Science in Sport revenues soar following PhD acquisition
By Iain Gilbert
Date: Tuesday 09 Jul 2019
(Sharecast News) - Performance nutrition company Science in Sport saw revenues skyrocket in the first half of its trading year, driven by its recent acquisition of protein drink manufacturer PhD Nutrition.
Group revenue for the six months ended 30 June came to £24.9m, a 152% year-on-year increase, while on a like-for-like basis, total group sales grew 21%.
The AIM-listed group said PhD had traded in line with expectations during the half, with half-year sales up 16% at £12.4m. International sales were up 58%, while UK sales were up a more modest 7%.
Science in Sport branded sales rose 25% to £12.5m, again driven by international growth of 55%, while growth in the UK was 10%. Online sales pushed up 52%.
"Integration of the two businesses is progressing well and is in line with our plan and expectations. Important milestones achieved in the first half include relaunching the PhD.com website, opening an e-commerce fulfilment facility and exploiting international distribution synergies, for example, the PhD brand has been launched in a number of existing SiS markets," it said.
Science in Sport also noted that its cash position at the half remained strong at £5m and said it continued to trade well and remain in line with market expectations for the full year.
As of 0905 BST, SIS shares climbed 4.50% to 62.70p.
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