Science in Sport PLC Interim Results

RNS Number : 2170E

Science in Sport PLC

16 September 2024

 

16 September 2024

AIM: SIS

 

 

SCIENCE IN SPORT PLC

("Group" or "Company")

 

 

Focus on margin enhancement underpins encouraging EBITDA improvement

Interim results for the six months ended 30 June 2024

 

 

Science in Sport plc (AIM: SIS), the premium performance nutrition company serving elite athletes, sports enthusiasts, and the active lifestyle community, announces it's unaudited interim results for the six months to 30 June 2024 ("H1 FY24").

 

The Board is pleased to report the Group's unaudited interim results for H1 FY24 which are in line with the trading update released on 28^th June. In July the Company completed a significantly oversubscribed equity fundraising of c £8.5m before expenses. In conjunction, the Group has agreed amended and extended banking arrangements to 2027, providing additional flexibility in accessing liquidity to fund growth. The fundraising has provided the necessary capital to complete the ongoing restructuring of the business to drive ongoing margin improvement and over time ensure that SiS is not only a growth company but a profitable and cash generative one. 

 

Trading in the second half of the year has started in line with management expectations and the Board remains confident that the business will return to growth from a stronger operating platform with improving operating margins and cash generation. The strength of the two core brands, SiS and PhD, is  clearly well established, however the prior strategy of prioritising top line growth has been reset as the business focuses on controlled profitable growth to allow management to address the significant growth opportunities and demand for SiS, in particular, from a solid platform with strong commercial execution. As previously announced, the resetting of marginal revenue channels and a pivot towards controlled profitable growth has reduced revenue in the short term but importantly, margins have and are expected to continue to improve due to significant operational cost efficiencies and more disciplined pricing.

 

Overview

 

Our premium brands of SiS and PhD remain in good health, with strong brand recognition and value amongst our customer base. Our science and innovation teams remain active and agile with the SiS brand being the trusted performance nutrition partner of over 330 athletes and teams in elite sport worldwide. At the recent Paris Olympics 2024, individual athletes and teams using SiS products achieved over 100 medals, which is testament to the quality of products, level of trust and unique position SiS commands in the elite community.   We continue to pride ourselves on developing products using elite insights backed by science which translate in to mass consumption for driving athletic achievement.

 

 

Key Financials	H1 FY24	H1 FY23	Change
Revenue	£25.7m	£34.4m	(25.4%)
Gross Profit	£11.5m	£14.5m	(20.8%)
Gross Margin	44.6%	42.0%	+2.6bps
Trading Contribution[1]	£6.8m	£6.9m	(1.6%)
Trading Contribution Margin	26.3%	20.0%	+6.3bps
Underlying EBITDA[2]	£2.0m	£1.1m	+74.0%
Underlying EBITDA margin	7.7%	3.3%%	+4.4bps
Adjusted Net Debt[3]	£13.8m	£13.2m	£(0.6m)

 

 

Operating review

 

Operational highlights

 

Following the establishment of the new leadership team, the immediate focus has been managing cash outflow and stabilising the relationships with our various stakeholders. The prior strategy of aggressive top line growth across all channels and markets has been reset, with the model of controlled growth whilst delivering sustainable cash generative profitability at improved margins from a reduced cost base at the forefront of everything we do.

 

To date, a number of significant cost rationalisation actions have been taken, benefitting H1 FY24 and providing a stable platform for further improvements in H2 FY24 and beyond as benefits annualise and the business resets.

Key actions, both complete and ongoing, include;

 

·      Restructure of the executive and leadership team with several senior roles exiting the business. The appointments of Chris Welsh as CFO and Megan Blaylock as CCO as well as Dan Lampard moving from CFO to COO have established a well-resourced executive function capable of providing both strategic insight but also leadership to all of our employees.

·      Marginal revenue channels have been reset and measures implemented to secure and grow the Group's profitable revenue streams. Upon detailed review, a number of overseas distribution agreements were found to be uncommercial and based on prioritisation of revenue growth over profitability. While this will reduce revenues in 2024, we will ensure that our distribution arrangements are a two-way partnership whereby the strength of the brand is supported by both parties with measurable deliverables.

·      Supplier and operational reviews are underway in conjunction with product inventory rationalisation to further drive profitability and cash generation in the business.

·      Whilst brand health is robust, a significant number of uncommercial marketing contracts have been exited and further savings will be made throughout 2024. Marketing spend will be aligned to identifiable commercial traction moving forward to underpin sound commercial rationale and growth.

·      Significant operational cost savings have been extracted under the new leadership since the final quarter of 2023 and progress in implementing operational efficiencies continues to be made. This is anticipated to generate improved contribution to cashflow and earnings throughout 2024. In aggregate this will deliver annualised savings totalling £6m, the majority of which will be delivered in 2024.

·      The business successfully launched the extended and reformulated SiS Rego recovery range, underpinned by scientific studies in conjunction with Manchester Metropolitan University

·      A significant rationalisation of product SKUs across both brands is in progress to simplify the operation and improve the working capital position whilst prioritising the needs of our customers.

·      The business successfully re-designed and re-launched the SiS D2C website reinforcing the premium position of the brand.

 

 

Financial performance

 

·      Overall revenue declined by 25.4% due to the shift of certain overseas revenue to royalty streams, working capital constraints in H1 FY24 resulting in poor stock availability to certain key accounts and the active steps to reduce unprofitable revenue and excessive discounting. These factors were most prevalent in our PhD product offering where sales have declined by 44.8%. Our SiS product sales were more robust but revenue still declined by 8.9% primarily due to stock availability constraints. Management expect revenue to stabilise and grow from these levels heading in to FY25.

·      Underlying EBITDA performance improved by 74% to £2.0m (H1 FY23: £1.1m) with the focus in the Period shifting to higher margin, controlled growth as the cost rationalisation programme and a review of the business operating model begins to benefit margin. This programme is anticipated to deliver aggregate annualised cost savings in excess of £6m.  

·      Gross margin improved by 2.6 percentage points to 44.6% (H1 FY23: 42%), with further progress expected in H2 as the benefits of the commercial reset and robust operational cost rationalisation programme begin to annualise as well as the shift towards a royalty revenue stream for certain overseas customers.

·      Trading contribution margin improved by 6 percentage points to 26% (H1 FY23: 20%), a significant increase, driven by marketing cost efficiencies as a number of uncommercial marketing contracts were exited. The Group remains focused on delivering effective marketing with a strong commercial execution to prioritise margin performance improvement.

·      Operating costs have been reduced by £3.6m or 21% as cost saving measures take effect.

·      Subsequent to the balance sheet date, the Group completed an equity raise of £8.5m (gross) in July to fund growth in the short and medium term via investments in inventory and working capital, selective CAPEX and effective market penetration.

 

Current trading and FY24 outlook:

 

·      Gross proceeds of £8.5m from the equity raise are starting to drive improvements within the business with investment made into inventory improving product availability and reliability of service to key customers in H2, with working capital pressures easing.

·      Working capital constraints noted in H1 FY24, which adversely impacted UK retail performance, are improving significantly in H2 FY24 following the successful equity raise in July 2024.  

·      Innovative product development pipeline for both brands is underway with exciting product launches and routes to market anticipated throughout H2 FY24 and H1 FY25

·      Agreed amended and extended banking arrangements to 2027, providing additional flexibility in accessing liquidity to fund growth, demonstrating the continued confidence in the Group's operating performance from a key business stakeholder.

·      Adjusted Net debt closed H1 FY24 at £13.8m (H1 FY23: £13.2m) as annualised cost saving actions are yet to be fully realised in cash generation. Management anticipates continued margin improvements resulting in cash generation and significant deleveraging in the medium term with management expectations of leverage normalising around 1.0x EBITDA over the medium term.

·      The Group is well positioned to benefit from strong demand for products throughout the remainder of FY24 and beyond.

·      While cognisant of ongoing macro dynamics, SiS's strong market position and brand recognition, communicated plans for controlled investment in to working capital, market penetration and improvements to the manufacturing process facilities give the Board confidence for FY24 and beyond.

Dan Wright, Executive Chairman of Science in Sport plc, said:

 

"The Board is pleased to report that the restructuring started late in 2023 began to deliver much stronger operating margins, with Underlying EBITDA improvement of 74% year on year on the anticipated lower level of sales as the Group undergoes a necessary reset.

 

Following the recent appointments of Chris Welsh as Chief Financial Officer and Megan Blaylock as Chief Commercial Officer, as well as Dan Lampard moving to Chief Operating Officer, we now have a broader team in place structured for success through extensive experience in strategic development and commercial execution across all areas of the business. 

 

The Group has made a positive start to the second half of the year and whilst there are still key trading periods ahead the Board considers that the revenue and profitability of H1 FY24 should be a baseline from which we anticipate controlled and sustained revenue and profit growth in the medium term. This will be underpinned by our strong brands continuing to perform well in their respective market places, the launch of new product lines, the annualised impact of the rebasing of the operating cost model, as well as efficiencies in the operating model and availability of key inventory items following targeted investment from our recent significantly oversubscribed equity raise."  

 

 

For further information:

Science in Sport plc	T: [phone]
Daniel Wright, Executive Chairman Daniel Lampard, Chief Operating Officer Christopher Welsh, Chief Financial Officer
Panmure Liberum Limited (Nominated Adviser and Broker)	T: [phone]
Richard Lindley John More Anake Singh

 

Consolidated statement of comprehensive income

 

Six months ended 30 June 2024

 

		Unaudited six months ended 30 June 2024	Unaudited six months ended 30 June 2023	Audited twelve months ended 31 December 2023
	Notes	£'000	£'000	£'000
Revenue		25,701	34,436	62,671
Cost of goods		(14,230)	(19,957)	(35,839)
Gross Profit		11,471	14,479	26,832
Total Costs		(13,384)	(16,999)	(36,565)
Loss from operations		(1,913)	(2,520)	(9,733)
Comprising:
Underlying EBITDA	3	1,970	1,132	1,993
Depreciation and amortisation		(2,981)	(2,743)	(6,250)
Foreign exchange variances on intercompany balances		(44)	(344)	(247)
Share-based payment charges		-	(181)	-
Transition costs Restructuring costs Loss on disposal of intangible assets Other items		- (858) - -	- (384) - -	(2,092)            (1,975) (879) (283)
Loss from operations		(1,913)	(2,520)	(9,733)
Finance costs		(547)	(747)	(1,558)
Loss before taxation		(2,460)	(3,267)	(11,291)
Taxation benefit/(charge)	4	(18)	-	12
Loss for the period		(2,478)	(3,267)	(11,279)
Other comprehensive income
Exchange difference on translation of foreign operations		-	-	54
Total comprehensive loss for the period		(2,478)	(3,267)	(11,225)
(Loss) per share to owners of the parent
Basic and diluted	7	(1.4p)	(1.9p)	(6.6p)

 

All amounts relate to continuing operations.

 

 

 

Consolidated statement of financial position

30 June 2024

				Unaudited six months ended 30 June 2024	Unaudited six months ended 30 June 2023		Audited twelve months ended 31 December 2023
			Notes	£'000		£'000		£'000
Intangible assets				25,526		29,704		27,042
Right of use assets				10,051		10,160		10,520
Property, plant and equipment Deferred tax				9,340 -		10,431 -		10,000 19
Total non-current assets				44,917		50,295		47,581
Inventories				6,882		9,538		6,764
Trade and other receivables				12,983		19,727		13,812
Cash and cash equivalents				1,526		1,228		2,144
Total current assets				21,391		30,493		22,720
Total assets				66,308		80,788		70,301
Trade and other payables				(24,478)		(27,962)		(25,257)
Lease liabilities				(742)		(415)		(789)
Asset financing				(1,287)		(843)		(1,192)
Hire purchase agreement				(42)		(80)		(82)
Provision for liabilities				(991)		(976)		(671)
Total current liabilities				(27,540)		(30,276)		(27,991)
Lease liabilities				(9,338)		(9,990)		(9,903)
Asset financing				(1,682)		(3,275)		(2,282)
Hire purchase agreement Provision for liabilities				- (1,162)		(43) -		- (1,059)
Total non-current liabilities				(12,182)		(13,308)		(13,244)
Total Liabilities				(39,722)		(43,584)		(41,235)
Total net assets				26,586		37,204		29,066
Share capital			8	18,227		17,242		18,227
Share premium reserve				53,134		53,134		53,134
Employee benefit trust				(204)		(204)		(204)
Other reserve				(907)		(907)		(907)
Foreign exchange reserve				(86)		(138)		(84)
Retained deficit				(43,578)		(31,923)		(41,100)
Total Equity				26,586		37,204		29,066

 

Consolidated statement of cash flows

Six months ended 30 June 2024

 

	Unaudited six months ended 30 June 2024		Unaudited six months ended 30 June 2023		Audited twelve months ended 31 December 2023
	£'000		£'000		£'000
Cash flows from operating activities
Loss after tax	(2,478)		(3,267)		(11,279)
Adjustments for:
Amortisation	1,793		1,565		3,827
Amortisation of right-of-use assets	498		350		993
Depreciation Loss on disposal of intangibles Loss on disposal of property, plant and equipment Unrealised foreign exchange	690 - - 44		816 - - -		1,430 879 11 247
Interest Expense	322		747		1,558
Taxation benefit	19		-		(12)
Share-based payment charges	-		181		-
Operating cash inflow / (outflow) before changes in working capital	888		392		(2,346)
Changes in inventories	(118)		(2,900)		(126)
Changes in trade and other receivables	829		(3,204)		2,712
Changes in trade and other payables	(1,935)		6,577		3,009
Total cash (outflow) / inflow from operations	(336)		865		3,249
Cash flow from investing activities
Purchase of property, plant and equipment	(28)		(820)		(1,103)
Purchase of intangible assets	(312)		(532)		(1,009)
Net cash outflow from investing activities	(340)		(1,352)		(2,112)
Cash flow from financing activities
Net proceeds from invoice financing	353		1,363		1,818
Interest paid on invoice financing	(201)		(284)		(419)
Net (payment) / proceeds from asset financing	(608)		221		(208)
Interest paid on asset financing	(104)		(134)		(253)
Proceeds from trade facility	1,545		-		527
Interest paid on trade facility	(34)		-		(399)
Principal repayments of lease liabilities	(638)		(170)		(306)
Interest paid on lease liabilities	(211)		(212)		(436)
Net cash inflow from financing activities	102		784		324
Net  (decrease) / increase in cash and cash equivalents	(574)		298		1,461
Unrealised foreign exchange difference	(44)		-		(247)
Opening cash and cash equivalents	2,144		930		930
Closing cash and cash equivalents	1,526		1,228		2,144

 

 

Consolidated statement of changes in equity

 

 

	Share capital	Share premium	Employee Benefit trust Reserve	Other Reserve	Foreign Exchange Reserve	Retained Deficit	Total Equity
	£'000	£'000	£'000	£'000	£'000	£'000	£'000
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
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)	37,205
Comprehensive Income
Total comprehensive loss for the period	-	-	-	-	54	(8,012)	(7,958)
Transactions with owners
Issue of shares	985	-	-	-	-	(985)	-
Share-based payments charge	-	-	-	-	-	(181)	(181)
Balance at 31 December 2023	18,227	53,134	(204)	(907)	(84)	(41,100)	29,066
Comprehensive Income
Total comprehensive loss for the period	-	-	-	-	(2)	(2,478)	(2,480)
Balance at 30 June 2024	18,227	53,134	(204)	(907)	(86)	(43,578)	26,586

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 2023.

 

The Directors believe that operating 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 2023 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 2023.

 

The statutory Accounts for the last period ended 31 December 2023 were approved by the Board on 27 June 2024 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 16 September 2024.

 

 

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 2023 year-end financial statements with relevant costs across the brands allocated on a more appropriate basis.

 

	Unaudited six months ended 30 June 2024
	SiS	PhD	Total
	£'000	£'000	£'000
Sales	16,966	8,735	25,701
Gross profit	8,375	3,096	11,471
Marketing costs	(2,046)	(813)	(2,859)
Carriage	(1,186)	(536)	(1,722)
Online selling costs	(118)	(10)	(128)
Trading contribution	5,025	1,737	6,762
Other operating expenses			(8,675)
Loss from Operations			(1,913)

 

	Unaudited six months ended 30 June 2023
	SiS	PhD	Total
	£'000	£'000	£'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)

 

	Year ended 31 December 2023
	SiS	PhD	Total
	£'000	£'000	£'000
Sales	34,184	28,487	62,671
Gross profit	16,565	10,267	26,832
Marketing costs	(5,368)	(3,025)	(8,393)
Carriage	(3,173)	(1,909)	(5,082)
Online selling costs	(434)	(76)	(510)
Trading contribution	7,590	5,257	12,847
Other operating expenses			(22,580)
Loss from Operations			(9,733)

 

 

 

3. Operating expenses

 

	Unaudited six months ended 30 June 2024		Unaudited six months ended 30 June 2023	Audited twelve months ended 31 December 2023
	£'000		£'000	£'000
Sales and marketing costs		7,756	7,605	13,985
Operating Costs		3,094	6,571	16,083
Depreciation and amortisation		2,490	2,298	6,250
Foreign exchange variances on intercompany balances		44	344	247
Share-based payments		-	181	-
Administrative Costs		5,628	9,394	22,580
Total operating expenses		13,384	16,999	36,565

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:

		Unaudited six months ended 30 June 2024   £'000	Unaudited six months ended 30 June 2023   £'000
Strategic review costs		230	156
Restructuring costs		307	228
		537	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 2024 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 months ended 30 June 2024				Unaudited six months ended 30 June 2023				Audited twelve months ended 31 December 2023
	SiS	PhD	Total	SiS		PhD	Total		SiS	PhD	Total
	£'000	£'000	£'000	£'000		£'000	£'000		£'000	£'000	£'000
Digital	1,729	518	2,247	2,866		1,245	4,111		4,984	2,325	7,309
Marketplace	3,894	2,194	6,088	3,268		4,291	7,559		6,218	6,835	13,053
China	509	744	1,253	882		1,806	2,688		1,105	2,285	3,390
USA	1,450	-	1,450	1,745		-	1,745		3,548	-	3,548
Global Online	7,582	3,456	11,038	8,761		7,342	16,103		15,855	11,445	27,300
International Retail	5,361	1,155	6,516	4,919		2,278	7,197		8,322	4,257	12,579
UK Retail	4,023	4,124	8,147	4,938		6,198	11,136		10,007	12,785	22,792
Retail	9,384	5,279	14,663	9,857		8,476	18,333		18,329	17,042	35,371
Total sales	16,966	8,735	25,701	18,618		15,818	34,436		34,184	28,487	62,671

 

Turnover by geographic destination of sales may be analysed as follows:

 

		Unaudited six months ended 30 June 2024	Unaudited six months ended 30 June 2023	Audited twelve months ended 31 December 2023
		£'000	£'000	£'000
United Kingdom		14,937	19,982	35,302
Rest of Europe		4,289	7,502	12,047
USA		1,451	1,913	3,548
Rest of the World		5,024	5,039	11,774
Total sales		25,701	34,436	62,671

 

 

6. Net debt reconciliation

 

				Unaudited six months ended 30 June 2024	Unaudited six months ended 30 June 2023		Audited twelve months ended 31 December 2023
				£'000		£'000		£'000
Invoice financing				6,693		5,960		6,341
Trade facility				4,781		3,330		3,260
Virtual credit card				924		989		1,902
Total working capital facilities				12,398		10,279		11,503
Asset financing				2,969		4,118		3,474
Debt				15,367		14,397		14,977
Less cash and cash equivalents				1,526		1,228		930
Net Debt				13,841		13,169		14,047

 

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 2024 there is headroom of £3.7m in working capital facilities (31 December 2023: £1.1m; 30 June 2023: £3.8m).

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 six months ended 30 June 2024	Unaudited six months ended 30 June 2023	Audited twelve months ended 31 December 2023
	£'000	£'000	£'000
(Loss) for the financial period	(2,478)	(3,267)	(11,279)
Number of shares	Number	Number	Number
	'000	'000	'000
Weighted average number of shares	180,227	172,420	170,124
EPS Summary
Basic and diluted loss per share	(1.4p)	(1.9p)	(6.6p)

 

8. Share Capital

 

The number of ordinary shares in issue as at 30 June 2024 is 180,227,377 shares (31 December 2023:180,227,377).

 

The number of shares held by the EBT and referred to as Treasury shares was 2,045,230 (30 June 2023: 2,045,230, December 2023: 2,045,230).

 

In July 2024, subsequent to the balance sheet date the Group undertook a capital raising across a Share Placing and Retail Offer which resulted in the issuance of 52,045,229 ordinary shares.

 

 

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 2024 can be downloaded from the Company's website. Further copies can be obtained by writing to the Company Secretary, Science in Sport plc, 16-18 Hatton Garden, Farringdon, London, EC1N 8AT.

 

 

 

 

 

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[1] Trading contribution is defined as Revenue less cost of sales, marketing costs, cariiage and online selling costs

[2] Earnings before interest, tax, depreciation, amortisation, loss on disposal of intangible assets, share-based payments, restructuring costs, transition costs, unrealised foreign exchange on intercompany balances and other non-EBITDA one-off costs

[3] Adjusted net debt is defined as cash, less banking working capital facilities, asset financing and other bank debt and excludes property leases

 

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