AGM Statement

RNS Number : 9954Q

Science in Sport PLC

25 June 2020

 

25 June 2020

SCIENCE IN SPORT PLC

("Company" or "Group")

AGM Statement

Science in Sport plc  (AIM: SIS), the premium performance nutrition company serving elite athletes, sports enthusiasts and the gym lifestyle community, announces the following statement from its Chairman, John Clarke, ahead of the Company's Annual General Meeting ("AGM") to be held this morning.

"As previously announced, the Company had conducted a number of scenario analyses which modelled the impact of COVID-19 on revenues for the current financial year and into 2021.  Trading is currently in line with the base scenario developed as part of our contingency planning. As expected, retail sales in all markets remain adversely affected compared with normal levels. However, we are making very strong progress with our e-commerce business, with our own PhD and SiS platforms performing well, and our Amazon business outperforming. Pricing improvements and supply chain synergies are delivering an improved gross margin. This, together with planned COVID-19 cost cutting measures now implemented, is protecting our strong cash position.

"The Company's financial position remains robust given performance in line with our base scenario.  The proceeds from the £4.5 million placing in April 2020 means the Company has substantial headroom and can exit the current trading environment well placed to deliver on its long-term growth strategy. As a further contingency we put in place an £8.0 million invoice financing debt facility, which remains unused.

"Despite the continued high degree of uncertainty from the COVID-19 pandemic and associated economic impact, our strategy remains unchanged, focusing on science-led innovation, building brand equity, taking our share of e-commerce business and developing global markets. We are confident that we are well prepared to deliver on this strategy and will provide further details on progress in our half year results announcement on 16 September 2020.

"On behalf of the Board, I would like to thank all employees of the Group for their commitment to the Company in the face of the challenges presented by the COVID-19 pandemic. As a result of their dedication and professionalism, we have continued to serve customers throughout the first half of the year without interruption."

For further information:

Science in Sport plc Stephen Moon, Chief Executive Officer James Simpson, Chief Financial Officer	[phone]
Liberum Nominated adviser and broker Bidhi Bhoma James Greenwood Will Hall	[phone]

Notes to Editors

About Science in Sport plc

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 gym lifestyle community. The Company has two highly regarded brands: PhD Nutrition, a premium protein brand targeting gym lifestyle and sports enthusiasts, and SiS, a leading brand among elite athletes and professional sports teams.

The two brands are sold internationally through multiple retail channels, both traditional and online, including major supermarkets and high street chains, specialist sports retailers and e-commerce sites including Amazon and the brands' own websites. They enable the Company to address the full breadth of the performance nutrition market currently estimated at approximately 10 billion worldwide.

PhD is one of the UK's leading protein brands with a reputation for high quality and product innovation. The brand has grown rapidly, based on its core protein powders, since launch in 2005. The range now comprises powders, bars, flapjacks, drinks and other products including the high protein, low sugar range, PhD Smart. PhD brand ambassadors include endurance athlete Ross Edgley, WBA international champion Jordan Gill, Team GB Olympic sprinter Asha Philip and leading fitness influencer Obi Vincent. The PhD brand is an official partner to the Tough Mudder Challenge and Race Series.

SiS, founded in 1992, has a core range comprising gels, powders and bars focused on energy, hydration and endurance. SiS is the official sports nutrition supplier to many professional teams and organisations including Team INEOS Cycling, Team Ineos UK (America's Cup Team), British Cycling, Cycling Australia, USA Cycling and USA Triathlon. SiS supplies more than 100 professional football clubs in the UK, Europe and USA, and is an official partner to the Rock 'n' Roll Marathon Series. SiS brand ambassadors include Olympians Sir Chris Hoy MBE, Mark Cavendish MBE and Adam Peaty MBE.

Science in Sport is headquartered in London. Its shares joined the AIM market of the London Stock Exchange in August 2013 and trade under the ticker symbol SIS.

For further information, please visit www.scienceinsport.com

 

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