LONDON (ShareCast) - (ShareCast News) - AIM-listed sports nutrition company Science in Sport posted a wider first-half pre-tax loss on Wednesday despite a jump in revenue, as it invested heavily in its international business.
In the six months to the end of June, the group made a pre-tax loss of £2.2m versus £841,000 in the same period a year ago even as revenue grew 28% to £8.27m. It said strategic investment in international market expansion and the e-commerce business resulted in an underlying operating loss of £1.14m, in line with expectations.

The core UK and EU business broke even in the first half and with marketing expenditure phased heavily to the first half, is on track to be profitable at EBITDA level for the full year, in line with management expectations.

Chief executive officer Stephen Moon said the results were achieved "in a difficult market of rising input costs and uncertain consumer spending".

"We have invested heavily in international markets during the first half and trading is in line with expectations in Australia, Italy and the USA. We have also seen exceptionally strong growth from our own e-commerce platform. Our strategy of focusing on online and international growth is delivering results.

"Operating losses are in line with expectations and reflect our investment in category leading growth in new markets and digital channels. The core business is expected to be profitable at EBITDA level for the full year and we will continue to invest in strategic international markets. Costs remain tightly controlled and gross margin is very robust in a difficult climate. We remain confident in our growth-led strategy."

At 1100 BST, the shares were down 1.6% to 78.22p.

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