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Science in Sport posts loss after sales slip 5%

By BFN News | 07:39 AM | Wednesday 16 September, 2020


Sports nutrition company Science in Sport posted a first-half loss after revenue was hit by 'the severe disruption' of the Covid-19 crisis. Pre-tax losses for the six months through June amounted to £2.6m, compared to losses of £3.1m on-year. Revenue fell 5% to £23.6m. Science in Sport said it had a 'strong' balance sheet position with cash of £9.0m following a successful £4.5m gross equity raise in April. It said it had seen a continued improvement in trading in July and August, with revenue of £8.6m for those months, up 1% on-year. 'We acted quickly and decisively in March to restructure given the Covid-19 pandemic, and as a result, we stabilised business operations,' chief executive Stephen Moon said. 'We have used the last six months to take advantage of changing consumer preferences and accelerated our digital and marketplace strategy.' 'Improved channel mix and pricing, together with significant supply chain efficiencies underpinned a strong gross margin.' 'Subject to any further severe Covid-19 related impact, we feel we can build on this strong platform.' Story provided by StockMarketWire.com

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