Interim Results

RNS Number : 7808L

Science in Sport PLC

15 September 2021

 

15 September 2021

AIM: SIS

SCIENCE IN SPORT PLC

("Group" or "Company")

Interim results for the six months ended 30 June 2021

Growth momentum regained 

Company strongly positioned for further progress in H2

HIGHLIGHTS

· Revenue up 24% to £29.3m (H1 2020: £23.6m), returning to 20%+ growth rates while negotiating ongoing coronavirus challenges

o  both brands contributed, with PhD sales up 15% to £13.4m and SiS sales up 34% to £15.9m

o  new product innovation accounted for £1.5m (26%) of H1 growth (H1 2020: £1.4m)

o  non-UK sales increased to 40% of total sales (H1 2020: 38%)

· Online sales up 44% to £15.7m (H1 2020: £10.9m), supported by increased investment - 54% of total revenue (H1 2020: 46%)

· Retail sales returned to growth despite pandemic restrictions in many key markets;

o  UK retail sales up by 8% to £8.4m (H1 2020: £7.7m)

o  International retail sales up by 6% to £5.2m (H1 2020: £4.9m)

· Gross margin increased by 400bps to 52% (H1 2020: 48%), reflecting continued supply chain efficiencies, increased online sales, and product mix

· Underlying* EBITDA of £0.6m - after one-off Brexit-related costs of c.£0.7m (H1 2020: underlying loss of £0.2m)

· Capital investment increased to £2.7m (H1 2020: £0.9m);  investment was focused on the new customer data platform and new supply chain facility in Blackburn

· Robust balance sheet with cash of £8.2m at 30 June 2021 - ahead of management expectations (31 Dec 2020: £10.5m and 30 June 2020: £9.0m)

· Trading  has been strong in the first two months of H2, and while there are still some challenges and uncertainties, the Group expects to exceed its revenue targets for the year

*excludes depreciation, amortisation, share-based payments, and foreign exchange variances on intercompany balances

Stephen Moon, Chief Executive Officer of Science in Sport plc, said:

" Trading over the first half of the financial year recovered well, gaining momentum as coronavirus pandemic restrictions lifted. The Group returned to over 20% revenue growth, overcoming Brexit supply chain disruptions.

"Gross margin percentage and underlying profitability continued to improve. This reflected last year's strategic progress and  continued investment in our   premium brands and online capability.

" The second half has started strongly for us, and we are continuing to manage successfully input cost pressure. While uncertainties remain, we expect to exceed revenue targets for the year, and continue to be very optimistic about growth prospects over the medium and long-term."

 

Science in Sport plc	T: 020 7400 3700
Stephen Moon, CEO
James Simpson, CFO
Liberum (Nominated adviser and broker)	T: 020 3100 2000
Richard Lindley, James Greenwood, Will Hall
KTZ Communications	T: 020 3178 6378
Katie Tzouliadis, Dan Mahoney

About Science in Sport plc

www.sisplc.com

Headquartered in London, Science in Sport plc is a leading sports nutrition business, which 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 are sold internationally through the Company's phd.com and scienceinsport.com digital platforms, third-party online sites, including Amazon and Tmall, and an 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 growing sports nutrition market.

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, based on its core protein powders, 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 fitness influencers Ross Edgley and 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 recovery. SiS is an official sports nutrition supplier to over 250 professional teams, organisations and national teams around the world, including INEOS Grenadiers Cycling Team. SiS supplies more than 150 professional football clubs in the UK, Europe and the USA and is Performance Research Partner to the English Football Association.

 

INTERIM REPORT

Introduction

Trading over the first half of the financial year recovered well, gaining momentum as coronavirus pandemic restrictions lifted, and the Group returned to over 20% revenue growth, overcoming supply chain disruptions. Gross margin percentage and underlying profitability continued to improve as we focussed on profitable growth.

Revenue rose by 24% to £29.3m.  Group gross margin percentage increased to 52% from 48%, moving closer to our mid-50% target in the medium term. Underlying* EBITDA improved by £0.8m to £0.6m, which was after c.£0.7m of one-off Brexit-related costs.

These results built on continued progress with our strategic objectives. We invested in our brand, improved our online platform capability and strengthened our team in strategic areas to help drive the next stage of the Group's growth.

Financial Results

Revenue for the six months to 30 June increased by 24% to £29.3m (H1 2020: £23.6m). Both brands, PhD Nutrition ("PhD") and SiS, showed good growth despite pandemic disruptions. Sales of PhD products increased by 15% to £13.4m (H1 2020: £11.7m) and sales of SiS products rose by 34% to £15.9m (H1 2020: £11.9m).  We continued to increase sales from international markets, including the USA, and non-UK sales now account for approximately 40% of the total (H1 2020: 38%).

Online sales increased by 44% to £15.7m (H1 2020: £10.9m), and made up 54% of total revenue (H1 2020: 46%).  Sales via the Group's own digital platforms increased by 35% to £7.7m (H1 2020: £5.7m), and sales from marketplace sites rose by 53% to £8.0m (H1 2020: £5.2m).

Gross profit increased by 36% to £15.2m (H1 2020: £11.2m) and gross margin continued to improve, rising by 400bps to 52% (H1 2020: 48%).  This improvement was mainly driven by supply chain efficiencies, the continuing shift to digital sales and the product mix. Underlying* EBITDA of £0.6m benefited from gross margin progression as well as a tight focus on overheads, improving by £0.8m on the same period last year (H1 2020: loss of £0.2m). This was after approximately £0.7m of additional costs, arising from Brexit. These extra costs fell away from September after a new third-party logistics facility became operational.

We accelerated the Group's capital investment programme during the period, investing a total of £2.7m (H1 2020: £0.9m).  This supported the launch of a new customer data platform, which is integral to our digital growth strategy, and the first phase of investment at the new, leased supply chain facility in Blackburn, which we will take possession of in December 2021. 

The Group's balance sheet remains robust, with £8.2m of cash at bank at 30 June 2021 (31 December 2020: £10.5m and 30 June 2020: £9.0m).  This was better than expected.  We also retain a £8.0m flexible invoice credit facility with our principal bank, which remains unused.

*excludes depreciation, amortisation, share-based payments, and foreign exchange variances on intercompany balances.

Operational Review

We are continuing to target revenues of £100m in the medium term and our growth strategy remains unchanged, with a number of principal levers.

 

Growing brand strength

Our product strategy remains to concentrate on science-led innovation and superior customer service together with strong premium brand awareness.  The integrity of our products is a critical differentiator and we believe that our approach to banned-substance control is unmatched. The relationships and partnerships we have established as official sports nutrition supplier to over 250 professional teams, organisations and national teams around the world demonstrate the world-class credentials of our products. 

We retain relationships with many leading professional sports teams and, in May 2021, extended our partnership with the UK's INEOS Grenadiers, one of the world's most successful cycling teams. The new agreement continues our successful five year relationship with INEOS Grenadiers, which supported the team's seven 'Grand Tours' cycling victories.  An important element in the relationship is the provision of our Performance Solutions experts.  These expert nutritionists are embedded in the coaching team, and manage INEOS Grenadiers' nutrition strategy.

Our Performance Solutions experts are similarly embedded in many leagues and sports associations across a wide range of sports, including the Welsh and Irish national football teams, England and India's national cricket teams, and NBA (National Basketball Association) teams.

Product innovation

New products generated £1.5m of sales, 26% of H1 sales growth, and we have a strong pipeline of new products under development.  Post period, in July 2021, we launched a new, formulation of SiS's 'Beta Fuel' product range, a category-leading fuelling product. The new formulation was developed over a number of years, with research conducted at Liverpool John Moores University, the world-leading sport science institution and supported British cyclist Tao Geoghegan Hart's victory in the Giro d'Italia race in 2020.

In August 2021, we launched the PhD 'Life' range of premium supplements. The new range marks a significant expansion of PhD's offering and has been designed to optimise both physical and mental well-being based on scientifically validated active ingredients. It comprises products formulated to enhance particular aspects of health, including gut health, sleep, mental performance and metabolic wellness. As well as being aimed at PhD's core active lifestyle audience, we expect 'Life' products to appeal to a wide range of consumers, and early indications are very promising.

Digital and international expansion

Online sales are a major focus of our growth strategy, particularly internationally, and we increased sales by 44% to £15.7m from £10.9m last year. With 54% of total sales now being generated digitally, up from 46% in H1 2020, we are making progress towards our target of 70% of total sales coming from online.

Sales from our own websites increased by 35% in H1, with continued strong growth in our key trading metrics including average order value ("AOV") up 20%, and customers recorded on our database up by 36%. During the first half, we launched websites for PhD and SiS in Japan and South Korea, and are pleased with their progress to date. The sites are growing well and gross margins are already ahead of plan. We are now preparing for the launches of websites in India and Middle East in the second half of the year.

We also strengthened our trading team to support international growth and made significant investment in our online trading platform and internal technology team. This investment helped to drive overall sales growth from both own websites and marketplace sites up by 60% in the USA to £2.2m (H1 2020: £1.4m) and by 67% in Germany, both strategic online markets.

Sales via marketplace sites, including Amazon, rose by 53% over the period. This was mainly driven by the USA where dollar sales nearly doubled compared to the same half last year. We increased the online product range in our core markets and launched through Amazon in France and the Netherlands. All key online trading metrics were up as we continued to strengthen our marketplace presence as a category leader.

Towards the end of the first half, we launched our new customer data platform. This market-leading platform will help to drive a deeper level of customer understanding and should improve marketing efficiency and brand loyalty. We are already seeing a strong return on investment from improved online personalisation and customer targeting.

Retail sales recovering

UK and international retail sales returned to growth despite ongoing pandemic restrictions in many of our key markets over the period. Retail remains a highly profitable channel and a key driver of brand awareness.  It is also very helpful as a gauge of consumer reaction to new product. UK retail sales were 8% higher at £8.4m (H1 2020: £7.7m) with grocers growing well and new convenience sector account wins. International retail sales increased by 6% to £5.2m (H1 2020: £4.9m) with strong growth in Russia and Germany. These results are after our exit from over 60 sub-scale accounts in H2 2020 to focus on key accounts in scale markets. 

Supply chain a key driver of margin growth

We continued to focus on supply chain efficiencies, which helped to support the improvement in gross margin in the period. Our new facility in Blackburn is expected to deliver further operational and efficiency gains when it becomes fully operational, expected in late Q1 2022. When completed, the Blackburn site will serve as factory, warehouse and e-commerce dispatch facility for both brands. The new eight-lane gel manufacturing plant has been ordered and construction of the leased facility is on schedule. To mitigate the impact of first half Brexit transition costs, we transferred European customer dispatch to a third-party site in Italy, which became fully operational during August.

Environmental, Social & Governance ("ESG")

We produced our first ESG report in 2020, and are building on these foundations in order to establish more clearly our goals and policies for the next few years. We are especially focused on environmental and social matters this year, having adopted fully the QCA Corporate Governance Code.

We achieved Carbon Neutral accreditation, following a carbon audit of the Group. We see further opportunities to improve our carbon footprint as we move to the new Blackburn site.

We introduced recyclable pouch packaging for PhD protein powders at the start of the year, and this is now being extended to SiS powder products. A free recycling scheme was also launched for consumers to recycle all our gel, bar and sachet wrappers, which is proving popular.

To support our colleagues with the continued impact of lockdown, we ran 'Wellbeing Week' with a wide range of activities and external experts providing well-being sessions. We extended our employee assistance scheme and provided specific training for line managers on looking after their teams.

In the summer, we took on the first cohort of interns in our new initiative with Career Ready, a national social mobility charity. This was supported by mentors from across the business, and following the successful completion of the programme, we offered several interns roles in the business.

We were pleased to gain formal accreditation as a 'Real Living Wage' employer committed to paying a fair living wage based on the cost of living.

 

People

On behalf of the Board, I would like to thank all my colleagues for their hard work and efforts over the first half.  The pandemic continued to present challenges both professional and personal, and I am deeply grateful for the commitment, resilience and energy our teams have shown through this difficult period.

Outlook

After record monthly sales in June, sales in July and August have performed very strongly, supported by our investment in technology and brand. Online sales have accelerated and retail sales have continued to recover. We are continuing to manage input cost inflation. While there are still challenges and uncertainties in the current environment, the Group remains very well-positioned to exceed revenue targets for the financial year. We remain very optimistic about growth prospects over the medium and long-term.

Stephen Moon

Chief Executive Officer

 

Consolidated statement of comprehensive income

Six months ended 30 June 2021

		Unaudited six months ended 30 June 2021	Unaudited six months ended 30 June 2020	Audited twelve months ended 31 December 2020
	Notes	£'000	£'000	£'000
Revenue		29,264	23,579	50,351
Cost of goods		(14,048)	(12,336)	(25,755)
Gross Profit		15,216	11,243	24,596
Total Costs		(14,650)	(11,484)	(23,510)
Underlying operating profit / (loss)	3	566	(241)	1,086
Depreciation and amortisation		(1,660)	(1,561)	(3,168)
Foreign exchange variances on intercompany balances		(44)	196	71
Share-based payment charges		(1,418)	(938)	(226)
Loss from operations		(2,556)	(2,544)	(2,237)
Finance income		4	4	43
Finance costs		(57)	(23)	(79)
Loss before taxation		(2,609)	(2,563)	(2,273)
Taxation benefit	4	1,223	286	545
Loss for the period		(1,386)	(2,277)	(1,728)
Other comprehensive income
Cash flow hedges		10	70	171
Exchange difference on translation of foreign operations		3	(36)	(25)
Income tax relating to these items		(3)	(13)	(32)
Total comprehensive loss for the period		(1,376)	(2,256)	(1,614)
(Loss) per share to owners of the parent
Basic and diluted	5	(1.0p)	(1.8p)	(1.3p)

All amounts relate to continuing operations

 

Consolidated statement of financial position

30 June 2021

				Unaudited six months ended 30 June 2021	Unaudited six months ended 30 June 2020		Audited twelve months ended 31 December 2020
				£'000		£'000		£'000
Intangible assets				32,134		32,631		32,099
Right of use assets				449		610		520
Plant and equipment				2,905		1,629		1,847
Deferred tax asset				2,934		1,054		1,203
Total non-current assets				38,422		35,924		35,669
Inventories				9,052		6,975		6,974
Trade and other receivables				11,768		10,164		9,841
Cash and cash equivalents				8,186		8,956		10,466
Total current assets				29,006		26,095		27,281
Total assets				67,428		62,019		62,950
Trade and other payables				(15,916)		(10,349)		(11,838)
Lease liabilities				(150)		(151)		(134)
Hire purchase agreement				(77)		(77)		(75)
Derivative financial instruments				-		(111)		(10)
Total current liabilities				(16,143)		(10,688)		(12,057)
Net current assets				12,863		15,407		15,224
Lease liabilities				(291)		(479)		(412)
Hire purchase agreement				(200)		(273)		(239)
Deferred tax liability				(2,705)		(2,333)		(2,195)
Total non-current liabilities				(3,196)		(3,085)		(2,846)
Total Liabilities				(19,339)		(13,773)		(14,903)
Total net assets				48,089		48,246		48,047
Share capital			6	13,510		13,510		13,510
Share premium reserve				51,839		51,832		51,839
Employee benefit trust				(191)		(191)		(191)
Other reserve				(907)		(907)		(907)
Foreign exchange reserve				(52)		(91)		(55)
Cash Flow hedge reserve				1		(66)		(9)
Retained deficit				(16,111)		(15,841)		(16,140)
Total Equity				48,089		48,246		48,047

Consolidated statement of cash flows

Six months ended 30 June 2021

	Unaudited six months ended 30 June 2021		Unaudited six months ended 30 June 2020		Audited twelve months ended 31 December 2020
	£'000		£'000		£'000
Cash flows from operating activities
Loss after tax	(1,386)		(2,277)		(1,728)
Adjustments for:
Amortisation	1,274		1,156		2,384
Amortisation of right-of-use assets	69		85		169
Depreciation	317		320		615
Taxation benefit	(1,223)		(286)		(545)
Share-based payment charges	1,418		938		226
Operating cash inflow / (outflow) before changes in working capital	469		(64)		1,121
Changes in inventories	(2,078)		(834)		(833)
Changes in trade and other receivables	(1,927)		763		1,086
Changes in trade and other payables	4,076		492		1,770
Total cash inflow / (outflow) from operations	540		357		3,144
Cash flow from investing activities
Purchase of property, plant and equipment	(1,373)		(179)		(697)
Purchase of intangible assets	(1,309)		(721)		(1,417)
Net cash outflow from investing activities	(2,682)		(900)		(2,114)
Cash flow from financing activities
Gross Proceeds from issue of share capital	-		4,544		4,544
Share issue costs	-		(313)		(306)
Principal paid on lease liabilities	(85)		(76)		(148)
Interest paid on lease liabilities	(57)		(23)		(25)
Finance income	4		(4)		-
Net cash (outflow)/inflow from financing activities	(138)		4,128		4,065
Net increase / (decrease) in cash and cash equivalents	(2,280)		3,585		5,095
Opening cash and cash equivalents	10,466		5,371		5,371
Closing cash and cash equivalents	8,186		8,956		10,466

Consolidated statement of changes in equity

		Share Capital	Share Premium	Employee Benefit trust Reserve	Other Reserve	Foreign Exchange Reserve	Cash Flow Hedge Reserve	Retained Deficit	Total Equity
	£'000		£'000	£'000	£'000	£'000	£'000	£'000	£'000
Balance at 31 December 2019	12,282		48,829	(193)	(907)	(30)	(148)	(14,636)	45,197
Comprehensive Income
Total comprehensive loss for the period	-		-	-	-	-	57	(2,277)	(2,220)
Transactions with owners
Issue of shares - consideration	1,228		3,003	-	-	-	-	-	4,231
Exercise of options	-		-	2	-	-	-	(2)	-
Share-based payments charge	-		-	-	-	-	-	1,074	1,074
FX on translation of foreign subs	-		-	-	-	(36)	-	-	(36)
Balance at 30 June 2020	13,510		51,832	(191)	(907)	(66)	(91)	(15,841)	48,246
Comprehensive Income
Total comprehensive loss for the period	-		-	-	-	-	82	549	631
Transactions with owners
Transaction cost of placing	-		7	-	-	-	-	-	7
Recognition of share-based payments charge	-		-	-	-	-	-	(848)	(848)
FX on translation of foreign subs	-		-	-	-	10	-	-	11
Balance at 31 December 2020	13,510		51,839	(191)	(907)	(55)	(9)	(16,140)	48,047
Comprehensive Income
Total comprehensive loss for the period	-		-	-	-	3	10	(1,389)	(1,376)
Transactions with owners
Share-based payments charge	-		-	-	-	-	-	1,418	1,418
Balance at 30 June 2021	13,510		51,839	(191)	(907)	(52)	1	(16,111)	48,089

Notes to the interim financial information

For the six months ended 30 June 2021

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 2020.

The Directors believe that operating profit / (loss) before depreciation, amortisation, share based payments, foreign exchange variances on intercompany balances 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 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 proivison sof 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 BDO 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 2020.

The statutory Accounts for the last period ended 31 December 2020 were approved by the Board on 16 March 2021 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 14 September 2021.

 

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 2020 year end financial statements.

	Unaudited six months ended 30 June 2021
	SiS	PhD	Total
	£'000	£'000	£'000
Sales	15,895	13,369	29,264
Gross profit	10,114	5,102	15,216
Marketing costs	(3,385)	(2,130)	(5,515)
Carriage	(2,979)	(802)	(3,781)
Online selling costs	(504)	(50)	(554)
Trading contribution	3,246	2,120	5,366
Other operating expenses			(7,922)
Loss from Operations			(2,556)

	Unaudited six months ended 30 June 2020
	SiS	PhD	Total
	£'000	£'000	£'000
Sales	11,910	11,669	23,579
Gross profit	7,118	4,125	11,243
Marketing costs	(2,429)	(1,451)	(3,880)
Carriage	(1,843)	(667)	(2,510)
Online selling costs	(347)	(26)	(373)
Trading contribution	2,499	1,981	4,480
Other operating expenses			(7,024)
Loss from Operations			(2,544)

	Year ended 31 December 2020
	SiS	PhD	Total
	£'000	£'000	£'000
Sales	25,408	24,943	50,351
Gross profit	15,665	8,931	24,596
Marketing costs	(5,278)	(2,869)	(8,147)
Carriage	(4,051)	(1,339)	(5,390)
Online selling costs	(748)	(87)	(835)
Trading contribution	5,588	4,636	10,224
Other operating expenses			(12,461)
Loss from Operations			(2,237)

3. Operating expenses

	Unaudited six months ended 30 June 2021		Unaudited six months ended 30 June 2020	Audited twelve months ended 31 December 2020
	£'000		£'000	£'000
Sales and marketing costs		9,850	6,763	14,372
Operating Costs		4,800	4,721	9,138
Depreciation and amortisation		1,660	1,561	3,168
Foreign exchange variances on intercompany balances		44	(196)	(71)
Share-based payments		1,418	938	226
Administrative Costs		7,922	7,024	12,461
Total costs	17,772		13,787	26,833

4. Taxation

The corporation tax and deferred tax for the six months ended 30 June 2021 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. 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 2021	Unaudited six months ended 30 June 2020	Audited twelve months ended 31 December 2020
	£'000	£'000	£'000
(Loss) for the financial period	(1,386)	(2,277)	(1,728)
Number of shares	Number	Number	Number
	'000	'000	'000
Weighted average number of shares	135,101	127,340	129,373
EPS Summary
Basic and diluted loss per share	(1.0p)	(1.8p)	(1.3p)

 

6. Share Capital

The number of ordinary shares in issue as at 30 June 2021 is 135,100,931 shares (31 December 2020 135,100,931).

The number of shares held by the EBT and referred to as Treasury shares was 1,789,865 (31 December 2020: 1,914,144).

7. 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.

8. Copies of the interim report

The interim report for the six months ended 30 June 2021 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.

 

END

 

 

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