Horrendous updates
An AIM company covered here has released poor results and is forced to seek yet more funding from its shareholders, while another questionable acquisition vehicle has seen its founders depart, having previously lined their pockets. Elsewhere, there was more positive news from the exciting world of pawnbroking, which appears to be a stand-out sector in the current climate.
Science in Sport: poor results and yet more funding neededScience in Sport (AIM: SIS), the premium performance nutrition company released horrendous results, accompanied by news of yet another fund raising. Interim results for the six months to 30 June 2022 brought the now customary growth in revenue, which rose 10% to £32.3m, but a decline in Gross margins to 43% (H1 2021: 52%) and a reported loss of a staggering £7.2m. However, even that is not the worst of it! The operating cash outflow was £4.6m and free cash outflow £9.2m leaving the cash position in a negative £2.7m compared…