TMCnet News
Science In Sport Full-Year Loss Widens On Restructuring Costs(Alliance News Via Acquire Media NewsEdge) LONDON (Alliance News) - Science in Sport PLC saw its shares trade lower Thursday, after the sports nutrition company said its losses widened in its recebt financial year due to higher restructuring costs, while also announcing the appointment of Vivienne Sparks as its new finance director. Science in Sports shares were down 4.4% at 61.90 pence by midday Thursday. Science in Sport develops, manufactures and markets sports nutrition products for professional athletes and sports enthusiasts. The company was created out of a spin-off from Provexis PLC in August last year. The company posted a pretax loss of GBP1.2 million for the financial year ended March 31, compared with a GBP185,855 loss the prior year. It said its losses widened on the back of higher restructuring costs and costs related to its de-merger from Provexis. Revenue in the year increased by 25% to GBP6.9 million from GBP5.5 million the prior year, which it said was driven by strong growth across all of its selling channels. "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," said Chief Executive Officer Stephen Moon in a statement. The company said it spent most if its investment during the year on driving international sales and e-commerce sales, and has seen a positive start to the new financial year. "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," said Moon. In a separate statement Thursday, the company announced that it has appointed Vivienne Sparks as finance director. Sparks, who has previously held positions at First Technology PLC, BG Group PLC and Anite PLC, will start at Science in Sport on August 3, it said. Copyright 2014 Alliance News Limited. All Rights Reserved. |