Science in Sport (AIM: SIS) - Positive financial results from this exciting sports nutrition company
Science in Sport (SiS), a leading sports nutrition company, today announced its preliminary results. The Group has changed its year end from March to December owing to operational reasons, and as such, the results are announced as pro forma results for the 12 months to December 2014 and have been compared to the twelve months prior to this, to December 2013, to allow for a fair analysis of growth.
Sales were up across all channels with a 23.4% increase in revenue to £8.03m (2013: £6.51m) and underlying operating loss was on an improving trend in line with management expectations, at £0.19m (2013: £0.34m). Ongoing overheads excluding sales and marketing were £1.88 million (2013: £1.38 million) for the year, reflecting a full year of costs as a standalone PLC, versus a part period in 2013 following the demerger from their parent company at IPO. Net cash and cash equivalents at the period end were £2.03 million (31 December 2013: £0.82 million). The increase in cash reflects an oversubscribed placing announced…