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UPDATE - Science in Sport cashes in on strong sales

Published: 22:24 09 Apr 2014 AEST

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--ADDS BROKER COMMENT--

Shares in Science in Sport (LON:SIS) raced ahead on Wednesday after the sports nutrition specialist reported a pick-up in sales in the second half of the year.

The company, which makes energy powders, isotonic gels and energy bars, said full-year sales are expected to show a rise of 24% to £6.8mln, having registered growth of 23% in the first six months of the year.

The company, which is fronted by Olympic cycling great Sir Chris Hoy, said the rate of growth was ahead of market expectations.

It has raised £2.3mln via a placing at 45p a share, the price at which the shares closed on Tuesday.

As part of the placing, chief executive Stephen Moon is subscribing for 222,223 shares worth £100,000.

Science in Sport has enjoyed growth across all its distribution channels, including in supermarkets, high street stores, and online.

Japan’s Shimano will start selling its products in eight European countries at the beginning of next month, it added.

City brokers Shard Capital said Science in Sport’s management have an impressive track record, and the company is quickly being established as a leading brand with the help of its high profile brand ambassadors. 

Shard’s Gareth Burchell said the broker is backing management’s experience and knowledge of the growing sports nutritional market. 

“The company has exceeded market expectations with today’s trading update and it’s nice to see an oversubscribed placing to help them achieve their growth plans,” Burchell said.

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