Source - RNS
RNS Number : 5030K
Science in Sport PLC
22 September 2016
 

 

 

SCIENCE IN SPORT PLC

("SiS" or the "Company")

 

INTERIM RESULTS FOR THE SIX MONTHS ENDED 30 JUNE 2016

 

Science in Sport plc (AIM: SIS), a leading sports nutrition company that develops, manufactures and markets sports nutrition products for professional athletes and sports enthusiasts, is pleased to announce its unaudited results for the 6 months ended 30 June 2016 ('H1 2016').

 

Highlights

 

·      Revenues increased 24% to £6.48 million (H1 2015: £5.24 million) demonstrating continued growth, with e-commerce and third-party online retailers being particularly strong

 

·      Robust supply chain performance, with gross margin of £3.82 million improving by 0.7% to 58.9% against the same period last year (H1 2015: £3.05 million)

 

·      International expansion delivered strong growth, including a successful launch in Australia, where the business is trading in line with expectations

 

                ·      New product development and launches continued at pace, contributing to 35% of revenue growth for H1
            2016

 

                ·      Continued investment in marketing underpinning brand awareness and substantial growth in online
            customer database

 

                ·      Further investment in operations and people to support growth strategy:

Strengthening of the Board - Elizabeth Lake joins as Finance Director (July 2016) and Tim Wright as Non-Executive Director (September 2016)

SiS' leadership team further bolstered by appointment of Rob Child as Chief Scientific Officer and James Morton as World Class Knowledge Director

 

·      Underlying operating loss of £369k* in line with market expectations and growth strategy, reflecting investment in brand awareness, e-commerce and international market expansion (H1 2014: underlying operating loss: £330k)

 

·      Cash and cash equivalents of £6.7 million (H1 2015: 0.9 million) following share placing raising £8.2 million net of costs in October 2015

 

* excludes depreciation, amortisation, and share based payments

 

Stephen Moon, Science in Sport's CEO, said: "I am pleased to announce yet another period of substantial growth for SiS, which was in line with our expectations, and saw our revenues increase 24% year on year. We have invested heavily in digital marketing and product sampling during the first half, and the benefits are evident in the growth we are achieving, which we believe is significantly ahead of our market peers.

 

"Trading is in line with market expectations and reflects the continued investment in brand awareness and growing the customer database, together with our expansion into Australia.

 

"International and online growth has been particularly strong and these channels will play a key role in the development of the business. Our Australian subsidiary was set up in December 2015 and our geographic footprint has extended into the USA and Germany in the second half of the year.

 

"Our strategic model continues to deliver, as consistent investment in the brand and development of our e-commerce operation results in strong top line growth. This is underpinned by close attention to gross margin and tight control of overheads. We remain very confident in our strategy and believe we will continue to deliver sector leading growth."

 

 

For further information:

Science in Sport PLC

+44 (0) 20 7400 3700

Stephen Moon, CEO

 

Elizabeth Lake, Finance Director

 

 

Cenkos Securities - NOMAD and Broker

 

+44 (0) 20 7397 8900

Bobbie Hilliam

 

 

 

Oliver Baxendale

 

 

Yellow Jersey PR - Financial PR

 

Felicity Winkles

+44 (0) 7748 843 871

Harriet Jackson

+44 (0) 7544 275 882

 

 

About Science in Sport plc

Science in Sport plc is a leading sports nutrition company that develops, manufactures and markets sports nutrition products for professional athletes and sports enthusiasts. SiS is a strong brand in the elite athlete community - in the 2016 London Olympics, 34 medal-winning athletes or teams used SiS products (compared with 24 medals in 2012).

 

The SiS core product ranges include: SiS GO, comprising energy powders, isotonic gels, energy bars and hydration tablets; and SiS REGO, including protein-based recovery powders and bars. SiS products are sold in a range of retail channels, including specialist sport retailers, major grocers, high street retailers and e-commerce websites.

 

SiS is currently the official sports nutrition supplier to professional cycling teams Team SKY, Team Wiggins and USA Cycling. SiS is also the official sports nutrition partner to Liverpool FC and the official supplier of sports drinks and sports nutrition to the GB Rowing Team. In addition, Olympians Sir Chris Hoy MBE, and Katarina Johnson Thomson are brand ambassadors and Mark Cavendish is an Elite Sports Consultant to the brand.

 

SiS was founded in 1992 and is headquartered in Hatton Garden, London. Its manufacturing facility is in Nelson, Lancashire.

 

SiS shares are traded on the AIM market of the London Stock Exchange under the ticker symbol SIS.

For further information, please visit www.scienceinsport.com

 

 

 

CHAIRMAN'S AND CEO JOINT REVIEW

 

Overview and Strategy

 

We are delighted to report a strong set of interim results, both financially and operationally, demonstrating the delivery of our growth strategy as we continue to build our UK and international presence as a leader in the global endurance sports nutrition market. The six months to 30 June 2016 saw a period of strong revenue growth with half year sales up 24% at £6.48 million compared with same period last year (H1 2015: £5.24 million).

 

As part of our wider growth strategy, the Company continues to invest in the awareness of the SiS brand and to broaden distribution across all retail and online channels, both domestically and internationally. We seek to maintain and improve gross margin, as well as looking to limit overhead growth to single per cent points, in order to underpin investment in the brand and to benefit from operational gearing.

 

The Board believes that there are significant growth opportunities for the Company over the next few years and in order to maximise these opportunities the Company raised £8.7 million before costs in November 2015 to fund growth in existing and new markets, including Australia and the USA. The funds raised are also supporting investment in supply chain to underpin our developing e-commerce business in the UK and internationally.

 

Financial Summary

 

The 6 months to 30 June 2016 was a period of strong revenue growth, with sales up 24% at £6.48 million (2014: £5.24 million). International and e-commerce sales, both from our own website and third-party online retailers were particularly strong, reflecting the continued investment in brand awareness and e-commerce technology and management.

 

Gross margin of 58.9% (H1 2015 58.2%) is reflective of our low cost manufacturing facility in Nelson and remains a strategic advantage. Investment has driven further efficiencies at the facility.

 

The underlying operating loss was in line with management expectations at £0.369 million (2015: £0.330 million loss) given continued investment in marketing, sales and e-commerce of £3.044 million (2015: £2.328 million). 

 

Overheads excluding sales and marketing were £1.614 million (2015: £1.762 million) for the six months. Share-based payments are lower this period by £0.28 million. Management continue to seek to limit underlying overheads to single digit per cent increases in the future, currently achieving 8.9%.

 

Net cash and cash equivalents at the period end were £6.64 million (31 December 2015: £8.75 million). Cash outflow since the year end represents continued investment in sales and marketing and higher working capital to support the growing business.

 

Sales Channels

 

The Company's sales channels comprise our heartland of independent sports retailers, major grocers, high street chains, third-party online retailers, international sales and our own e-commerce platform.

 

Our e-commerce platform continues to be a key focus in 2016 and a new technology platform has been introduced to further enhance trading effectiveness, and to allow for commerce in a range of new territories and currencies. Third-party online retailers led by Wiggle, Chain Reaction and Amazon continue to deliver outstanding growth.

 

Progress continues in leading grocery chains and growth is meeting our expectations for the year. Major distribution gains have been secured in Tesco, Sainsbury's and Asda. High Street sales have seen a challenging first half-year and we expect this to continue in the second half; this reflects the change in consumer purchasing preferences. The heartland of independent cycle and running shops also had a challenging first half to the year, although distribution remains robust and we will continue to invest in this important and opinion leading channel ongoing. 

 

International sales grew very strongly and some 22% of total revenues came from existing and new overseas markets.  We have consolidated our relationship with Shimano and as our lead distributor in the region we will look to extend this relationship further across Europe within the next 12 months. We have recently started trading relationships with Amazon in Germany, France, Spain and Italy as our online presence continues to evolve. Our Australian business has performed in line with expectations, with progress made in the leading Coles grocery chain, and with new customers secured in the heartland and online channels. We intend to invest consistently for the long-term in our scienceinsport.com platform in Australia, despite the relatively underdeveloped channel in the territory, and delivery is in line with expectations.

 

Product Innovation

 

Trust, quality and innovation are the key characteristics for which SiS is recognised and we continue to invest in this strategically important area. Once again, innovation has been a key driver of growth, with 7% of sales and 35% of total revenue growth coming from new products, this continuing the trend of the previous three years.

 

In the first half we launched our novel SiS WHEY20, a ready to consume 100% dairy protein. The format enjoys strong distribution in grocery outlets, as well as an online presence, and sales are ahead of forecast.

 

We have also introduced a SiS GO plus caffeine citrus gel to supplement our market leading isotonic GO Gel range and a new Advanced Isolate whey protein variety. In Q3 2016 we launched SiS Immune, an effervescent tablet that is designed to support and maintain immune function during and after exercise.

 

People

 

The Board was pleased to announce the appointment of Elizabeth Lake as Finance Director on 18 July 2016. She has extensive financial and commercial experience, most recently as Finance Director at Hugo Boss UK and Ireland, and is ACA qualified. Tim Wright, formerly President of GlaxoSmithKline Global Brands, joined the Board as Non-Executive Director on 21 September 2016 and brings extensive experience to support the development of our brand in international markets.

 

The Board was also delighted to announce the appointments of two of the most eminent sports scientists to further enhance the science credentials of the business. Rob Child was appointed Chief Scientific Officer and James Morton was appointed World Class Knowledge Director.

 

We have continued to strengthen both the supply chain and commercial teams during 2016, with e-commerce seeing a number of new appointments, and new commercial staff to support international growth.

 

The Board would like to thank all the team in London and Nelson for their professionalism, enthusiasm and dedication in delivering another sector leading performance for the Company.

 

Outlook

 

We are seeking to achieve continued strong revenue growth in the remaining half 2016. Online sales and international development are a major focus for management, this underpinned by consistent marketing and promotional investment. We expect to see good progress in the grocery channel, and will seek to take further market share in other retail channels.

 

We expect more productivity improvements from the supply chain, both in production line efficiencies and e-commerce logistics throughput. We are investing in systems to support growth, particularly in the e-commerce area. Detailed attention to control of overheads will continue.

 

Innovation will continue to play a key role with products launched in the first half, and the launch of SiS Immune in Q3 2016. The product pipeline for 2017 and 2018 is very promising.

 

Our strategy of investing in brand awareness and developing distribution in all channels will continue to be implemented, both in the UK and internationally. We intend to seek further international expansion opportunities. We remain committed to our proven growth strategy.

 

John Clarke                                                                   Stephen Moon

Non-Executive Chairman                                             Chief Executive

 

 

Consolidated statement of comprehensive income

Six months ended 30 June 2016

 

 

 

Unaudited six months ended 30 June 2016

 

Unaudited six months ended 30 June 2015

 

Audited twelve months ended 31 December 2015

 

Notes

 

£'000

 

£'000

 

£'000

 

 

 

 

 

 

 

 

Revenue

 

 

6,484

 

5,243

 

9,446

Cost of goods

 

 

(2,665)

 

(2,194)

 

(3,927)

Gross profit

 

 

3,819

 

3,049

 

5,519

 

 

 

 

 

 

 

 

Total Costs

 

 

(4,188)

 

(3,379)

 

(5,770)

 

 

 

 

 

 

 

 

Underlying operating profit/(loss)

 

 

(369)

 

(330)

 

(251)

Depreciation and amortisation4

 

 

(213)

 

(172)

 

(362)

Share-based payment charges

 

 

(257)

 

(539)

 

(995)

Exceptional Items

4

 

-

 

-

 

(125)

 

 

 

 

 

 

 

 

Loss from operations

 

 

(839)

 

(1,041)

 

(1,733)

 

 

 

 

 

 

 

 

Finance income

 

 

-

 

2

 

2

Finance costs

 

 

(2)

 

(2)

 

(5)

Loss before taxation

 

 

(841)

 

(1,041)

 

(1,736)

 

 

 

 

 

 

 

 

Taxation

5

 

160

 

93

 

227

(Loss)/profit and total comprehensive expense for the period

 

 

(681)

 

(948)

 

(1,509)

 

 

 

 

 

 

 

 

Attributable to:

 

 

 

 

 

 

 

Owners of the parent

 

 

(681)

 

(948)

 

(1,509)

(Loss)/profit and total comprehensive expense for the period

 

 

(681)

 

(948)

 

(1,509)

 

 

 

 

 

 

 

 

Foreign currency translation differences for foreign operations

 

 

(25)

 

-

 

-

 

 

 

 

 

 

 

 

Total comprehensive income for the year

 

 

(706)

 

(948)

 

(1,509)

 

 

 

 

 

 

 

 

(Loss)/profit per share to owners of the parent

 

 

 

 

 

 

 

Basic and diluted

6

 

(1.6p)

 

(3.7p)

 

(5.5p)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Consolidated statement of financial position

30 June 2016

 

 

 

 

Unaudited six months ended 30 June 2016

 

Unaudited six months ended 30 June 2015

 

Audited twelve months ended 31 December 2015

 

 

 

 

£'000

 

£'000

 

£'000

Assets

 

 

 

 

 

 

 

 

Non-current assets

 

 

 

 

 

 

 

 

Intangible assets

 

 

 

585

 

411

 

486

Plant and equipment

 

 

 

645

 

686

 

657

Deferred tax

 

 

 

1,097

 

803

 

937

Total non-current assets

 

 

 

2,327

 

1,900

 

2,080

 

 

 

 

 

 

 

 

 

Current assets

 

 

 

 

 

 

 

 

Inventories

 

 

 

2,289

 

1,391

 

1,471

Trade and other receivables

 

 

 

2,648

 

2,213

 

1,249

Cash and cash equivalents

 

 

 

6,637

 

907

 

8,753

Total current assets

 

 

 

11,574

 

4,511

 

11,473

 

 

 

 

 

 

 

 

 

Total assets

 

 

 

13,901

 

6,411

 

13,553

 

 

 

 

 

 

 

 

 

Liabilities

 

 

 

 

 

 

 

 

Current liabilities

 

 

 

 

 

 

 

 

Trade and other payables

 

 

 

(2,342)

 

(2,370)

 

(1,488)

Borrowings

 

 

 

(15)

 

(65)

 

(49)

Total current liabilities

 

 

 

(2,357)

 

(2,435)

 

(1,537)

 

 

 

 

 

 

 

 

 

Net current assets

 

 

 

9,217

 

2,076

 

9,936

 

 

 

 

 

 

 

 

 

Non-current liabilities

 

 

 

 

 

 

 

 

Borrowings

 

 

 

-

 

(16)

 

-

Total non-current liabilities

 

 

 

-

 

(16)

 

-

 

 

 

 

 

 

 

 

 

Total liabilities

 

 

 

(2,357)

 

(2,451)

 

(1,537)

 

 

 

 

 

 

 

 

 

Total net assets

 

 

 

11,544

 

3,960

 

12,016

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

owners of the parent company

 

 

 

 

 

 

 

 

Share capital

 

 

 

4,322

 

2,557

 

4,025

Share premium reserve

 

 

 

10,228

 

3,519

 

10,228

Employee benefit trust

 

 

 

(215)

 

(64)

 

(61)

Merger reserve

 

 

 

(907)

 

(907)

 

(907)

Retained earnings

 

 

 

(1,884)

 

(1,145)

 

(1,269)

Total Equity

 

 

 

11,544

 

3,960

 

12,016

 

 

Consolidated statement of cash flows

 

 

 

 

Unaudited six months ended 30 June 2016

 

Unaudited six months ended 30 June 2015

 

Audited twelve months ended 31 December 2015

 

 

 

 

£'000

 

£'000

 

£'000

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Cash flows from operating activities

 

 

 

 

 

 

 

(Loss)/profit after tax

 

 

 

(706)

 

(948)

 

(1,509)

Adjustments for:

 

 

 

 

 

 

 

 

Amortisation

 

 

 

57

 

38

 

87

Depreciation

 

 

 

156

 

134

 

277

Loss on sale of fixed assets

 

 

 

-

 

-

 

(2)

Net finance cost

 

 

 

2

 

-

 

3

Taxation

 

 

 

(160)

 

(93)

 

(227)

Share-based payment charges

 

 

 

257

 

539

 

995

Operating cash (outflow)/inflow before changes in working capital

(394)

 

(330)

 

(376)

 

 

 

 

 

 

 

 

 

Changes in inventories

 

 

 

(818)

 

(160)

 

(36)

Changes in trade and other receivables

 

 

(1,399)

 

(968)

 

(207)

Changes in trade and other payables

 

 

 

832

 

660

 

(240)

Total cash outflow from operations

 

 

 

(1,779)

 

(798)

 

(859)

Tax credits received

 

 

 

-

 

-

 

0

Total cash outflow from operating activities

 

 

(1,779)

 

(798)

 

(859)

 

 

 

 

 

 

 

 

 

Cash flow from investing activities

 

 

 

 

 

 

 

 

Purchase of property, plant and equipment

 

 

(178)

 

(93)

 

(205)

Proceeds from sale of property, plant and equipment

 

 

 

-

 

2

Purchase of intangible assets

 

 

 

(123)

 

(196)

 

(320)

Interest received

 

 

 

0

 

2

 

2

Net cash outflow from investing activities

 

 

(301)

 

(287)

 

(521)

 

 

 

 

 

 

 

 

 

Cash flow from financing activities

 

 

 

 

 

 

 

 

Proceeds from issue of share capital

 

 

 

 

 

-

 

8,659

Expenses paid on share issues

 

 

 

 

 

-

 

(482)

Decrease in borrowings

 

 

 

(34)

 

(32)

 

(65)

Interest paid

 

 

 

(2)

 

(2)

 

(5)

Net cash (outflow)/inflow from financing activities

 

(36)

 

(34)

 

8,107

 

 

 

 

 

 

 

 

 

Net (decrease)/increase in cash and cash equivalents

 

(2,116)

 

(1,119)

 

6,727

Opening cash and cash equivalents

 

 

8,753

 

2,026

 

2,026

Closing cash and cash equivalents

 

 

 

6,637

 

907

 

8,753

                       

Consolidated statement of changes in equity

 

 

 

Share Capital

Share Premium

Preference Shares/EBT

Other Reserve

Retained earnings/(deficit)

Total Equity

 

 

 

£'000

£'000

£'000

£'000

£'000

£'000

 

 

 

 

 

 

 

 

 

Balance at 31 December 2014

 

2,519

3,519

(33)

(907)

(702)

4,396

 

 

 

 

 

 

 

 

 

Comprehensive Income

 

 

 

 

 

 

 

 

Loss for the period

 

 

-

-

-

-

(948)

(948)

Transactions with owners

 

 

 

 

 

 

 

 

recorded directly in equity

 

 

 

 

 

 

 

 

Issue of shares to the EBT -

 

 

 

 

 

 

 

 

16 June 2015

 

 

38

-

(38)

-

-

0

Exercise of share options

 

 

-

-

7

-

(7)

0

Recognition of share-based

 

 

-

-

-

-

512

512

payments charge

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Balance at 30 June 15

 

 

2,557

3,519

(64)

(907)

(1,145)

3,960

 

 

 

 

 

 

 

 

 

Comprehensive Income

 

 

 

 

 

 

 

 

Loss for the period

 

 

-

-

-

-

(561)

(561)

Issue of shares - placing 11

 

 

1,468

7,191

-

-

-

8,659

November 2015

 

 

 

 

 

 

 

 

Transaction cost of placing

 

 

-

(482)

-

-

-

(482)

Transactions with owners

 

 

 

 

 

 

 

 

recorded directly in equity

 

 

 

 

 

 

 

 

Exercise of share options

 

 

-

-

3

-

(3)

0

Recognition of share-based

 

 

 

 

 

 

440

440

payments charge

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Balance at 31 December 2015

 

4,025

10,228

(61)

(907)

(1,269)

12,016

 

 

 

 

 

 

 

 

 

Comprehensive Income

 

 

 

 

 

 

 

 

Loss for the period

 

 

 

 

 

 

(681)

(681)

Issue of shares - consideration

 

 

22

 

 

 

103

125

related to sponsorship Jan 16

 

 

 

 

 

 

 

 

Transactions with owners

 

 

 

 

 

 

 

 

recorded directly in equity

 

 

 

 

 

 

 

 

Issue of shares to the EBT -

 

 

275

 

(275)

 

 

0

31 March 2016

 

 

 

 

 

 

 

 

Exercise of share options

 

 

 

 

121

 

(121)

0

Recognition of share-based

 

 

 

 

 

 

109

109

payments charge

 

 

 

 

 

 

 

 

FX on translation of foreign subs

 

 

 

 

 

(25)

-25

 

 

 

 

 

 

 

 

 

Balance at 30 June 2016

 

 

4,322

10,228

(215)

(907)

(1,884)

11,544

 

 

EBT                               Own shares held by the Employee Benefit Trust ('EBT') which will be used to settle options held by employees under the Group's Employee Share Option Plan.

 

Other reserve             The other reserve arose as a result of applying the principles of reverse acquisition accounting following the demerger of SiS (Science in Sport) Limited from Provexis plc and represents the difference between the capital reserves of Science in Sport plc (the legal acquirer) and those of SiS (Science in Sport) Limited (the legal acquire). 

 

 

 

Notes to the interim financial information

For the six months ended 30 June 2015

 

 

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 2015, and those expected to be adopted in the financial statements for the year ending 31 December 2016.

 

The Directors believe that the operating loss before depreciation, amortisation and impairment of intangibles, share-based payments and exceptional items measure provides additional useful information for shareholders on underlying trends and performance. This measure is sued for internal performance analysis.

 

Underlying operating 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 the European Union (IFRS). 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 Moore Stephens LLP, 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 2015.

 

The statutory Accounts for the last period ended 31 December 2015 were approved by the Board on 22 March 2016 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 21 September 2016

 

 

 

 

2. Segmental reporting

 

The Directors have determined that only one operating segment exists under the terms of IFRS 8 Operating Segments, as the Group is organised and operates as a single business unit.

 

 

 

3. Operating expenses

 

 

 

 

Unaudited six months ended 30 June 2016

 

Unaudited six months ended 30 June 2015

 

Audited twelve months ended 31 December 2015

 

 

 

£'000

 

£'000

 

£'000

 

 

 

 

 

 

 

 

Sales and marketing costs

 

3,044

 

2,328

 

3,685

Operating Costs

 

 

1,144

 

1,051

 

2,085

Depreciation and amortisation

 

213

 

172

 

362

Share-based payments

 

 

257

 

539

 

995

Exceptional items

 

 

-

 

-

 

125

Administrative Costs

 

 

1,614

 

1,762

 

3,567

 

 

 

 

 

 

 

 

Total costs

 

 

4,658

 

4,090

 

7,252

 

 

 

 

4. Exceptional Costs

 

 

 

 

Unaudited six months ended 30 June 2016

 

Unaudited six months ended 30 June 2015

 

Audited twelve months ended 31 December 2015

 

 

 

£'000

 

£'000

 

£'000

 

 

 

 

 

 

 

 

Exceptional costs

 

-

 

-

 

125

 

 

 

-

 

-

 

125

 

 

 

 

 

 

 

 

 

 

There were no exceptional costs in the 6 months ended 30 June 2016. In the year ended 31 December 2015 exceptional costs comprised the costs incurred in terminating the distributorship of SiS APAC (2014: nil).

 

 

 

 

 

 

5. Taxation

 

The corporation tax and deferred tax for the six months ended 30 June 2016 has been calculated with reference to the estimated effective tax rate on the operating results for the full year.

 

6. 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 six months ended 30 June 2016

 

Unaudited six months ended 30 June 2015

 

Audited twelve months ended 31 December 2015

 

 

 

 

£'000

 

£'000

 

£'000

 

 

 

 

 

 

 

 

 

(Loss)/profit for the financial period

 

 

 

(681)

 

(948)

 

(1,509)

 

 

 

 

 

 

 

 

 

Number of shares

 

 

 

Number

 

Number

 

Number

 

 

 

 

'000

 

'000

 

'000

Weighted average number of shares-basic and diluted

 

 

 

41,848

 

25,391

 

27404

 

 

 

 

 

 

 

 

 

EPS Summary

 

 

 

 

 

 

 

 

Basic and diluted loss per share

 

 

 

(1.6)p

 

(3.7)p

 

(5.5)p

 

 

 

 

7. Share Capital

 

The number of ordinary shares in issue as at 30 June 2016 is 43.216,919 shares (31 December 2016 40,244,807).

On 8 January 2016 220,420 ordinary shares were issued as consideration related to sponsorship services.

 

On 31 March 2016 2,748,964 ordinary shares were issued to the EBT to satisfy STIP and LTIP awards with respect to previous periods performance.

 

The number of shares held by the EBT and referred to as Treasury shares was 2,152,892, (30 June 2015: 643,932, 31 December 2015: 595,331 shares).

 

 

8. 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.

 

 

9. Copies of the interim report

 

The interim report for the six months ended 30 June 2016 can be downloaded from the Company's website www.scienceinsport.com. Further copies can be obtained by writing to the Company Secretary, Science in Sport plc, 16-18 Hatton Garden, Farringdon, London, EC1N 8AT.

 


This information is provided by RNS
The company news service from the London Stock Exchange
 
END
 
 
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