Sports nutrition firm's first step on Stock Exchange
Nutrition company Science in Sport (SiS), which is based in Nelson, Lancashire, has joined London’s junior market AIM following its de-merger from life-sciences firm Provexis plc.
SiS develops, manufactures and markets sports nutrition products for professional athletes and sports enthusiasts.
Its management team includes John Clarke, the former president of GlaxoSmithKline Consumer Healthcare, as chairman and Stephen Moon, a former senior executive in GlaxoSmithKline’s Nutritional Healthcare business, as chief executive.
In the year ended 31 March 2013, SiS reported net turnover of £5.5m million and an underlying profit of £0.1m. Sales growth was 17% in the six months to 31 March 2013 and 25% in the fourth quarter. Sales momentum has continued in the current financial year. SiS has raised net proceeds of £1.7m via a placing at 56p per share.
CEO Stephen Moon said: “De-merging Science in Sport from Provexis has created two companies with distinct identities. At Science in Sport, we look forward to driving the growth of the SiS brand.
“With current sales momentum, and the continued resilience of the sports nutrition category, the Board believes that SiS is well positioned for strong growth in the current year and beyond.”
The SiS range include isotonic gels, energy powders, hydration tablets, cereal-based energy bars and a range of recovery and protein products.
This was posted in Bdaily's Members' News section by Simon Malia .