Science in Sport H1 revenues drop less than expected

Sports nutrition business Science in Sport posted a softer than expected drop in revenues during the first half of 2020, driven by a shift to online sales and strong growth in the US.

Group revenues were down just 5% at £23.6m despite significant disruptions caused by the Covid-19 pandemic, as SiS brought in £11.9m and its PhD brand reported revenues of £11.7m - down 5% and 6%, respectively.

Science in Sport said online channels performed "very strongly", with its e-Commerce platform delivering revenues of £6m across all markets, 27% ahead of 2019, while export retails grew 2% to £5.8m.

US revenues were up 30% year-on-year at £1.5m, with the group now expecting a "significantly reduced" underlying loss from the country.

"While the outlook remains uncertain, and the board believes it is too early to reinstate financial guidance, the strategic drivers of the business remain strong," said SiS.

"We expect to return the business to its proven growth trajectory as and when the pandemic abates."

As of 1300 BST, Science in Sport shares were up 1.52% at 31.98p.