Science In Sport, the London-listed nutrition company, has reported a narrowed pretax loss for the first half of the year. By cutting costs and experiencing record performance over the past four months, the company was able to improve its financial position.
For the six months ended June 30, Science In Sport reported a pretax loss of £3.3 million ($4 million), compared to a loss of £7.2 million during the same period last year. Despite this, revenue increased from £32.3 million to £34.4 million.
Positive Performance Metrics
Adjusted earnings before interest, taxes, depreciation, and amortization (EBITDA), an important metric for the company, improved significantly. It reached £1.1 million, compared to a loss of £2.8 million in the prior year.
CEO Stephen Moon stated that although they expect the second half of the year to align with the first half, the overall full-year outcome is heavily influenced by the fourth quarter. However, if consumer confidence does not deteriorate significantly, the company anticipates further margin improvements and a strong finish to the year.
Long-Term Growth Target
The board of Science In Sport has set a long-term growth target of reaching £100 million in revenue.
New Nonexecutive Chairman
Dan Wright has been appointed as the new nonexecutive chairman, replacing John Clarke who is stepping down. Wright previously served as executive chairman of Accrol Group Holdings and played a crucial role in turning around the business.