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Science In Sport forecasts swing to positive underlying earnings performance

By BFN News | 07:36 AM | Wednesday 02 December, 2020

Performance nutrition company Science In Sport said it expected to swing to a positive underlying annual earnings performance, driven by sales in its online business. Underlying earnings before interest, tax, depreciation and amortisation for the year through December was seen coming in at around £1.0 million, compared to a £0.3 million year-on-year loss. The improvement was expected despite an anticipated modest fall in annual revenue to £49.8 million, down from £50.6 million in 2019. Online revenues to the end of November were up 39% year-on-year to £23 million, with online sales expected to grow to around 51% of total revenue for the full year, compared with 38% in 2019. Annual gross margin was expected to rise four percentage points to around 48%, with gross margin to date for the second half up a further two percentage points to 50%. 'I am pleased to announce the business is performing well,' chief executive Stephen Moon said. 'We bounced back strongly following our decisive actions in March and April to restructure the business and strengthen the balance sheet.' 'Our focus has been accelerating our long-term growth strategy and investing in our online business, and this has successfully delivered for us.' 'Whilst it is too early to reinstate guidance for the longer term, once the Covid-19 pandemic abates, we are well positioned to take advantage of profitable growth opportunities in all major global regions.' Story provided by

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