Get all your news in one place.
100’s of premium titles.
One app.
Start reading
Birmingham Post
Birmingham Post
Business
Jon Robinson

Science in Sport overcomes Brexit supply chain disruption to increase half-year revenue

A sports nutrition business, which works with the likes of Manchester United and British Cycling, "overcame Brexit supply chain disruptions" to increase its revenue during the first half of the company's financial year.

Science in Sport, which has major operations in Nelson and Blackburn, Lancashire, has reported a revenue of £29.2m for the six months to the end of June 2021, up from the £23.5m it reported for the same period in 2020.

The listed company's pre-tax losses, however, widened slightly from £2.5m to £2.6m.

READ MORE: Goldman Sachs invests millions in online retail giant THG

Online sales surged by 44% to £15.7m and now account for 54% of the company's revenue.

Retail sales in the UK also increased by 8% to £8.4m while international sales went up by 6% to £5.2m.

Among the company's customers is Manchester United whose players and backroom staff have been using its products since 2008 to support the team’s nutrition needs.

In a statement issued to the London Stock Exchange, the business said that trading has been "strong" in the first two months of its second half and "while there are still some challenges and uncertainties, the group expects to exceed its revenue targets for the year".

Chief executive Stephen Moon said: "Trading over the first half of the financial year recovered well, gaining momentum as coronavirus pandemic restrictions lifted.

"The group returned to over 20% revenue growth, overcoming Brexit supply chain disruptions.

"Gross margin percentage and underlying profitability continued to improve. This reflected last year's strategic progress and continued investment in our premium brands and online capability.

"The second half has started strongly for us, and we are continuing to manage successfully input cost pressure.

"While uncertainties remain, we expect to exceed revenue targets for the year, and continue to be very optimistic about growth prospects over the medium and long-term."

Sign up to read this article
Read news from 100’s of titles, curated specifically for you.
Already a member? Sign in here
Related Stories
Top stories on inkl right now
Our Picks
Fourteen days free
Download the app
One app. One membership.
100+ trusted global sources.