AIM-listed supplements firm Science in Sport (LON:SIS) saw its share price increase by 4.53% to 55.40p (as of 14:30 GMT) after posting results for the year ended 31st December. Revenues for the period were flat, but margins improved as sales shifted to digital channels. Management said that sales during the current year were in line with planning and margins had continued to improve.
CEO Stephen Moon commented: “Delivering a robust underlying EBITDA profit was a key goal for 2020, and this was achieved through a focus on developing our fundamental building blocks of long-term profitable growth. We realised all expected synergies from the PhD acquisition and saw strong performance across the whole supply chain. Together with our strategic shift to online, this underpinned a step change in gross margin.
“The very strong momentum in our online business continues into 2021 with growth in all markets. We see recovery in international retail, and the US business is well ahead of last year. Revenue is on track for the first half, despite continued lockdown restrictions in many key markets. We are well-positioned to accelerate as restrictions are lifted.
“Our long-term and proven profitable growth strategy remains unchanged. We have demonstrated the business’s resilience in 2020 and are continuing to invest for growth in the key strategic areas of online and technology. This year will see us roll out our premium brands to several key European and Asian markets.
“Whilst it is too early to reinstate market guidance, given the current COVID-19 lockdown, we are well funded and remain very optimistic about the long-term growth prospects for the Group“.