TIDMSIS
RNS Number : 9063N
Science in Sport PLC
28 September 2023
28 September 2023
AIM: SIS
SCIENCE IN SPORT PLC
("Group" or "Company")
Interim results for the six months ended 30 June 2023
Focus on margin enhancement underpins strong EBITDA
improvement
Science in Sport plc (AIM: SIS), the premium performance
nutrition company serving elite athletes, sports enthusiasts, and
the active lifestyle community, announces interim results for the
six months to 30 June 2023.
Summary H1 results
Key highlights
-- Revenue grew by 7% to GBP34.4m in the period. Record trading
month in March, with April, May, and June all setting records for
the respective months, with Q2 delivering 11% growth versus Q2
2022.
-- Gross margin was 42% (2022: 42.8%), with further progress
expected in H2, given whey prices softening and our new in-house
bar line delivering a margin enhancement.
-- Trading contribution was GBP6.9m (20% of net revenue), a
sharp increase on the GBP3.6m (11.1% of net revenue) in 2022, given
marketing efficiencies, and the new Blackburn site contributing
with GBP1.4m savings versus H1 2022.
-- Overheads were reduced by GBP0.3m year-on-year, with the most
significant contributor being people costs.
-- These efficiencies throughout our operations resulted in an
adjusted H1 EBITDA (1) of GBP1.1m (H1 2022: loss of GBP2.8m).
-- Loss before tax for H1 of GBP3.3m (H1 2022: loss of GBP7.2m
before tax), with the improvement driven by the positive underlying
trading performance and cost efficiencies.
-- Cash generated in the period of GBP0.3m, compared to an
outflow of GBP3.5m in H1 2022. Headroom of GBP3.8m in
facilities.
Stephen Moon, Chief Executive Officer of Science in Sport plc,
said:
"We are seeing the results from our year-long contribution
margin enhancement activity reflected in a GBP3.9 million positive
movement in EBITDA. Our investment in the Blackburn site and
technology are critical enablers in this. Overall growth of 7% is
encouraging, but there is no doubt that consumer confidence is
fragile and trading is volatile.
Whilst we expect H2 to broadly reflect H1, the full-year outcome
is always heavily influenced by Q4. Provided there is no material
deterioration in consumer confidence, the improved and ongoing
margin improvements give upside potential with a strong finish to
the year.
We remain committed to our long-term strategy with our premium
brand equities in good health and efficiencies from our strategic
capital investment delivering on track."
INTERIM REPORT
Overview
Our strategy remains unchanged, with the medium-term goal of
GBP100m of profitable revenue, driven by our scientifically proven
premium brands and operational gearing enhancing the bottom line.
Our world-class supply chain delivers high gross margin products
with best-in-class quality and banned substance controls.
Our premium brands remain in good health. Science in Sport leads
the endurance nutrition category in brand awareness, consideration,
and all brand image measures. PhD ranks behind the established
mass-market brands of MyProtein and Grenade in awareness and
consideration but is strong compared to similar-sized peer
brands.
Our science and innovation teams remain very active. We will
deliver a relaunch of our Rego recovery range in Q1 2024. Our PhD
bar range will relaunch in Q4 2023 with an improved higher protein,
lower fat, and sugar format, enabling access to more channels and
markets.
Operational improvements
Management commenced an organisation-wide margin enhancement
programme in H1 2022, continuing throughout H2 2022 and 2023.
We restructured our Digital operations and USA business. Given
rising acquisition costs and aggressive price competition, we
reduced digital marketing costs and delivered GBP4.1m revenue (H1
2022: GBP7.5m), with a strongly improved trading contribution
expected for the full year. Costs in the channel will reduce by a
further GBP1.2m annualised from Q4 2023. The Digital channel will
focus on high-lifetime-value customers, who contribute 65% of
revenue. Our change to a distributor model in the USA reduced
revenue by 15% to GBP1.9m, although trading contribution was
positive at GBP0.4m (H1 2022: loss GBP0.1m.)
The Blackburn site is delivering efficiencies in line with our
plan. Particularly notable is the reduction in carriage costs by
GBP1.4m in H1 versus last year. We commissioned a new bar line in
Q1 2023, delivering a unit cost per bar of approximately 30% less
than the previous bought-in product range. The full benefit will
flow into the gross margin in H2 as the co-manufactured product
exits inventory. Further efficiencies are expected from the
site.
Commercial review
The Science in Sport brand delivered GBP18.6m revenue in H1, 20%
ahead of H1 2022. The high-margin gel format delivered 38% growth,
accounting for 29% of total Group revenue. SiS gels are the market
leader in each UK channel.
The PhD brand delivered GBP15.8m H1 revenue, a 5% decline
compared to 2022, given a slow start to the year. PhD is the second
largest protein powder and bar manufacturer in UK grocery and is
Amazon UK's fastest-growing protein brand.
Retail
We saw growth of 21%, given the improved rate of sale, new
distribution, and price increases. The channel is performing
consistently during H2, and we are extending distribution
further.
At the period end, the Group had a 15.7% share in UK Grocery,
second behind Grenade. Science in Sport is the leader in endurance
nutrition, growing 23% in the last 52 weeks and 28% in the 12 weeks
to the end of June. PhD is the number two protein powder
manufacturer, with a 25.5% share. PhD is the market leader in both
lean whey and plant protein. PhD is the second largest Sports
Nutrition bar manufacturer, with a 6.4% share.
30% growth to GBP7.2m in H1 came from international retail.
Shimano Europe delivered a solid performance, and we made good
gains through our distributor serving Indonesia, Malaysia, and
Japan.
Amazon
Sales started slowly due to a global destocking programme by the
customer. Amazon UK and Europe grew 17% to GBP7.5m in H1. Overall
growth, including the discontinued Amazon USA business, which
transferred to The Feed, was 10%. Sales out from Amazon UK and
Europe to end customers were up 35% year compared to our top five
competitors growing at 22%. With a share of 11.3%, the Group is the
second largest sport nutrition manufacturer on Amazon UK.
China
China has been and continues to be challenging. Dampened demand,
given COVID-19 in January and February and a weaker economy later
in the period, resulted in revenue of GBP2.7m, down on the GBP3.1m
delivered in H1 2022. Visibility on orders from our current
distributor remains below expectations and our focus for Q4 will be
restoring the strong growth we saw in 2022, starting with our
sponsorship of Shanghai Marathon in November.
Retail share data Nielsen IQ Grocery Multiples L12wks w/e
01.07.23
Amazon data from Amazon EPOS and Edge
Capital Investment and Working Capital
Capital investment for H1 was GBP1.5m (H1 2022: GBP7.0m), the
reduction in spending due to the strategic investment in the
Blackburn facility now being complete. H2 2023 capital expenditure
will be lower than H1.
Headroom of GBP3.8m in facilities on 30 June 2023 in-line with
the position on 31 December 2022 of GBP4m. Cash generated in the
period of GBP0.3m, compared to an outflow of GBP3.5m in H1
2022.
Cash at bank of GBP1.2m (H1 2022: GBP1.3m; 2022: GBP0.9m). HSBC
have renewed and increased credit facilities by GBP1.5m, giving a
total of GBP12.6m of working capital facilities. The increase in
facilities due to the higher mix of revenue through wholesale
channels compared to our direct-to-consumer channel. This trend is
expected to continue in the future.
Pre IFRS 16 net debt(2) (note 6) of GBP13.2m (2022: GBP10.9m)
due to weighting of capital spend in H1 2023 and higher inventory
levels of GBP9.5m as at 30 June 2023 (2022: GBP6.6m). Net debt is
forecast to reduce throughout H2 2023 due to positive operating
cash flow and a decrease in inventory. Overall net debt at the
year-end is anticipated to be at similar levels to 31 December
2022.
Outlook
Key focus areas for management are delivering EBITDA
improvements and managing cash tightly. Further cost efficiencies
are expected in H2 2023 as part of the organisation-wide margin
improvement programme, which commenced during Q2 2022. This will
feed into operational gearing gains as we grow revenue.
We expect H2 to mirror H1 at a revenue level. Q4 always heavily
influences the full year, given Black November and all retail and
online platforms finishing December strongly, ahead of the
traditional January health awareness campaigns. Provided there is
no material deterioration in consumer confidence the improved and
ongoing margin improvements may bring upside potential with a
strong finish to the year.
Our strategy remains unchanged. We continue to target profitable
growth to take us to GBP100m in revenue and beyond.
Stephen Moon
Chief Executive Officer
Ends
Science in Sport plc T: 020 7400 3700
Stephen Moon, CEO
Dan Lampard, CFO
Liberum (Nominated adviser and broker) T: 020 3100 2000
Richard Lindley
About Science in Sport plc
www.sisplc.com
Headquartered in London, Science in Sport plc is a leading
sports nutrition business that develops, manufactures, and markets
innovative nutrition products for professional athletes, sports and
fitness enthusiasts and the active lifestyle community. The Company
has two highly regarded brands, PhD Nutrition, a premium
active-nutrition brand targeting the active lifestyle community,
and SiS, a leading endurance nutrition brand among elite athletes
and professional sports teams.
The two brands sell through the Company's phd.com and
scienceinsport.com digital platforms, third-party online sites,
including Amazon and Tmall, and extensive retail distribution in
the UK and internationally, including major supermarkets, high
street chains and specialist sports retailers. This omnichannel
footprint enables the Company to address the full breadth of the
sports nutrition market, sports nutrition market, worth $24.6bn in
2022 and forecast to grow CAGR 5.9% from 2022 to 2027.(3)
SiS, a leading endurance nutrition business founded in 1992, has
a core range comprising gels, powders and bars
focused on energy, hydration, and recovery. SiS is an official
endurance nutrition supplier to over 320 professional teams,
organisations, and national teams worldwide.
SiS is Performance Solutions partner to Ineos Grenadiers cycling
team, Tottenham Hotspur and CGC Nice football, as well as Official
Nutrition Partner to the Milwaukee Bucks, 2021 National Basketball
Association Champions.
PhD is one of the UK's leading active nutrition brands with a
reputation for high quality and product innovation. The brand has
grown rapidly since its launch in 2005. The range now comprises
powders, bars, and supplements, including the high protein, low
sugar range, PhD Smart. PhD brand ambassadors include leading
endurance and strength athlete Ross Edgley and influencer Gabby
Allen.
For further information, please visit phd.com and
scienceinsport.com
(1) EBITDA excludes interest, tax, depreciation, amortisation,
share-based payments, foreign exchange variances on intercompany
balances and non-cash & non-recurring items set out in note 3
to the financial statements.
(2) Net debt is defined as cash, less banking working capital
facilities and asset financing and excludes property leases
(3) Euromonitor Passport Database Global Assessment (October
2022)
Consolidated statement of comprehensive income
Six months ended 30 June 2023
Unaudited Unaudited Audited
six months six months twelve months
ended ended ended 31
30 June 30 June December
2023 2022 2022
Notes GBP'000 GBP'000 GBP'000
------------------------------------ --------------- ------------ ------------ ---------------
Revenue 34,436 32,279 63,773
Cost of goods (19,957) (18,473) (36,837)
------------------------------------ --------------- ------------ ------------ ---------------
Gross Profit 14,479 13,806 26,936
Total Costs (16,999) (20,667) (36,757)
------------------------------------ --------------- ------------ ------------ ---------------
Loss from operations (2,520) (6,861) (9,821)
Comprising:
Underlying EBITDA 3 1,132 (2,800) (2,689)
Depreciation and amortisation (2,743) (2,571) (4,808)
Foreign exchange variances
on intercompany balances (344) 60 (99)
Share-based payment charges (181) (660) (262)
Blackburn transition costs - (618) (1,075)
Restructuring costs (228) (272) (888)
Cost of Strategic review (156) - -
------------------------------------ --------------- ------------ ------------ ---------------
Loss from operations (2,520) (6,861) (9,821)
Finance income - - -
Finance costs (747) (339) (757)
Loss before taxation (3,267) (7,200) (10,578)
Taxation benefit/(charge) 4 - 92 (332)
------------------------------------ --------------- ------------ ------------ ---------------
Loss for the period (3,267) (7,108) (10,910)
------------------------------------ --------------- ------------ ------------ ---------------
Other comprehensive income
Cash flow hedges - (40) 2
Exchange difference on translation
of foreign operations - 82 (21)
Total comprehensive loss
for the period (3,267) (7,066) (10,929)
------------------------------------ --------------- ------------ ------------ ---------------
(Loss) per share to owners
of the parent
Basic and diluted 7 (1.9p) (5.2p) (7.6p)
------------------------------------ --------------- ------------ ------------ ---------------
All amounts relate to continuing operations
Consolidated statement of financial position
30 June 2023
Unaudited Unaudited Audited
six months six months twelve months
ended 30 ended ended 31
June 2023 30 June December
2022 2022
Notes GBP'000 GBP'000 GBP'000
------------------------------- ------ ------------ ------------ ----------------
Intangible assets 29,704 30,939 30,739
Right of use assets 10,160 10,642 10,536
Plant and equipment 10,431 8,395 10,338
Total non-current assets 50,295 49.976 51,613
--------------------------------- ------ ------------ ------------ ----------------
Inventories 9,538 8,726 6,638
Trade and other receivables 19,727 14,706 16,524
Cash and cash equivalents 1,228 1,310 930
Total current assets 30,493 24,742 24,092
--------------------------------- ------ ------------ ------------ ----------------
Total assets 80,788 74,718 75,705
--------------------------------- ------ ------------ ------------ ----------------
Trade and other payables (27,962) (20,619) (19,993)
Lease liabilities (415) (784) (415)
Asset financing (843) (845) (843)
Hire purchase agreement (80) (98) (80)
Derivative financial - (42) -
instruments
Provision for liabilities (976) - (901)
Total current liabilities (30,276) (22,388) (22,232)
--------------------------------- ------ ------------ ------------ ----------------
Lease liabilities (9,990) (10,393) (10,261)
Asset financing (3,275) (2,545) (2,839)
Hire purchase agreement (43) (129) (82)
Total non-current liabilities (13,308) (13,067) (13,182)
--------------------------------- ------ ------------ ------------ ----------------
Total Liabilities (43,584) (35,455) (35,414)
Total net assets 37,204 39,263 40,291
--------------------------------- ------ ------------ ------------ ----------------
Share capital 8 17,242 13,510 17,242
Share premium reserve 53,134 51,839 53,134
Employee benefit trust (204) (256) (429)
Other reserve (907) (907) (907)
Foreign exchange reserve (138) (35) (138)
Cash Flow hedge reserve - (42) -
Retained deficit (31,923) (24,846) (28,611)
Total Equity 37,204 39,263 40,291
--------------------------------- ------ ------------ ------------ ----------------
Consolidated statement of cash flows
Six months ended 30 June 2023
Unaudited Unaudited Audited
six months six months twelve
ended 30 ended months
June 2023 30 June ended 31
2022 December
2022
GBP'000 GBP'000 GBP'000
---------------------------------------- ------------ ------------ ----------
Cash flows from operating activities
Loss after tax (3,267) (7,108) (10,910)
Adjustments for:
Amortisation 1,565 1,693 2,919
Amortisation of right-of-use assets 350 437 963
Depreciation 816 442 926
Interest Expense 747 339 757
Taxation benefit - (92) 332
Share-based payment charges 181 660 262
Operating cash inflow / (outflow)
before changes in working capital 392 (3,629) (4,751)
---------------------------------------- ------------ ------------ ----------
Changes in inventories (2,900) (280) 1,809
Changes in trade and other receivables (3,204) (2,027) (3,737)
Changes in trade and other payables 6,577 2,734 2,207
Total cash inflow / (outflow)
from operations 865 (3,202) (4,472)
---------------------------------------- ------------ ------------ ----------
Cash flow from investing activities
Purchase of property, plant and
equipment (820) (3,577) (6,013)
Purchase of intangible assets (532) (1,013) (1,941)
Net cash outflow from investing
activities (1,352) (4,590) (7,954)
---------------------------------------- ------------ ------------ ----------
Cash flow from financing activities
Net proceeds from asset financing 900 1,890 2,184
Net proceeds from invoice financing 1,363 2,540 3,080
Repayments of asset financing (679) - -
Interest paid on invoice financing (284) - (172)
Gross proceeds from issue of share
capital - - 5,000
Interest paid on asset financing (134) (7) (143)
Principal paid on lease liabilities (170) (134) (629)
Interest paid on lease liabilities (212) (37) (442)
Share issue costs - - (372)
Net cash (outflow)/inflow from
financing activities 784 4,252 8,506
---------------------------------------- ------------ ------------ ----------
Net increase / (decrease) in
cash and cash equivalents 298 (3,540) (3,920)
Opening cash and cash equivalents 930 4,850 4,850
Closing cash and cash equivalents 1,228 1,310 930
---------------------------------------- ------------ ------------ ----------
Consolidated statement of changes in equity
Share Share Employee Other Foreign Cash Retained Total
Capital Premium Benefit Reserve Exchange Flow Deficit Equity
trust Reserve Hedge
Reserve Reserve
GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000
---------------------------- ---------- --------- --------- --------- --------- --------- --------- --------
Balance at 31 December
2021 13,510 51,839 (158) (907) (117) (2) (17,836) 46,329
---------------------------- ---------- --------- --------- --------- --------- --------- --------- --------
Comprehensive Income
Total comprehensive loss
for the period - - - - 82 (40) (7,108) (7,066)
Transactions with owners
Exercise of share options - - (98) - - - 98 -
Balance at 30 June 2022 13,510 51,839 (256) (907) (35) (42) (24,846) 39,263
---------------------------- ---------- --------- --------- --------- --------- --------- --------- --------
Comprehensive Income
Total comprehensive loss
for the period - - - - (103) 42 (3,801) (3,862)
Transactions with owners
Issue of shares 3,732 1,295 (399) - - - - 4,628
Issue of shares held by
EBT to employees - - 226 - - - (226) -
Share-based payments charge - - - - - - 262 262
Balance at 31 December
2022 17,242 53,134 (429) (907) (138) - (28,611) 40,291
---------------------------- ---------- --------- --------- --------- --------- --------- --------- --------
Comprehensive Income
Total comprehensive loss
for the period - - - - - - (3,267) (3,267)
Transactions with owners
Issue of shares to EBT - - - - - - - -
Share Based payments charge - - - - - - 181 181
Exercise of share options - - 225 - - - (225) -
Balance at 30 June 2023 17,242 53,134 (204) (907) (138) - (31,922) 37,204
---------------------------- ---------- --------- --------- --------- --------- --------- --------- --------
Notes to the interim financial information
For the six months ended 30 June 2023
1. Basis of preparation
This interim report has been prepared using the same accounting
policies as those applied in the annual financial statements for
the year ended 31 December 2022.
The Directors believe that operating profit / (loss) before
depreciation, amortisation, share based payments and foreign
exchange variances on intercompany balances and exceptional items
of Strategic review costs and restructuring items measure provides
additional useful information for shareholders on underlying trends
and performance. This measure is used for internal performance
analysis.
Strategic review costs relate to one-off costs from the review
that commenced in December 2022 and concluded in April 2023.
Restructuring costs includes one-off people-related expenses from
reduced headcount when implementing the new leaner organisation
structure.
Underlying operating profit / (loss) is not defined by IFRS and
therefore many not be directly comparable with other companies'
adjusted profit measures. It is not intended to be suitable
substitute for, or superior to IFRS measurements of profit. A
reconciliation of underlying operating profit to statutory
operating profit is set out on the face of the statement of
comprehensive income.
The condensed financial information herein has been prepared
using accounting policies consistent with International Financial
Reporting Standards in conformity with the requirements of the
Companies Act 2006 ("adopted IFRS") and as applied in accordance
with the provisions of the Companies Act 2006. While the financial
figures included in this interim report have been prepared in
accordance with IFRS applicable for interim periods, this interim
report does not contain sufficient information to constitute an
interim financial report as defined in IAS 34. The Company has
taken advantage of the exemption not to apply IAS 34 'Interim
Financial Reporting' since compliance is not required by AIM listed
companies.
This interim report does not constitute statutory accounts as
defined in section 434 of the Companies Act 2006 and has been
neither audited nor reviewed by the Company's auditors, pursuant to
guidance issued by the Auditing Practices Board.
The interim report should be read in conjunction with the annual
financial statements period ended 31 December 2022.
The statutory Accounts for the last period ended 31 December
2022 were approved by the Board on 30 June 2023 and are filed at
Companies House. The report of the auditors on those accounts was
unqualified, did not draw attention to any matters by way of
emphasis and did not contain a statement under section 498 of the
Companies Act 2006.
The unaudited interim report was authorised by the Company's
Board of Directors on 26 September 2023.
2. Segmental reporting
Operating segments are identified on the basis of internal
reporting and decision making. The Group's Chief Operating Decision
Maker ("CODM") is considered to be the Board, with support from the
senior management teams, as it is primarily responsible for the
allocation of resources to segments and the assessments of
performance by segment.
The Group's reportable segments have been split into the two
brands, SiS and PhD Nutrition. Operating segments are reported in a
manner consistent with the internal reporting provided to the CODM
as described above. The reportable segments are consistent with
2022 year-end financial statements with relevant costs across the
brands allocated on a more appropriate basis.
Unaudited six months ended
30 June 2023
SiS PhD Total
GBP'000 GBP'000 GBP'000
Sales 18,618 15,818 34,436
-------------------------- --------- --------- ---------
Gross profit 8,942 5,537 14,479
Marketing costs (3,310) (1,413) (4,723)
Carriage (1,613) (1,013) (2,626)
Online selling costs (138) (118) (256)
-------------------------- --------- --------- ---------
Trading contribution 3,881 2,993 6,874
Other operating expenses (9,394)
-------------------------- --------- --------- ---------
Loss from Operations (2,520)
========================== ========= ========= =========
Unaudited six months ended
30 June 2022
SiS PhD Total
GBP'000 GBP'000 GBP'000
Sales 15,543 16,736 32,279
-------------------------- --------- --------- ---------
Gross profit 8,725 5,081 13,806
Marketing costs (3,966) (1,585) (5,551)
Carriage (2,807) (1,198) (4,005)
Online selling costs (322) (345) (667)
-------------------------- --------- --------- ---------
Trading contribution 2,505 1,078 3,583
Other operating expenses (10,444)
-------------------------- --------- --------- ---------
Loss from Operations (6,861)
========================== ========= ========= =========
Year ended
31 December 2022
SiS PhD Total
GBP'000 GBP'000 GBP'000
Sales 29,708 34,065 63,773
-------------------------- -------- -------- ---------
Gross profit 17,383 9,553 26,936
Marketing costs (6,602) (2,387) (8,989)
Carriage (4,839) (2,273) (7,112)
Online selling costs (703) (807) (1,510)
-------------------------- -------- -------- ---------
Trading contribution 5,021 4,304 9,325
Other operating expenses (19,146)
-------------------------- -------- -------- ---------
Loss from Operations (9,821)
========================== ======== ======== =========
3. Operating expenses
Unaudited six Unaudited Audited twelve
months ended six months months ended
30 June 2023 ended 30 31 December
June 2022 2022
GBP'000 GBP'000 GBP'000
------------------------------ ----------------- ------------ ---------------
Sales and marketing costs 7,605 10,223 17,611
----------------------------------- ------------ ------------ ---------------
Operating Costs 6,571 7,273 13,977
Depreciation and amortisation 2,298 2,571 4,808
Foreign exchange variances
on intercompany balances 344 (60) 99
Share-based payments 181 660 262
Administrative Costs 9,394 10,444 19,146
Total operating expenses 16,999 20,667 36,757
----------------------------------- ------------ ------------ ---------------
The operating expenses above includes costs that were incurred
in relation to transition to our consolidated supply chain facility
in Blackburn, strategic review and restructuring costs.
These costs are not deemed to be recurring costs, as such they
are not deemed to be part of the usual operating expenditure:
GBP'000
Total
------------------------ --------
Strategic review costs 156
Restructuring costs 228
384
Management uses alternative performance measures as part of
their internal financial performance monitoring, including
Underlying EBITDA. The measure provides additional information for
users on the underlying performance of the business, enabling
consistent year-on-year comparison.
4. Taxation
The corporation tax and deferred tax for the six months ended 30
June 2023 has been calculated with reference to the estimated
effective tax rate on the operating results for the full year and
taking into account movements in deferred tax assets and
liabilities.
5. Revenue from contracts with customers
The Group operates four primary sales channels, which form the
basis the basis on which management monitor revenue. UK Retail
includes domestic grocers and high street retailers, Digital are
sales through the phd.com and scienceinsport.com platforms,
International Retail relates to retailers and distributors outside
of the UK and Marketplace relates to online marketplaces such as
Amazon and Tmall.
Unaudited six Audited twelve
Unaudited six months ended months ended
months ended 30 June 2022 31 December
30 June 2023 2022
SiS PhD Total SiS PhD Total SiS PhD Total
GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000
--------------- -------- -------- -------- ---------- -------- -------- -------- -------- --------
Digital 2,866 1,245 4,111 5,288 2,249 7,537 8,859 3,618 12,477
Marketplace 3,268 4,291 7,559 2,597 4,273 6,870 6,199 7,851 14,050
China 882 1,806 2,688 89 3,018 3,107 178 7,031 7,209
USA 1,745 - 1,745 - - - - - -
--------------- -------- -------- -------- ---------- -------- -------- -------- -------- --------
Global Online 8,761 7,342 16,103 7,974 9,540 17,514 15,236 18,500 33,736
--------------- -------- -------- -------- ---------- -------- -------- -------- -------- --------
International
Retail 4,919 2,278 7,197 3,564 1,969 5,533 6,491 3,904 10,395
UK Retail 4,938 6,198 11,136 4,006 5,226 9,232 7,981 11,661 19,642
--------------- -------- -------- -------- ---------- -------- -------- -------- -------- --------
Retail 9,857 8,476 18,333 7,570 7,195 14,765 14,472 15,565 30,037
--------------- -------- -------- -------- ---------- -------- -------- -------- -------- --------
Total sales 18,618 15,818 34,436 15,544 16,735 32,279 29,708 34,065 63,773
--------------- -------- -------- -------- ---------- -------- -------- -------- -------- --------
Turnover by geographic destination of sales may be analysed as
follows:
Unaudited Unaudited Audited
six months six months twelve months
ended 30 ended 30 ended 31
June 2023 June 2022 December
2022
GBP'000 GBP'000 GBP'000
------------------- ------------ ------------ ---------------
United Kingdom 19,982 18,250 36,574
Rest of Europe 7,502 6,627 11,391
USA 1,913 2,254 4,670
Rest of the World 5,039 5,148 11,138
Total sales 34,436 32,279 63,773
-------------------- ------------ ------------ ---------------
6. Net debt reconciliation
Unaudited Unaudited Audited
six months six months twelve months
ended 30 ended ended 31
June 2023 30 June December
2022 2022
GBP'000 GBP'000 GBP'000
-------------------------------- ------------ ------------ ----------------
Invoice financing 5,960 4,055 4,523
Trade facility 3,330 - 2,733
Virtual credit card 988 898 877
Total working capital
facilities 10,279 4,953 8,133
----------------------------------- ------------ ------------ ----------------
Asset financing 4,118 3,390 3,682
----------------------------------- ------------ ------------ ----------------
Debt 14,397 8,343 11,815
Less cash and cash equivalents 1,228 1,310 930
----------------------------------- ------------ ------------ ----------------
Net Debt 13,169 7,033 10,885
----------------------------------- ------------ ------------ ----------------
Net debt is defined as cash, less banking working capital
facilities and asset financing and excludes property leases.
Working capital facilities are included within trade and other
payables.
As at 30 June 2023 there is headroom of GBP3.8m in working
capital facilities (31 December 2022 GBP4.0m; 30 June 2022
GBP4.7m).
7. Loss per share
Basic and diluted loss per share is calculated by dividing the
loss attributable to owners of the parent by the weighted average
number of ordinary shares in issue during the period.
Unaudited Unaudited Audited
six months six months twelve months
ended 30 June ended 30 ended 31
2023 June 2022 December
2022
GBP'000 GBP'000 GBP'000
----------------------------------- --------------- ------------ ---------------
(Loss) for the financial period (3,267) (7,066) (10,929)
Number of shares Number Number Number
'000 '000 '000
Weighted average number of shares 172,420 136,429 143,313
EPS Summary
Basic and diluted loss per share (1.9p) (5.2p) (7.6p)
----------------------------------- --------------- ------------ ---------------
8. Share Capital
The number of ordinary shares in issue as at 30 June 2023 is
172,419,741 shares (31 December 2022 - 172,419,741).
The number of shares held by the EBT and referred to as Treasury
shares was 2,045,230 (30 June 2022: 4,293,194, December 2022:
4,293,194).
9. Cautionary statement
This document contains certain forward-looking statements with
respect to the financial condition, results, and operations of
business. These statements involve risk and uncertainty as they
relate to events and depend on circumstances that will incur in the
future. Nothing in this interim report should be construed as a
profit forecast.
10. Copies of the interim report
The interim report for the six months ended 30 June 2023 can be
downloaded from the Company's website www.sisplc.com . Further
copies can be obtained by writing to the Company Secretary, Science
in Sport plc, 16-18 Hatton Garden, Farringdon, London, EC1N
8AT.
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END
IR BRGDCLSDDGXR
(END) Dow Jones Newswires
September 28, 2023 02:00 ET (06:00 GMT)
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