TIDMSIS
RNS Number : 3822E
Science in Sport PLC
29 June 2023
The following sentence has been deleted from note 1 of the Notes
to the Consolidated Financial Statements for the full year results
announcement released on 29 June 2023 at 7.00 am with RNS number
3025E as the results are unaudited: "The auditors' report on the
statutory accounts for the year ended 31 December 2022 and the year
ended 31 December 2021 is unqualified, does not draw attention to
any matters by way of emphasis, and does not contain any statement
under section 498 of the Companies Act 2006." All other details
remain unchanged.
THIS ANNOUNCEMENT CONTAINS INSIDE INFORMATION AS STIPULATED
UNDER THE MARKET ABUSE REGULATION (EU NO. 596/2014) AS IT FORMS
PART OF UK DOMESTIC LAW BY VIRTUE OF THE EUROPEAN UNION
(WITHDRAWAL) ACT 2018 ("MAR").
Science in Sport plc
("Science in Sport", the "Company" or the "Group")
Unaudited Preliminary Results for the Year Ended 31 December
2022
Science in Sport plc (AIM: SIS), the premium performance
nutrition company serving elite athletes, sports enthusiasts, and
the active lifestyle community, is pleased to announce its
unaudited results for the financial year ended 31 December
2022.
Stephen Moon, Chief Executive Officer of Science in Sport plc,
said:
'After a good start to 2022, input price inflation, a
challenging consumer environment, and supply chain issues related
to global events adversely affected us. We reacted quickly and we
spent the summer months restructuring our operations and cost base.
In addition, we successfully commissioned our world-class Blackburn
supply chain facility.'
'In 2023, we are well set for profitable growth, as evidenced by
sales growth over the last four months. Our retail business,
domestically and internationally, is delivering profitable growth,
and our Amazon business is performing significantly above the same
period last year. A new partnership in the USA has step-changed
EBITDA performance in this channel. While China was affected by
COVID in Q1 2023, the business delivers a strong EBITDA margin, and
we expect the recovery to continue in H2.'
'Our brands are healthy, and the innovation pipeline is strong.
With improved margins in all channels and markets and building
revenue momentum, we are confident of executing our 2023 plan. Our
goals for the year are profitable growth, a healthy EBITDA margin,
and cash breakeven. Our medium and long-term ambitions remain
unchanged.'
Highlights
For the year-ended 31 December 2022, the business responded to
unprecedented increases in input costs, a weakening in consumer
confidence, and one-offs related to global events by quickly
introducing a range of mitigating actions. We successfully
commissioned the new Blackburn supply chain operation in parallel,
which is now delivering substantial efficiencies.
While financial results for the year were substantially below
our initial expectations given these external factors, our actions
have delivered improved margins and, together with the robustness
of our brands, have led to a solid start to 2023.
In 2023 we are seeing building sales momentum to record monthly
revenue levels and expect to deliver positive EBITDA(1) for the
year. All working capital facilities have successfully been renewed
to April 2024.
Trading results
-- Revenue growth of 2.0% to GBP63.8m (FY 2021: GBP62.5m).
Adversely impacted in the year by -GBP4.3m due to the closure of
our Russian business (GBP1.7m), port congestion issues in the US
(GBP0.9m) and supply chain issues of PhD Smart Bars over the summer
from our supplier (GBP1.7m)
-- Underlying EBITDA(1) loss of GBP2.7m (FY 2021: GBP1.5m
profit) with H2 being EBITDA break-even
-- Loss before tax of GBP10.6m (FY 2021: GBP5.3m) impacted by
raw material cost pressures and transition costs to the new
Blackburn facility
-- PhD Nutrition revenue grew by 15% to GBP34.1m (FY 2021:
GBP29.6m) with strong growth in Marketplace and Retail channels
-- Science in Sport revenue reduced by 10% to GBP29.7m (FY 2021:
GBP32.9m) predominantly due to reduced Digital revenue partially
offset by growth in Retail channels
-- Capital investment of GBP8m (FY 2021: GBP6.5m) which
completed the strategic investment cycle, culminating in the
transition to the fully operational Blackburn facility
-- Headroom of GBP4m in facilities at 31 December 2022 with cash
at bank of GBP0.9m (FY 2021: GBP4.9m),
-- Pre IFRS 16 net debt(2) of GBP10.9m as a result of full-year
peak cash outflow, given the strategic capital investment at the
Blackburn site is now complete
Execution of long-term strategy
-- A strategic review completed in April 2023 by an independent
consultant concluded shareholders' interests were best served by
maximising value through the execution of the profitable growth
plan
-- The peak capital investment cycle was completed with the
successful transition to the state-of-the-art Blackburn facility,
which has the capacity to generate over GBP200m in revenue
-- Continued execution of the global omnichannel route to
market, leveraging existing and new partnerships
-- The realisation of margin improvements driven by the new
Blackburn facility and customer price rises put in place across all
channels
-- Delivery of sustainable cash-generative profitability in the
medium term, with a target of cash breakeven for FY 2023.
Current Trading and Outlook
Previously reported Q1 2023 revenue was GBP15.6m representing
growth of 2.3% versus Q1 2022, despite COVID affecting our business
in China and Amazon executing a global destocking programme.
Momentum is building, as evidenced by revenues for each of April
to June being records for the respective months. We expect revenue
growth for H1 to be approximately 7%, with Q2 growth of
approximately 12%. Due to our extensive change programme, the
trading contribution(3) will be approximately 19% compared with 11%
for the same period in 2022. Given the superior trading
contribution and tight overhead control, we expect to be EBITDA
positive in H1.
With our three-year capital investment programme completed,
capital expenditure (including technology and new product
development) for 2023 will be approximately GBP1.5m (FY2022:
GBP8.0m), with this lower level of spending to continue in
2024.
Notes
(1) before interest, tax, depreciation, amortisation,
share-based payments and foreign exchange variance on intercompany
balances, restructuring costs, Blackburn transition costs and costs
related to the equity raise and strategic review
(2) Net debt is defined as cash, less banking working capital
facilities and asset financing and excludes property leases
(3) gross margin less advertising and promotions, carriage and
online selling costs
For further information:
Science in Sport plc T: 020 7400 3700
Stephen Moon, CEO
Daniel Lampard, CFO
Liberum (Nominated Adviser and T: 020 3100 2000
Broker)
Richard Lindley
William Hall
Lucas Bamber
CHAIRMAN'S STATEMENT
After a strong start in the first quarter of 2022, including a
record sales month in March and following the Company's consistent
ten--year high growth track record, the business was impacted in
the second quarter of 2022 by global events, reduced consumer
confidence and specific one--off events affecting sales and
costs.
In light of the economic and trading environment, in September
2022 the Board took the decision to strengthen the balance sheet
with a placing of new ordinary shares raising gross proceeds of
GBP5m.
At the same time in September 2022 the Board announced the
initiation of a Strategic Review.
This review was completed in April 2023, and the Board concluded
that shareholders' interests are best served by seeking to maximise
value through focusing on accelerating the profitable growth of the
business under an ambitious growth and efficiency plan.
The Board's decision is consistent with that of the independent
corporate adviser appointed to advise on the Strategic Review.
The key drivers of the Board's decision were:
-- A high level of confidence that the business model,
operational and marketing assets and strategy will provide long
term profitable growth in global markets; and
-- A high level of confidence in the Board's comprehensive
prioritised profitable growth plan to build progressively to
industry profitability benchmarks.
-- Trading in the year to date in 2023 indicates that the
business is responding well to the new plan, with growth across
both different geographies and sales channels, price increases, and
lower costs attributed to the recently commissioned manufacturing
and distribution facility, all contributing to improved
profitability.
Strategic investment complete
Our decade-long high growth trajectory required us to invest in
additional manufacturing and supply chain capacity to meet our
strategic plan and maintain our competitive edge in gross margin.
We completed a GBP7.5m investment in our 160,000 sq. ft.
world-class supply chain site with supply capability to generate
over GBP200m in revenue. It opened on schedule as a logistics
operation in April. In September, we finished the commissioning of
the gel line, two protein powder lines and installed our e-commerce
packing operation.
At the end of 2022 we commissioned a state-of-the-art protein
bar line which is now fully operational. This asset eliminates
proposed substantial 2023 co-manufacturing cost increases and will
contribute significantly to profitability. In addition to a
transformation in margin, the new line underpins innovation
projects which are expected to deliver incremental revenue in
2023.
We are pleased to report that the Blackburn operation is
delivering savings in line with the investment case, with further
efficiencies anticipated in 2023.
In February 2023, our USA business transferred to 'The Feed',
the leading online distributor of endurance nutrition brands in the
region. As well as accessing our core consumer market, the deal
results in a strong improvement in expected cash generation for
2023.
A strategic partnership has been agreed for our already strong
Marketplace business with Flywheel Digital, the global leader in
Amazon growth delivery. 2023 sales to consumers are showing good
growth, and we expect to see this continue because of the new
partnership.
Overview
While our results reflect a challenging year with an
unprecedented backdrop of reduced consumer confidence, input price
increases, supply chain issues and the closure of our Russia
business, we put in place a number of actions during H2 which are
delivering positive results.
Group revenue was GBP63.8m (FY 2021: GBP62.5m), up 2.0% on prior
year, with our UK Retail, International and Marketplace delivering
encouraging growth.
Underlying EBITDA(1) loss of GBP2.7m (FY 2021: GBP1.5m profit),
due predominantly to the higher input costs in H1, with H2 being
break-even as mitigations of customer price rises, supply chain
efficiencies and the benefits of the restructuring came into
effect.
The reported loss before tax was GBP10.6m (FY 2021: GBP5.3m
loss), the increased loss predominantly due to the impact of
underlying trading EBITDA, non-recurring costs related to the
transition to Blackburn and the one-off restructuring costs.
As noted above, we completed the strategic investment cycle
resulting in peak cash outflows for the Group. The Group's cash at
bank on 31 December 2022 was GBP0.9m (31 December 2021: cash at
bank of GBP4.9m), with over GBP4m headroom in place as at 31
December 2022.
We demonstrated our business's ability to react promptly to
unprecedented challenges in the year, executing mitigating and
value enhancing actions to place the business in a strong position
as we exited 2022.
Our proven growth strategy remains unchanged, focusing on
science and elite-led product innovation, building brand equity,
driving global online scale supported with world-class data
science, through an efficient supply chain.
Our People
We streamlined the business during 2022 and now have in place a
leaner executive and senior leadership team which is optimal for
the Company. This has delivered cost savings and improved the
efficiency of executing the strategic objectives.
The business underwent huge change during the year with the
transition to the Blackburn facility, and due to the huge effort
and commitment of the entire workforce the project was delivered
on-time with minimal business disruption.
We have a world class team in place across all parts of the
organisation who have shown outstanding commitment during a
turbulent year.
On behalf of the board and myself, I would like to thank our
employees, suppliers and customers for their invaluable
contributions and support in what has been an unprecedented trading
environment with significant challenges.
Development of the Board
The Board must ensure the Group is managed for the long--term
benefit of all shareholders, with effective and efficient
decision--making. Corporate governance is an essential part of that
role, reducing risk and adding value to our business.
The board regularly reviews the environmental, social and
governance performance of the group. This year we have shown
industry leadership in recyclable packaging, Real Living Wage and
Carbon Neutral accreditation.
John Clarke
Non-Executive Chairman
29 June 2023
Notes
1 before interest, tax, depreciation, amortisation, share-based
payments and foreign exchange variance on intercompany balances,
restructuring costs, Blackburn transition costs and costs related
to the equity raise and strategic review
CEO's REPORT
Strategic Intent
Although 2022 was challenging, we ended the year in a much
stronger position and are well positioned for 2023. The macro
trends of the COVID-19 pandemic, with consumers increasing focus on
health and wellbeing expected to continue, and the sports nutrition
market, worth $24.6bn in 2022 is forecast to grow by a 5.9% CAGR
from 2022 to 2027(4) .
Our medium-term ambition is unchanged, to deliver GBP100 million
of revenue, with high cash generation. The key drivers of our
proven growth strategy remain:
-- Win in Science, Win in Product, Win in Elites: premium
products based on leading scientific research and used by elite
teams globally to win
-- Premium Brand: investment in brand awareness, driving
conversion and usage with the highly engaged consumers in the
category
-- Best in Class Data Science: driving customer acquisition,
retention, and revenue through investing in our customer data
platform and technology
-- Global Online Scale: growth driven by the two pillars of our
digital platform and marketplace business, enabling us to grow
strategic markets globally
-- Efficient Supply Chain: simpler, more cost-effective,
scalable, and increasingly in-house, driven from our new Blackburn
supply chain site
Win in Science, Win in Product, Win in Elites
Revenue from new products was GBP2.9m for the period (FY 2021:
GBP3.9m) reflecting a lower number of new product launches in the
year, consistent with management's plan.
Our Win in Elites operation supported over 320 elite teams
globally during the year. We have customer relationships at the
highest levels in football, cycling, cricket, professional
basketball, American football, rugby union, rugby league, running
and other sports. The strong link between our Win in Science team
and elite sport is critical in our strategy and underpins our
premium brands.
We have extended our reach into world class running with the
signing of the Elite Running team (over 90 individuals) which
includes Gotytom Gebreslase (World Champion Marathon holder) and
numerous gold and world record holders.
Premium Brands
PhD has made strong progress in brand awareness and has
maintained its position as the number #3 brand in the UK market,
and is number #1 in Lean Whey and the number #2 sports nutrition
bar in the UK(5) .
Science in Sport continues to enjoy market leadership in
endurance nutrition in the UK in awareness, all brand equity
scores, and conversion to purchase. We remain the number #1
Endurance Brand in UK Retail(5) .
Both brands have market leading conversion from awareness to
purchase online, and brand equity scores are extremely strong
across all measures.
We became an official performance partner to Tottenham Hotspur
and Nice football clubs during the year. We continued our
partnership with the Milwaukee Bucks and retained our long-standing
relationship with Ineos Grenadiers cycling. Win in Science and Win
in Elites are a key element of the Science in Sport brand
strategy.
Our focus on quality remains, and our brands continue to be two
of the top four major sports nutrition brands in the UK in 2022, as
measured by Trustpilot.
Blackburn investment complete
Gross margin decreased to 42% (FY 2021: 50%), due to higher
input costs, reduced mix of online revenue and the lag in achieving
price rise increases that came into effect in the latter half of FY
2022. We have reacted quickly to these challenges through two waves
of customer price increases, restructuring the business and having
the Blackburn site fully operational.
The 160,000 sq ft facility gives headroom to grow in excess of
GBP200m in revenue, consolidating the Group's four operational
sites to one has delivered immediate supply chain savings.
Medium-term we foresee improving margins as a key driver of
profitability.
In addition to the gel line and two protein lines we invested in
a bar line at the end of the year which will give us both cost and
operational efficiencies that will benefit margin in 2023.
Technology and Data Science
2021 saw us build a high-quality in-house technology and data
science team, this being a key strategic enabler to providing
valuable consumer insight, and we continued to invest during
2022.
Although our own channel digital online revenue volumes reduced
during the year, this was driven from lower traffic volumes, while
both our conversion and average order value ('AOV') grew year on
year (on a like for like basis). The benefits in conversion and AOV
were both being driven from the investment we have made in the
ecommerce platform.
We have recently launched our subscription offering to
customers, which is underpinned by the ecommerce platform and
consumer insight we have generated over the last 18 months.
Segmental Performance
2022 2021
SiS PhD Total SiS PhD Total
GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000
--------------- -------- -------- -------- -------- -------- --------
Digital 8,859 3,618 12,477 10,974 5,105 16,079
Marketplace 6,377 14,882 21,259 8,230 10,581 18,811
--------------- -------- -------- -------- -------- -------- --------
Global Online 15,236 18,500 33,736 19,204 15,686 34,890
--------------- -------- -------- -------- -------- -------- --------
International
Retail 6,491 3,904 10,395 6,208 3,374 9,582
UK Retail 7,981 11,661 19,642 7,527 10,540 18,067
--------------- -------- -------- -------- -------- -------- --------
Retail 14,472 15,565 30,037 13,735 13,914 27,649
--------------- -------- -------- -------- -------- -------- --------
Total sales 29,708 34,065 63,773 32,939 29,600 62,539
--------------- -------- -------- -------- -------- -------- --------
Global Online
Online sales decreased 4% to GBP33.7m (FY 2021: GBP34.9m).
Online sales via the Group's digital platforms were down 23% with
third--party marketplace sites up 12%. The reduction in our own
channel digital sales was driven from lower traffic and the
decision to cease operating the Japanese and Australian sites. Our
marketplace channel (comprising Amazon, China and smaller
marketplace channels such as eBay) performed well with growth of
12%, driven from strong growth in China partially offset by a
reduction in our Amazon sales due to their global destocking in the
latter half of FY 2022. Overall, online sales accounted for 53% of
total sales (FY 2021: 56%).
Our US business was broadly flat delivering GBP4.7m (FY 2021:
GBP4.8m). We have recently formed an exclusive partnership with the
feed.com, who are the number one endurance sports nutrition direct
to consumer business in the US. The feed.com will be responsible
for operations and fulfilment of our products in the US to both
direct to consumer and marketplace channels. The partnership took
effect in Q1 FY 2023 and is expected to yield significant
improvements in overall contribution in FY 2023.
UK Retail
UK Retail delivered another year of solid growth, with sales
rising by 9% to GBP19.6m (FY 2021: GBP18.1m). Major grocery
accounts grew steadily at 3%, but the main source of growth was
through our High Street channel which grew by 24%. We strategically
exited from some smaller, lower margin convenience stores.
PhD Retail sales grew by 11%. We are the second largest
manufacturer on sports nutrition shelves in UK Retail as well as
the number #1 manufacturer of lean whey powder and plant-based
protein powders, with our growth outperforming the category. In
plant protein bars, we are number #1, and in sports nutrition
protein bars we are number #2 in grocery.
Science in Sport delivered growth of 6% in UK Retail, with our
high gross margin gels continuing their consistent growth trend.
Science in Sport is still the clear number #1 in endurance
nutrition in UK Retail.
International Retail
International Retail had strong growth, and sales were GBP10.4m
(FY 2021: GBP9.6m), 8% up on the prior year. This was achieved
despite the closure of our Russian business resulting in lost
revenue of GBP1.4m.
In 2022, we exited multiple markets, to focus on building scale
in key global economies. We developed our business with our
strategic global partner Shimano which delivered growth of 23%.
Both PhD and Science in Sport grew in the Baltics very strongly and
continued to grow in Germany and Italy.
Overall, PhD International Retail grew 16%, with Science in
Sport also growing solidly by 5%.
ESG
As a premium performance nutrition business, we recognise our
impact on the wellness of our colleagues and the wider community.
It is important our actions help to drive positive, sustainable
change in the environment and society.
All PhD and Science in Sport protein containers are recyclable.
For bar and gel wrappers not currently recyclable at kerb side we
offered a specialised recycling solution for customers.
Consolidating operations into the new Blackburn site is reducing
carbon emissions, as we previously were moving product between the
multiple sites in the existing footprint. The new building
incorporates many energy saving features such as low flow plumbing
fixtures, programmable air temperature control units, LED lighting
and the use of natural daylight to reduce lighting requirements.
These actions partly offset increasing emissions from international
online sales. We continue to be accredited as Carbon Neutral by
Carbon Neutral Britain.
We support a wide range of initiatives to facilitate sportswomen
and men from disadvantaged and under-represented communities. We
have a long-term relationship with Los Angeles Bike Academy to
support underserved communities and give young athletes new
opportunities in the workplace and in cycle racing.
We are partners to Black Unity Bike Ride, Football Beyond
Frontiers, and Tour de Lunsar cycling race in Sierra Leone, which
is West Africa's largest grassroots race. We partner L39ION of Los
Angeles cycling team, whose aim is to eliminate boundaries, promote
diversity, and provide a pathway for young athletes from all
backgrounds.
The diversity of our workforce is a strength, and in 2022 19% of
our workforce identified as non-UK nationals, ahead of the 15% UK
average in the 2022 ONS Labour Force Survey. We completed the
Gender Pay Gap report in 2022 with a 55%/45% divide of men and
women in relation to pay.
We retained our position as a Real Living Wage employer during,
following the success of the second year of the partnerships, we
continued working with Career Ready and expanded employment and
work experience opportunities by working with local colleges in
low-income areas.
We have an extensive wellbeing programme in place for all our
colleagues, which ranges from company-wide wellness events, through
to access to confidential mental health support.
The Board has adopted the QCA corporate governance Code in line
with the LSE requirement that AIM-listed companies adopt and comply
with a recognised corporate governance code. This policy is
reviewed and updated annually. Full corporate governance disclosure
can be found on our sisplc.com website.
Outlook
We are delivering a return to profitable growth year to date for
2023.
Previously reported Q1 2023 revenue was GBP15.6m representing
growth of 2.3% versus Q1 2022, despite COVID affecting our business
in China and Amazon executing a global destocking programme.
Momentum is building, as evidenced by revenues for each of April
to June being records for the respective months. We expect revenue
growth for H1 to be approximately 7%, with Q2 growth of
approximately 12%. Due to our extensive change programme, the
trading contribution(3) will be approximately 19% compared with 11%
for the same period in 2022. Given the superior trading
contribution and tight overhead control, we expect to be EBITDA
positive in 2023.
With our three-year capital expenditure programme completed,
capital expenditure (including technology and new product
development) for 2023 will be approximately GBP1.5m (FY2022:
GBP8.0m), with this lower level of spending to continue in
2024.
Stephen Moon
Chief Executive Officer
29 June 2023
Notes
3 gross margin less advertising and promotions, carriage and
online selling costs
4 Euromonitor Passport Database Global Assessment (October
2022)
5 Nielsen IQ L52week, L12wks 11th Feb 2023
FINANCIAL REVIEW
Revenue
The Group delivered GBP63.8m revenue in the year ended 31
December 2022, up 2.0% on prior year (FY 2021: GBP62.5m).
Retail channels grew 9% year on year and now represent 47% of
Group sales, with online channels declining by 4% being 53% of the
Group sales.
Profitability
2022 2021
H1 H2 Total H1 H2 Total
GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000
-------------------------------------------- --------- --------- --------- --------- --------- ---------
Revenue 32,279 31,494 63,773 29,264 33,275 62,539
Cost of goods (18,473) (18,364) (36,837) (14,048) (17,141) (31,189)
-------------------------------------------- --------- --------- --------- --------- --------- ---------
Gross profit 13,806 13,130 26,936 15,216 16,134 31,350
Selling & general administration costs (10,223) (7,388) (17,611) (9,850) (9,780) (19,630)
-------------------------------------------- --------- --------- --------- --------- --------- ---------
Trading contribution 3,583 5,742 9,325 5,366 6,354 11,720
Underlying operating expenses (6,383) (5,631) (12,014) (5,083) (5,131) (10,214)
-------------------------------------------- --------- --------- --------- --------- --------- ---------
Underlying EBITDA (2,800) 111 (2,689) 283 1,223 1,506
Depreciation and amortisation (2,571) (2,237) (4,808) (1,660) (1,974) (3,634)
Foreign exchange variances on intercompany
balances 60 (159) (99) (44) (28) (72)
Share-based payment charges (660) 398 (262) (1,418) (1,480) (2,898)
Blackburn transition costs (618) (457) (1,075) - (125) (125)
Restructuring and one-off costs (272) (616) (888) - - -
Loss from operations (6,861) (2,960) (9,821) (2,839) (2,384) (5,223)
-------------------------------------------- --------- --------- --------- --------- --------- ---------
The Group generated a gross profit of GBP26.9m (FY 2021:
GBP31.4m) with a gross margin of 42% compared with 50% in 2021.
Gross margin was significantly impacted by raw material price
increases of over GBP4m in 2022, offset by GBP0.6m of price
increases, with channel and brand mix having a negative impact of
GBP1.8m partially offset by a positive volume impact of GBP0.6m.
Further price rises were introduced in Q4 FY 2022 and Q1 FY 2023
addressing the input price increases that occurred in 2022.
Trading contribution was GBP9.3m (14.6% contribution margin) (FY
2021: GBP11.7m; 18.7% contribution margin) which was impacted by
the flow through of raw material price increases. Cost mitigations
from reduced advertising and promotion spend and logistic
efficiencies with moving into the site at Blackburn delivering a
partial offset. The H2 position showing significant recovery, with
trading contribution margin in H2 FY 2022 of 18.2% compared to H1
FY 2022 of 11.1%.
Selling and administration costs of GBP17.6m (FY 2021: GBP19.6m)
decreased by GBP2m in the year, with significant reductions year on
year in H2. This being due to advertising and promotional
efficiencies, largely through reduced digital performance marketing
spend and logistical cost savings due to Blackburn efficiencies and
lower direct to consumer costs as a result of lower volumes.
Underlying operating costs increased by GBP1.8m year on year,
with the increase predominantly being in H1. As a result of people
restructuring and efficiencies due to the transition to the
Blackburn site, the costs reduced significantly in H2 by GBP0.8m
when comparing H2 FY 2022 (GBP5.6m) to H1 FY 2022 (GBP6.4m). The
Group has good levels of visibility on these costs due to them
relating to people, premises and related overhead costs. The Group
has fixed energy tariffs in place utill 2025 for electricity and
2027 for gas.
Underlying EBITDA(1) was a loss of GBP2.7m, a reduction from a
profit of GBP1.5m in FY 2021. The reported loss before tax is
GBP10.6m (FY 2021: GBP5.3m loss). EPS was lower at -7.9p (FY 2021:
-4.1p as restated).
The Group has chosen to report underlying EBITDA(1) as an
alternative performance measure. This is adjusted for depreciation,
amortisation, non--cash share-based payments, forex on intercompany
balances, Blackburn transition costs and material one-off costs.
The Board believes this provides additional useful information for
Shareholders to assess an underlying profit performance more
closely aligned to a cash profit value, excluding one-offs. This
measure is used by the Board for internal performance analysis. A
reconciliation of underlying EBITDA to profit from operations is
presented in note 1.
Working capital
As at 31 December 2022, the Group held inventory of GBP6.6m (31
December 2021: GBP8.4m). Inventory levels decreased as we managed
the supply chain tightly to ensure efficient working capital and
ensure optimal cover.
The year on year increase in trade debtors of GBP2.9m was due to
the increased mix of B2B revenue compared to direct to consumer.
The latter channel results in cash receipts within days of sales
compared to B2B which typically ranges between 60 to 90 days.
Correspondingly, the year on year increase in trade and other
payables of GBP5.1m, has predominantly been due to the introduction
of an invoice financing facility of GBP4.5m to assist with the
Group's management of working capital due to the increased mix of
B2B revenues.
Intangible Assets
Total intangible additions during 2022 were GBP1.9m, with
GBP1.2m being on technology spend and GBP0.7m on product
development. Technology spend relates to investment on the
warehouse management system and ecommerce platform, and product
development spend in relation to a number of elite and commercial
products across both brands.
Fixed Assets
Total fixed asset additions during 2022 were GBP6.0m with a
further GBP1.3m work in progress related to the new bar line
delivered in December 2022. This completes the strategic investment
cycle of peak cash outflows with the Blackburn investment complete.
Ongoing capital expenditure of fixed assets is anticipated to be in
the range of GBP0.5m-GBP0.75m excluding any strategic investment
opportunities.
Cash position
Cash at bank at year end 2022 was GBP0.9m (FY 2021: GBP4.9m),
lower than prior year due to capital investment of GBP8.0m (FY
2021: GBP6.5m), for the new Blackburn site, technology investment
and new product development.
A GBP6.0m flexible invoice credit facility with HSBC, our
principal bankers, was drawn to GBP4.5m. Additional trade finance
facilities of GBP2.7m were drawn at year-end. Total headroom on the
combined working capital facilities (including the undrawn element
of the virtual card) including cash was over GBP4m at the year-end.
All banking working capital facilities were successfully renewed to
April 2024, as part of an annual renewal cycle. As our business
continues to grow, particularly through the B2B channels, we will
continue to work with HSBC during FY 2023 on the optimal structure
of our facilities to ensure the appropriate financing over the
medium term.
Additionally the Group has a GBP3.4m asset finance agreement
with Lombard and residual equipment leases of GBP0.3m.
Share-based payments
The Company operates both a Short-Term Incentive Programme
("STIP") and a Long-Term Incentive Programme ("LTIP"). Together,
the Share Option Plan ("SOP") was approved by the Remuneration
Committee in June 2014 in line with the proposal contained in the
Company's AIM Admission document published in August 2013. A LTIP
scheme for financial years 2020--2022 is in place.
No charge was recognised for the 2022 LTIP and STIP schemes
(2021 schemes: GBP2.1m).
Taxation
The tax charge in the year is GBP0.3m (FY 2021: GBP0.2m charge
following a prior year restatement. The Group has cumulative tax
losses of GBP29.1m (FY 2021: GBP17.7m), a proportion of which the
Group will look to use to cover future profits. The restatement was
necessary as in the prior year the deferred tax asset recognised in
respect of losses was linked to management's estimate of future
taxable profits, rather than initially looking to the deferred tax
liabilities already recognised.
Going concern
The Group made a loss after tax for the year attributable to
owners of the parent of GBP10.9m (FY 2021: loss of GBP5.6m) of
which GBP5.1m was non-cash items such as depreciation, amortisation
and share-based payments. The net decrease in cash at bank at the
year ended 31 December 2022 was GBP3.9m (FY 2021: GBP5.6m
decrease), this was primarily due the trading performance in H1 FY
2022, the transition to Blackburn and completion of the strategic
capital investment cycle.
As at 31 December 2022, following the equity raise, the Group
had cash at bank of GBP0.9m (31 December 2021: GBP4.9m), and
headroom in facilities of over GBP4m. These facilities include
working capital facilities of GBP11.1m which are renewed annually
and are currently due to be next renewed in April 2024. Due to the
nature of these facilities, which are secured against the working
capital of the business and includes a blue chip trade debtor book
and realisable inventory, and the strong relationship with the
bank, the Directors expect this to be renewed annually going
forward.
While FY 2022 was a challenging year, particularly during H1, a
number of corrective actions occurred during H2 which position the
business in a stronger position. Customer price rises have been put
in place, the operating model of the business is much leaner, the
consolidation into Blackburn is driving efficiencies and we have no
significant fixed asset capital investment requirements. Trading at
the start of 2023 has been positive and we have delivered our
highest revenue month in the history of the business in March 2023,
with the positive growth continuing into Q2, with May YTD FY 2023
revenue growth of 6% to GBP27.7m (FY 2022: GBP26.1m).
In the event of a shock or prolonged economic downturn we have a
number of mitigating actions that could be taken, plus a high level
of cost protection in place.
Over 70% of our raw materials are on fixed pricing for the
remainder of FY 2023 and we have fixed prices for our utilities
(electricity fixed to 2025; gas fixed to 2027), rent, rates and
insurance costs. In addition we have significant non-commited
budgeted spend for marketing and technology that could be reduced
with immediate effect if required.
With regards sensitivity analysis, management have prepared
scenario planning of different revenue outcomes, including
interruption of trade, no sales growth, and customer failure to
stress-test potential impacts on the cash position of the business,
and concluded that in each of these downside stress tests
sufficient liquidity is in place. The Directors have prepared
projected cash flow information for the period ending 31 December
2024.
Accordingly, the Directors have a reasonable expectation that
the Company will have sufficient cash to meet all liabilities as
they fall due for a period of at least 12 months from the date of
approval of t
hese financial statements.
Notes
1 before interest, tax, depreciation, amortisation, share-based
payments and foreign exchange variance on intercompany balances,
restructuring, Blackburn transition costs, costs related to the
equity raise and strategic review
CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME
Year ended Year ended
31 December 31 December
2022 2021
(as restated)
Notes GBP'000 GBP'000
-------------------------------------------- ------ ------------ --------------
Revenue 2 63,773 62,539
Cost of goods (36,837) (31,189)
-------------------------------------------- ------ ------------ --------------
Gross profit 26,936 31,350
Operating expenses 4 (36,757) (36,573)
-------------------------------------------- ------ ------------ --------------
Loss from operations (9,821) (5,223)
-------------------------------------------- ------ ------------ --------------
Comprising:
Underlying EBITDA 1 (2,689) 1,506
Share-based payment expense (262) (2,898)
Depreciation and amortisation (4,808) (3,634)
Foreign exchange variances on intercompany
balances (99) (72)
Restructuring and one-off costs (888) -
Blackburn new facility transition
costs (1,075) (125)
-------------------------------------------- ------ ------------ --------------
Loss from operations (9,821) (5,223)
Finance income - 5
Finance costs (757) (119)
Loss before taxation (10,578) (5,337)
Taxation expense (332) (216)
-------------------------------------------- ------ ------------ --------------
Loss for the year (10,910) (5,553)
Other comprehensive income
Cash flow hedges 2 9
Exchange differences on translation
of foreign operations (21) (62)
Income tax relating to these items - (2)
-------------------------------------------- ------ ------------ --------------
Total comprehensive loss for the
year (10,929) (5,608)
-------------------------------------------- ------ ------------ --------------
Loss per share to owners of the parent
Basic and diluted - pence 5 (7.9p) (4.1p)
All amounts relate to continuing operations.
CONSOLIDATED STATEMENT OF FINANCIAL POSITION
As at 31
As at December
Company number: 08535116 31 December 2021
2022 (as restated)
Notes GBP'000 GBP'000
-------------------------------------- ------ ------------ --------------
Non-current assets
Intangible assets 30,739 31,717
Right-of-use assets 10,536 10,659
Property, plant and equipment 10,338 5,251
Total non-current assets 51,613 47,627
-------------------------------------- ------ ------------ --------------
Current assets
Inventories 6 6,638 8,447
Trade and other receivables 7 16,524 12,679
Cash and cash equivalents 930 4,850
-------------------------------------- ------ ------------ --------------
Total current assets 24,092 25,976
-------------------------------------- ------ ------------ --------------
Total assets 75,705 73,603
-------------------------------------- ------ ------------ --------------
Current liabilities
Trade and other payables 8 (19,993) (14,865)
Provision for liabilities (901) -
Lease liabilities (415) (161)
Asset financing (843) (316)
Hire purchase agreement (80) (77)
Total current liabilities (22,232) (15,419)
-------------------------------------- ------ ------------ --------------
Non-current liabilities
Lease liabilities (10,261) (10,511)
Asset financing (2,839) (1,182)
Hire purchase agreement (82) (162)
Total non-current liabilities (13,182) (11,855)
-------------------------------------- ------ ------------ --------------
Total liabilities (35,414) (27,274)
Net assets 40,291 46,329
-------------------------------------- ------ ------------ --------------
Capital and reserves attributable to
owners of the parent company
Share capital 17,242 13,510
Share premium reserve 53,134 51,839
Employee benefit trust reserve (429) (158)
Other reserve (907) (907)
Foreign exchange reserve (138) (117)
Cash flow hedge reserve - (2)
Retained deficit (28,611) (17,836)
-------------------------------------- ------ ------------ --------------
Total equity 40,291 46,329
-------------------------------------- ------ ------------ --------------
CONSOLIDATED STATEMENT OF CASH FLOWS
Year ended
Year ended 31 December
31
December 2021
2022 (as restated)
GBP'000 GBP'000
------------------------------------------------------------- ----------- ----------- --------------
Cash flows from operating activities
Loss for the financial year (10,910) (5,553)
Adjustments for:
Amortisation of intangible assets 2,919 2,702
Depreciation of right-of-use asset 963 226
Depreciation of property, plant and equipment 926 706
Interest expense 757 112
Taxation 332 216
Share based payment charge 262 2,898
------------------------------------------------------------- ----------- ----------- --------------
Operating cash (outflow)/inflow before
changes in working capital (4,751) 1,307
------------------------------------------------------------- ----------- ----------- --------------
Changes in inventories 1,809 (1,473)
Changes in trade and other receivables (3,737) (2,838)
Changes in trade and other payables (1,970) 2,842
------------------------------------------------------------- ----------- ----------- --------------
Total cash outflow from operations (8,649) (162)
------------------------------------------------------------- ----------- ----------- --------------
Cash flow from investing activities
Purchase of property, plant and equipment (6,013) (4,119)
Purchase of intangible assets (1,941) (2,420)
Net cash outflow from investing activities (7,954) (6,539)
------------------------------------------------------------- ----------- ----------- --------------
Cash flow from financing activities
Gross proceeds from issue of share capital 5,000 -
Share issue costs (371) -
Net proceeds from asset financing 2,184 1,498
Interest paid on asset financing (143) (2)
Net proceeds from invoice financing 4,523 -
Interest paid on invoice financing (119) -
Net proceeds from trade facility 2,733 -
Interest paid on trade facility (53) -
Principal repayments of lease liabilities (629) (359)
Interest paid on lease liabilities (442) (57)
Finance income - 5
Net cash inflow from financing activities 12,683 1,085
------------------------------------------------------------- ----------- ----------- --------------
Net decrease in cash and cash equivalents (3,920) (5,616)
Opening cash and cash equivalents 4,850 10,466
------------------------------------------------------------- ----------- ----------- --------------
Closing cash and cash equivalents 930 4,850
------------------------------------------------------------- ----------- ----------- --------------
CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
Share Share Employee Other Foreign Cash flow Retained Total
capital premium Benefit reserve exchange hedge deficit equity
Trust reserve reserve
reserve
GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000
At 31 December
2020 13,510 51,839 (191) (907) (55) (9) (15,148) 49,039
Total
comprehensive
loss for the
year (as
restated) - - - - (62) 7 (5,553) (5,608)
Transactions
with owners:
Issue of
shares held
by EBT to
employees - - 33 - - - (33) -
Share based
payments - - - - - - 2,898 2,898
At 31 December
2021 (as
restated) 13,510 51,839 (158) (907) (117) (2) (17,836) 46,329
--------------- ----------- --------- --------- --------- ----------- ----------- -------------- ---------
Total
comprehensive
loss for the
year - - - - (21) 2 (10,910) (10,929)
Transactions
with owners:
Issue of
shares 3,732 1,295 (398) - - - - 4,629
Issue of
shares held
by EBT to
employees - - 127 - - - (127) -
Share based
payments - - - - - - 262 262
At 31 December
2022 17,242 53,134 (429) (907) (138) - (28,611) 40,291
--------------- ----------- --------- --------- --------- ----------- ----------- -------------- ---------
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
1. Accounting policies
This results announcement for the year ended 31 December 2022
has been prepared in accordance with UK adopted International
Accounting Standards. The accounting policies applied are
consistent with those that will be set out in the Science in Sport
plc Annual Report and Accounts for the year ended 31 December
2022.
The financial information contained within this results
announcement for the year ended 31 December 2022 and the year ended
31 December 2021 is derived from but does not comprise statutory
financial statements within the meaning of section 434 of the
Companies Act 2006. Statutory accounts for the year ended 31
December 2021 have been filed with the Registrar of Companies and
those for the year ended 31 December 2022 will be filed following
the Company's annual general meeting.
Use of non--GAAP profit measure -- underlying EBITDA
The Group has chosen to report underlying EBITDA. This is
adjusted for depreciation, amortisation, non--cash share-- based
payments, forex on intercompany balances, restructuring and
Blackburn transitional one--off costs. The Board believes this
provides additional useful information for Shareholders to assess
an underlying profit performance more closely aligned to a cash
profit value, excluding one--offs. This measure is used by the
Board for internal performance analysis. A reconciliation of
underlying EBITDA to profit from operations is presented in the
accounts.
Underlying EBITDA is not defined by IFRS and therefore may not
be directly comparable with other companies' adjusted profit
measures. It is not intended to be a substitute for, or superior to
IFRS measurements of profit
A reconciliation of the underlying EBITDA to statutory operating
loss is provided below:
Year Ended Year Ended
31 December 31 December
2022 2021
(GBP'000) (GBP'000)
--------------------------------------------
Loss from operations (9,821) (5,223)
Share-based payment expense 262 2,898
Depreciation & amortisation 4,808 3,634
Foreign exchange variances on intercompany
balances 99 72
Restructuring and one-off costs 888 -
Blackburn new facility transition costs 1,075 125
--------------------------------------------
Underlying EBITDA (2,689) 1,506
-------------------------------------------- ------------- -------------
2. Segmental reporting
Operating segments are identified on the basis of internal
reporting and decision making. The Group's Chief Operating Decision
Maker ("CODM") is considered to be the Board, with support from the
senior management teams, as it is primarily responsible for the
allocation of resources to segments and the assessments of
performance by segment.
The Group's reportable segments have been split into the two
brands, Science in Sport (SiS) and PhD Nutrition (PhD). Operating
segments are reported in a manner consistent with the internal
reporting provided to the CODM as described above. The single
largest customer makes up 13% of revenue and is not separately
identified in segmental reporting.
The Board uses revenue, EBITDA, profit before tax and cash, as
key measures of the segment's performance. These are reviewed
regularly.
2022 2021
SiS PhD Total SiS PhD Total
GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000
---------------------- -------- -------- --------- -------- -------- ---------
Sales 29,708 34,065 63,773 32,939 29,600 62,539
---------------------- -------- -------- --------- -------- -------- ---------
Gross profit 17,383 9,553 26,936 20,064 11,286 31,350
Advertising
and promotions (6,602) (2,387) (8,989) (6,066) (4,143) (10,209)
Carriage (6,356) (756) (7,112) (6,662) (1,534) (8,196)
Online Selling
Costs (1,424) (86) (1,510) (1,141) (84) (1,225)
---------------------- -------- -------- --------- -------- -------- ---------
Trading contribution 3,001 6,324 9,325 6,195 5,525 11,720
Other operating
expenses (19,146) (16,943)
---------------------- -------- -------- --------- -------- -------- ---------
Loss from operations (9,821) (5,223)
---------------------- -------- -------- --------- -------- -------- ---------
3. Revenue from contracts with customers
The Group operates four primary sales channels, which form the
basis on which management monitor revenue. UK Retail includes
domestic grocers and high street retailers, Digital is sales
through the phd.com and scienceinsport.com platforms , Export
relates to retailers and distributors outside of the UK and
Marketplace relates to online marketplaces such as Amazon and
TMall.
2022 2021
SiS PhD Total SiS PhD Total
GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000
--------------- -------- -------- -------- -------- -------- --------
Digital 8,859 3,618 12,477 10,974 5,105 16,079
Marketplace 6,377 14,882 21,259 8,230 10,581 18,811
--------------- -------- -------- -------- -------- -------- --------
Global Online 15,236 18,500 33,736 19,204 15,686 34,890
--------------- -------- -------- -------- -------- -------- --------
International
Retail 6,491 3,904 10,395 6,208 3,374 9,582
UK Retail 7,981 11,661 19,642 7,527 10,540 18,067
--------------- -------- -------- -------- -------- -------- --------
Retail 14,472 15,565 30,037 13,735 13,914 27,649
--------------- -------- -------- -------- -------- -------- --------
Total sales 29,708 34,065 63,773 32,939 29,600 62,539
--------------- -------- -------- -------- -------- -------- --------
Turnover by geographic destination of sales may be analysed as
follows:
Year ended Year ended
31 December 31 December
2022 2021
GBP'000 GBP'000
------------------- -------------- --------------
United Kingdom 36,574 36,622
Rest of Europe 11,391 11,419
USA 4,670 5,088
Rest of the World 11,138 9,410
Total sales 63,773 62,539
-------------------- -------------- --------------
4. Operating expenses
Year ended Year ended
31 December 31 December
2022 2021
GBP'000 GBP'000
-------------------------------- -------------- -----------------
Sales and marketing costs 17,611 19,630
--------------------------------- -------------- -----------------
Operating costs 14,076 10,411
Depreciation and amortisation 4,808 3,634
Share based payment charge (1) 262 2,898
Administrative expenses 19,146 16,943
--------------------------------- -------------- -----------------
Total operating expenses 36,757 36,573
--------------------------------- -------------- -----------------
(1) Includes associated social security credits of GBP218,000 (2021: costs of GBP238,000)
5. 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. The exercise
of share options would have the effect of reducing the loss per
share and is therefore anti-dilutive under the terms of IAS 33
'Earnings per share'.
Year ended Year ended
31 December 31 December
2022 2021
(as restated)
------------------------------------------ ------------- --------------
Loss for the year attributable to owners
of the parent - GBP'000 (10,910) (5,553)
Weighted average number of shares 138,860,015 135,100,931
------------------------------------------ ------------- --------------
Basic loss per share - pence (7.9p) (4.1p)
Diluted loss per share - pence (7.9p) (4.1p)
------------------------------------------ ------------- --------------
The number of vested but unexercised share options is 16,446,937
(2021: 10,820,373).
6. Inventories
31 December 31 December
2022 2021
GBP'000 GBP'000
------------------- ------------ ------------
Raw materials 2,455 2,534
Finished goods 4,183 5,913
Total inventories 6,638 8,447
------------------- ------------ ------------
There is a provision of GBP452,000 included within inventories
in relation to the impairment of inventories (2021: GBP251,000).
The increase in provision during the year relates to the impairment
of residual packaging stock following the change in gel machinery
and a reduction in the number of active stock keeping units (SKUs).
During the year, inventories of GBP36,042,000 (2021: GBP29,856,000)
were recognised as an expense within cost of sales.
7. Trade and other receivables
31 December 31 December
2022 2021
GBP'000 GBP'000
----------------------------------------------------- ------------ ------------
Trade receivables 15,274 12,452
Less: provision for impairment of trade receivables (281) (350)
----------------------------------------------------- ------------ ------------
Trade receivables - net 14,993 12,102
Other receivables 1,046 21
----------------------------------------------------- ------------ ------------
Total financial assets other than cash and
cash equivalents classified as amortised cost 16,039 12,123
Prepayments and accrued income 485 556
----------------------------------------------------- ------------ ------------
Total trade and other receivables 16,524 12,679
----------------------------------------------------- ------------ ------------
Trade receivables represent debts due for the sale of goods to
customers.
Trade receivables are denominated in local currency of the
operating entity and converted to Sterling at the prevailing
exchange rate as at 31 December 2022. The Directors consider that
the carrying amount of these receivables approximates to their fair
value. There has been an increase in debtor days due to increased
mix of B2B revenue compared to direct to consumer. All amounts
shown under receivables fall due for payment within one year. The
Group does not hold any collateral as security.
The Group applies the IFRS 9 simplified approach to measuring
expected credit losses using a lifetime expected credit loss
provision for trade receivables and contract assets. To measure
expected credit losses on a collective basis, trade receivables and
contract assets are grouped based on similar credit risk and
aging.
The expected loss rates are based on the Group's historical
credit losses experienced over 2022, this is due to Science in
Sport using SAP which has provided more visibility over debtors.
The historical loss rates are then adjusted for current and
forward-looking information affecting the Group's customers.
At 31 December 2022 the lifetime expected loss provision for
trade receivables is as follows:
More than More than
60 days 90 days
past due past due Total
At 31 December 2022
Expected loss rate (%) 0% 5%
Gross carrying amount (GBP'000) 776 1,726
Loss provision (GBP'000) - 93 93
--------------------------------- ---------- ---------- ------
At 31 December 2021
--------------------------------- ---------- ---------- ------
Expected loss rate (%) 0% 9%
Gross carrying amount (GBP'000) 407 876
--------------------------------- ---------- ---------- ------
Loss provision (GBP'000) - 81 81
--------------------------------- ---------- ---------- ------
A further provision of GBP188,000 (2021: GBP269,000) has been
included against specific debts considered impaired.
8. Trade and other payables
31 December 31 December
2022 2021
GBP'000 GBP'000
-------------------------------------------------- ----------- -----------
Trade payables 4,981 7,643
Accruals 7,226 6,108
Invoice financing 4,523 -
Trade facility 2,733 -
-------------------------------------------------- ----------- -----------
Total financial liabilities measured at amortised
cost 19,463 13,751
Other taxes and social security 530 1,114
Total trade and other payables 19,993 14,865
-------------------------------------------------- ----------- -----------
The Directors consider that the carrying amount of these
liabilities approximates to their fair value.
All amounts shown fall due within one year.
Invoice financing is the amount due to HSBC after drawing down
from the GBP6.0m flexible invoice credit facility during the year.
This facility contains both fixed and floating charges over all the
property and undertakings of the parent company. Additionally, a
GBP3.5m uncommitted trade facility was entered into during the year
which is secured on stock. The drawdowns on the trade facility
during the year were GBP2,733,000 (2021: GBPnil) and this balance
is included within accruals above.
END
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FR EANKNAAEDEEA
(END) Dow Jones Newswires
June 29, 2023 05:38 ET (09:38 GMT)
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