BikeBiz Bicycle and cycling retail news
Science in Sport has this week released its financials for the twelve months running to March 31st 2014, posting a revenue increase of 24 per cent year-on-year.
Shares in the business were however trading lower this week, down 4.4 per cent to around 61.90 pence yesterday, with high restructuring costs blamed for an underlying operating loss of £0.40 million.
down 4.4% at 61.90
down 4.4% at 61.90
down 4.4% at 61.90
The nutrition experts have now appointed Vivienne Sparks to the role of finance director. Starting on August 3rd, Sparks is an experienced financial executive, having held roles at AIM-quoted Regenersis, PricewaterhouseCoopers and most recently the Atex Group.
A summary of the figures and key points released are:
· Revenues increased by 24% to £6.85 million (2013: £5.52 million), reflecting strong growth across all selling channels
· Underlying operating loss of £0.40 million in line with management expectations as the Company continues to invest in revenue growth (2013 underlying operating profit: £0.23 million)
· Appointment of European and Asia Pacific distributors during H2 FY2014
· Substantial and ongoing investment in e-commerce resulting in strong year on year online growth
· Cash and cash equivalents of £0.63 million at 31 March 2014 (2013: £0.14 million)
· Placing of £2.1 million (net) to meet working capital requirements completed post financial year end (April 2014)
· Loss from operations of £1.17 million (2013: £0.18 million). These losses are after charging £0.26 million (2013: £0.17 million) of non-cash depreciation and amortisation, £0.26 million (2013: £Nil) of exceptional costs in relation to the demerger and £0.25 million (2013: £0.18 million) of exceptional restructuring costs.
· Loss per share 0.05p (2013: 0.01p).
Stephen Moon, Science in Sport’s CEO, said: "These full year results highlight the continuing momentum in sales growth for the year, far outstripping the sector growth for the sports nutrition category. We have seen solid growth in our heartland of independent cycle, running and triathlon stores, with very strong growth in major grocers and high street chains through a combination of new distribution outlets and an increased rate of sale. Much resource and investment has been directed towards international sales and e-commerce sales and it is pleasing to report very strong performances in both these channels.
"I am pleased to say that sales momentum has carried into the new financial year, and we remain confident of achieving strong growth in the coming financial year, as we capitalise on growth opportunities, including the Tour de France visiting the UK."
