians Sir Chris Hoy MBE, and Katarina Johnson-Thompson are Brand Ambassadors and Mark Cavendish MBE is an Elite Sports Consultant to the brand.

SiS was founded in 1992 and is headquartered in Hatton Garden, London. Its manufacturing facility is in Nelson, Lancashire.

SiS shares are traded on the AIM market of the London Stock Exchange under the ticker symbol SIS.

For further information, please visit www.scienceinsport.com

BUSINESS REVIEW

Overview and Strategy

We are delighted to report a strong set of interim results, both financially and operationally. The six months to 30 June 2017 saw a period of strong revenue growth with half year sales up 28% to GBP8.27 million from GBP6.48 million for the same period last year, driven by international expansion and investing in our e-commerce business. This continues to demonstrate the effectiveness of our growth strategy, as we further extend our UK and international presence as a leader in the global endurance sports nutrition market.

As part of our growth strategy, the Company has invested heavily in international markets, focusing on Australia, Italy and the USA. Major emphasis has been on building brand awareness and implementing our proven online customer acquisition and conversion model, both of which we will continue to be key strategies in our international expansion.

The core business has continued to outperform market growth and the Company continues to invest in brand awareness to broaden visibility and availability of our product across all retail and online channels. The core business is expected to be profitable at EBITDA level in 2017.

We delivered against our objective of maintaining gross margin, against a backdrop of increases in some raw material costs and the growth in the mix of protein products. We continue to tightly control underlying overhead growth, in order to underpin investment in the brand and to benefit from operational gearing.

Investment in our e-commerce platform and financial and logistics systems is underway, for both the core market and to facilitate effective logistics and high customer service levels in strategic international markets.

The Board continues to believe that there are significant growth opportunities for the Company over the next few years. To maximise these opportunities the Company will continue to invest in international markets, the e-commerce platform and infrastructure, whilst growing profitability of the core UK and EU business.

Financial Summary

The 6 months to 30 June 2017 was a period of strong revenue growth, with sales up 28% at GBP8.27 million (H1 2016: GBP6.48 million). International and e-commerce sales growth was particularly strong, reflecting the continued investment in our e-commerce platform and brand awareness.

Gross profit of 58.8% (H1 2016: 58.9%) is reflective of our low-cost manufacturing facility in Nelson which remains a strategic advantage. Investment has driven further efficiencies at the facility which has enabled the business to absorb increases in raw material costs and the growth of protein products within the overall product mix.

The underlying operating loss was in line with management expectations at GBP1.14 million (H1 2016: GBP0.37 million loss) given accelerated investment in all markets in marketing, sales and e-commerce of GBP4.67 million (H1 2016: GBP3.04 million). The core UK and EU business broke even in the first half and with marketing expenditure phased heavily to the first half, is on track to be profitable at EBITDA level for the full year, in line with management expectations.

Overheads excluding sales and marketing were GBP2.39 million (H1 2016: GBP1.61 million) for the six months. Share-based payments are higher this period by GBP0.59 million, as H1 2016 had no LTIP charge given no share schemes were in place. Management continue to seek to limit underlying overheads to single-digit increases in the future, currently achieving 13.8% excluding the share-based payments charge. The increase over the targeted single-digit growth rate was due to one-off costs related to a significant upgrade in our world-class banned substance programme, and investment in project management skills to ensure delivery of a range of major commercial and operational strategic projects.

Cash and cash equivalents at the period end were GBP3.88 million (H1 2016: GBP6.64 million). Cash outflow since the year end represents continued operational investment to support the strongly growing international and e-commerce businesses. In addition, significant investment has continued in the e-commerce platform to accelerate customer conversion, investment in systems to further support international expansion with the integration of third party logistics in the Italy and USA, as well as the introduction of SAP to support finance and operations across the whole business.

Sales Channels

Our e-commerce platform continues to be a key focus in 2017 and has achieved growth across all markets of 87% for the period (H1 2016: 73%). The Company has invested in the platform in all markets to enhance the customer experience, including features such as world-class knowledge content and effective checkout processes. We launched our market leading Premier delivery subscription service in March 2017 providing unlimited next day delivery for a single annual fee. Third-party online grew at a more modest 13% in the period, although Amazon performed very strongly (+56%).

Traditional retail channels have grown by 14% despite the tough trading environment. High Street sales have recovered following a challenging year in 2016 with Decathlon and Halfords leading the progress and channel growth was 27%. The Heartland of independent cycle and running shops also had a good first half to the year compared with 2016, with distribution remaining robust and channel growth of 12%, to cement our dominant position in this important channel. Despite growing our distribution in multiple Grocers, revenue growth was 6% and below expectation due to space pressure from other lifestyle-oriented categories, although we remain optimistic about the medium-term potential of the channel.

International sales across all channels grew 55%, and 27% of total revenues came from existing and new overseas markets (H1 2016: 22%). Additional digital marketing spend has been channeled into the key strategic international markets of Australia, Italy and USA. In the USA we established a foothold via a focused test market and this has enabled us to prove our e-commerce customer acquisition and conversion model. We expect to accelerate our investment in the USA next year, while maintaining a conservative and risk-managed approach.

Italy has delivered strong growth through all channels, with our own e-commerce platform being particularly pleasing. A third-party managed distribution hub has been established to improve speed and cost of delivery, giving us a market-leading position. Our Australian business has also performed well and in line with expectations. Across all international markets we are further developing our relationship with Amazon, particularly in the USA. International distributors contributed to our progress, with new markets such as Russia and China beginning to underpin our growth strategy.

Product Innovation

We have continued to invest in this strategically important area and have an exciting pipeline of novel products. We expect innovation revenue growth to be consistent with the contribution to sales made in previous periods.

In the first half we launched our new GO Caffeine Shots which are performing well and in line with expectation. An enhanced WHEY20 was relaunched in July and has been very well received by our customers. Ahead of the winter season we have launched a range of GO Energy+ Immune gels with enhanced immunity properties. In August we launched the premium recovery product REGO Rapid Recovery Plus, which we developed in conjunction with Team Sky.

In addition, our world-class science team is working on a range of technology and product innovations to underpin growth in the medium and long term and to cement our position as the leading endurance sport nutrition business.

In May 2017 patents were granted in respect of our novel WHEY20 protein product and we have a series of further patents in process.

People

We have continued to strengthen the commercial teams during 2017, with the central e-commerce team seeing a number of new appointments, and new in-market staff to support international growth.

Investment has been made in training and skills across both sites, with major focus and investment on project management skills.

Outlook

While the trading environment in the UK remains difficult, we are confident of delivering revenue growth in line with market expectations for 2017. The core UK and EU business is expected be profitable at EBITDA level for the year and overall group EBITDA loss will be broadly in line with expectations, this loss reflecting the planned strategic expansion into major new growth markets.

The Board believes there continues to be significant growth opportunity for the Company and we will continue to invest in international markets and our e-commerce platform.

   Stephen Moon                                                               Elizabeth Lake 
   Chief Executive Officer                                                Chief Financial Officer 

Consolidated statement of comprehensive income

Six months ended 30 June 2017

 
                                                 Unaudited     Unaudited     Audited 
                                                six months    six months      twelve 
                                                     ended         ended      months 
                                                   30 June       30 June       ended 
                                                      2017          2016          31 
                                                                            December 
                                                                                2016 
                                       Notes       GBP'000       GBP'000     GBP'000 
------------------------------------  ------  ------------  ------------  ---------- 
 
 Revenue                                             8,274         6,484      12,243 
 Cost of goods                                     (3,408)       (2,665)     (4,865) 
------------------------------------  ------  ------------  ------------  ---------- 
 Gross profit                                        4,865         3,819       7,378 
 
 Total Costs                                       (6,006)       (4,188)     (8,177) 
 
 Underlying operating profit/(loss)                (1,141)         (369)       (799) 
 Depreciation and amortisation                       (210)         (213)       (419) 
 Share-based payment charges                         (851)         (257)     (1,572) 
 Exceptional Items                                       -             -           - 
------------------------------------  ------  ------------  ------------  ---------- 
 
 Loss from operations                              (2,202)         (839)     (2,790) 
 
 Finance income                                          -             -           1 
 Finance costs                                           0           (2)         (4) 
------------------------------------  ------  ------------  ------------  ---------- 
 Loss before taxation                              (2,202)         (841)     (2,793) 
 
 Taxation                                  4           167           160         149 
 (Loss)/profit and total 
  comprehensive expense for 
  the period                                       (2,035)         (681)     (2,644) 
------------------------------------  ------  ------------  ------------  ---------- 
 
 Attributable to: 
 Owners of the parent                              (2,035)         (681)     (2,644) 
 (Loss)/profit and total 
  comprehensive expense for 
  the period                                       (2,035)         (681)     (2,644) 
------------------------------------  ------  ------------  ------------  ---------- 
 
 Foreign currency translation 
  differences for foreign operations                    21          (25)        (50) 
 
 Total comprehensive income 
  for the year                                     (2,014)         (706)     (2,694) 
------------------------------------  ------  ------------  ------------  ---------- 
 
 (Loss)/profit per share 
  to owners of the parent 
 Basic and diluted                         5        (4.6)p        (1.6p)      (6.2p) 
------------------------------------  ------  ------------  ------------  ---------- 
 

All amounts relate to continuing operations

Consolidated statement of financial position

30 June 2017

 
                                     Unaudited     Unaudited     Audited 
                                    six months    six months      twelve 
                                         ended         ended      months 
                                       30 June       30 June       ended 
                                          2017          2016          31 
                                                                December 
                                                                    2016 
                                       GBP'000       GBP'000     GBP'000 
-----------------------------     ------------  ------------  ---------- 
 Assets 
 Non-current assets 
 Intangible assets                       1,212           585         884 
 Plant and equipment                       847           645         798 
 Deferred tax                            1,253         1,097        1086 
 Total non-current 
  assets                                 3,312         2,327       2,768 
--------------------------------  ------------  ------------  ---------- 
 
 Current assets 
 Inventories                             2,338         2,289       2,238 
 Trade and other receivables             3,746         2,648       2,217 
 Cash and cash equivalents               3,883         6,637       6,130 
 Total current assets                    9,967        11,574      10,585 
--------------------------------  ------------  ------------  ---------- 
 
 Total assets                           13,279        13,901      13,353 
--------------------------------  ------------  ------------  ---------- 
 
 Liabilities 
 Current liabilities 
 Trade and other payables              (3,662)       (2,342)     (2,534) 
 Borrowings                                  -          (15)           - 
                                  ------------                ---------- 
 Total current liabilities             (3,662)       (2,357)     (2,534) 
--------------------------------  ------------  ------------  ---------- 
 
 Net current assets                      6,305         9,217       8,051 
--------------------------------  ------------  ------------  ---------- 
 
 Non-current liabilities 
 Borrowings                                  -             -           - 
-----------------------------     ------------  ------------  ---------- 
 Total non-current                           -             -           - 
  liabilities 
-----------------------------     ------------  ------------  ---------- 
 
 Total liabilities                     (3,662)       (2,357)     (2,534) 
--------------------------------  ------------  ------------  ---------- 
 
 Total net assets                        9,617        11,544      10,819 
--------------------------------  ------------  ------------  ---------- 
 
 
 Capital and reserves 
  attributable to 
 owners of the parent 
  company 
 Share capital                           4,562         2,557       4,322 
 Share premium reserve                  10,440         3,519      10,331 
 Employee benefit 
  trust                                  (422)          (64)       (215) 
 Merger reserve                          (907)         (907)       (907) 
 Foreign exchange 
  reserve                                 (29)                      (50) 
 Retained earnings                     (4,027)       (1,145)     (2,662) 
 Total Equity                            9,617        11,544      10,819 
--------------------------------  ------------  ------------  ---------- 
 

Consolidated statement of cash flows

 
                                         Unaudited     Unaudited                                  Audited 
                                        six months    six months                                   twelve 
                                          ended 30      ended 30                                   months 
                                         June 2017     June 2016                                    ended 
                                                                                              31 December 
                                                                                                     2016 
                                           GBP'000       GBP'000                                  GBP'000 
------------------------------------  ------------  ------------  --------------------------------------- 
 
 
 Cash flows from operating 
  activities 
 (Loss)/profit after tax                   (2,035)         (706)                                  (2,644) 
 Adjustments for: 
 Amortisation                                   86            57                                      160 
 Depreciation                                  124           156                                      261 
 Net finance cost                                -             2                                        3 
 Taxation                                    (167)         (160)                                    (149) 
 Share-based payment charges                   851           257                                    1,572 
 Operating cash (outflow)/inflow 
  before changes in working 
  capital                                  (1,141)         (394)                                    (797) 
------------------------------------  ------------  ------------  --------------------------------------- 
 
 Changes in inventories                      (100)         (818)                                    (767) 
 Changes in trade and other 
  receivables                              (1,529)       (1,399)                                    (968) 
 Changes in trade and other 
  payables                                   1,109           832                                      921 
 Total cash outflow from operations        (1,661)       (1,779)                                  (1,611) 
------------------------------------  ------------  ------------  --------------------------------------- 
 Tax credits received                            -             -                                        - 
 Total cash outflow from operating 
  activities                               (1,661)       (1,779)                                  (1,611) 
------------------------------------  ------------  ------------  --------------------------------------- 
 
 Cash flow from investing 
  activities 
 Purchase of property, plant 
  and equipment                              (225)         (178)                                    (402) 
 Purchase of intangible assets               (370)         (123)                                    (558) 
 Interest received                               0             0                                        1 
 Net cash outflow from investing 
  activities                                 (595)         (301)                                    (959) 
------------------------------------  ------------  ------------  --------------------------------------- 
 
 Cash flow from financing 
  activities 
 Decrease in borrowings                          -          (34)                                     (49) 
 Interest paid                                   -           (2)                                      (4) 
 Net cash (outflow)/inflow 
  from financing activities                      -          (36)                                     (53) 
------------------------------------  ------------  ------------  --------------------------------------- 
 
 Net (decrease)/increase in 
  cash and cash equivalents                (2,256)       (2,116)                                  (2,623) 
 Opening cash and cash equivalents           6,130         8,753                                    8,753 
 Closing cash and cash equivalents           3,874         6,637                                    6,130 
------------------------------------  ------------  ------------  --------------------------------------- 
 

Consolidated statement of changes in equity

 
                              Share      Share    Preference      Other     Foreign              Retained     Total 
                            Capital    Premium    Shares/EBT    Reserve    exchange    earnings/(deficit)    Equity 
                                                                            reserve 
                            GBP'000    GBP'000       GBP'000    GBP'000     GBP'000               GBP'000   GBP'000 
------------------------  ---------  ---------  ------------  ---------  ----------  --------------------  -------- 
 
 Balance at 31 December 
  2015                        4,025     10,228          (61)      (907)           0               (1,269)    12,016 
 
 Comprehensive Income 
 Loss for the period                                                                                (681)     (681) 
 Issue of shares 
  - consideration                22                                                                   103       125 
 related to sponsorship 
  Jan 16 
 Transactions with 
  owners 
 recorded directly 
  in equity 
 Issue of shares 
  to the EBT -                  275                    (275)                                                      0 
 31 March 2016 
 Exercise of share 
  options                                                121                                        (121)         0 
 Recognition of 
  share-based                                                                                         109       109 
 payments charge 
 FX on translation of 
  foreign subs                                                                                       (25)      (25) 
 
 Balance at 30 June 
  2016                        4,322     10,228         (215)      (907)           0               (1,884)    11,544 
------------------------  ---------  ---------  ------------  ---------  ----------  --------------------  -------- 
 
 Comprehensive Income 
 Loss for the period                                                                              (1,963)   (1,963) 
 Issue of shares 
  - consideration                          103                                                      (103)         0 
 related to sponsorship 
  Jan 16 
 Transactions with 
  owners 
 recorded directly 
  in equity 
 Issue of shares 
  to the EBT -                                                                                                    0 
 31 March 2016 
 Exercise of share 
  options                                                                                             (0)       (0) 
 Recognition of 
  share-based                                                                                       1,263     1,263 
 payments charge 
 FX on translation of 
  foreign subs                                                                 (50)                    25      (25) 
 
 Balance at 31 December 
  2016                        4,322     10,331         (215)      (907)        (50)               (2,662)    10,819 
------------------------  ---------  ---------  ------------  ---------  ----------  --------------------  -------- 
 
 Comprehensive Income 
 Loss for the period                                                                              (2,035)   (2,035) 
 Issue of shares 
  - consideration                16        109                                                                  125 
 related to sponsorship 
  Jan 16 
 Transactions with 
  owners 
 recorded directly 
  in equity 
 Issue of shares 
  to the EBT -                  224                    (224)                                                      0 
 23 March 2017 
 Exercise of share 
  options                                                 17                                         (17)         0 
 Recognition of 
  share-based                                                                                         687       687 
 payments charge 
 FX on translation of 
  foreign subs                                                                   21                              21 
 
 Balance at 30 June 
  2017                        4,562     10,440         (422)      (907)        (29)               (4,027)     9,617 
------------------------  ---------  ---------  ------------  ---------  ----------  --------------------  -------- 
 

EBT Own shares held by the Employee Benefit Trust ('EBT') which will be used to settle options held by employees under the Group's Employee Share Option Plan.

Other reserve The other reserve arose as a result of applying the principles of reverse acquisition accounting following the demerger of SiS (Science in Sport) Limited from Provexis plc and represents the difference between the capital reserves of Science in Sport plc (the legal acquirer) and those of SiS (Science in Sport) Limited (the legal acquire).

Notes to the interim financial information

For the six months ended 30 June 2017

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 2016, and those expected to be adopted in the financial statements for the year ending 31 December 2017.

The Directors believe that the operating loss before depreciation, amortisation and impairment of intangibles, share-based payments and exceptional items measure provides additional useful information for shareholders on underlying trends and performance. This measure is used for internal performance analysis.

Underlying operating 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 the European Union (IFRS). 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 Moore Stephens LLP, 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 2016.

The statutory Accounts for the last period ended 31 December 2016 were approved by the Board on 22 March 2017 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 19 September 2017

2. Segmental reporting

The Directors have determined that only one operating segment exists under the terms of IFRS 8 Operating Segments, as the Group is organised and operates as a single business unit.

3. Operating expenses

 
                          Unaudited     Unaudited   Audited twelve 
                         six months    six months     months ended 
                           ended 30      ended 30      31 December 
                          June 2017     June 2016             2016 
                            GBP'000       GBP'000          GBP'000 
---------------------  ------------  ------------  --------------- 
 Sales and marketing 
  costs                       4,673         3,044            5,931 
---------------------  ------------  ------------  --------------- 
 Operating Costs              1,334         1,144            2,246 
 Depreciation 
  and amortisation              210           213              419 
 Share-based 
  payments                      851           257             1572 
 Exceptional                      -             -                - 
  items 
---------------------  ------------  ------------  --------------- 
 Administrative 
  Costs                       2,394         1,614            4,237 
 
 Total costs                  7,067         4,658           10,168 
---------------------  ------------  ------------  --------------- 
 

4. Taxation

The corporation tax and deferred tax for the six months ended 30 June 2017 has been calculated with reference to the estimated effective tax rate on the operating results for the full year.

5. 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      ended 30                           ended 31 
                              June 2017     June 2016                           December 
                                                                                    2016 
                                GBP'000       GBP'000                            GBP'000 
-------------------------  ------------  ------------  --------------------------------- 
 
 (Loss)/profit for 
  the financial period          (2,035)         (681)                            (2,644) 
 
 Number of shares                Number        Number                             Number 
                                   '000          '000                               '000 
 Weighted average number 
  of shares-basic and 
  diluted                        44,592        41,848                             42,528 
 
 EPS Summary 
 Basic and diluted 
  loss per share                 (4.6)p        (1.6)p                             (6.2)p 
-------------------------  ------------  ------------  --------------------------------- 
 

6. Share Capital

The number of ordinary shares in issue as at 30 June 2017 is 45,613,456 shares (31 December 2016 43,216,191).

On 9 January 2017 159,236 ordinary shares were issued as consideration related for sponsorship services.

On 23 March 2017 2,238,029 ordinary shares were issued to the EBT to satisfy STIP and LTIP awards with respect to previous periods performance.

The number of shares held by the EBT and referred to as Treasury shares was 4,219,240, (30 June 2016: 2,152,892, 31 December 2016: 2,152,892 shares).

8. 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.

9. Copies of the interim report

The interim report for the six months ended 30 June 2017 can be downloaded from the Company's website www.scienceinsport.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 company news service from the London Stock Exchange

END

IR LMMRTMBATMRR

(END) Dow Jones Newswires

September 20, 2017 04:06 ET (08:06 GMT)

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