Published: June 29, 2023 at 7:17 am ET
By Ian Walker
Science in Sport shares fell as much as 20% on Thursday after the company reported a higher pre-tax loss for the past year, which was attributed to cost pressures on raw materials and transition costs at the new Blackburn plant in Lancashire, England.
The London-listed nutrition company posted a pre-tax loss of £10.6 million ($13.4).
By Ian Walker
Science in Sport shares fell as much as 20% on Thursday after the company reported a higher pre-tax loss for the past year, which was attributed to cost pressures on raw materials and transition costs at the new Blackburn plant in Lancashire, England.
The London-listed nutrition company posted a pre-tax loss of £10.6 million ($13.4 million) for the year ended December 31, compared with a loss of £5.3 million a year earlier.
However, sales increased to £63.8m compared to £62.5m.
Underlying loss before interest, tax, depreciation and amortization – one of the company’s favorite ratios, which strips out exceptional and other non-recurring items – was £2.7m, compared with a profit of £1.5m, although that Company Said The second half of the year was balanced.
The company said it got off to a solid start this year and expects to report positive Ebitda for 2023. It expects revenue to grow 7% in the first half and 12% in the second quarter.
“With improved margins across channels and markets and increasing sales momentum, we are confident of executing on our plan for 2023. Our goals for the year are profitable growth, healthy Ebitda margin and cash breakeven,” said Chief Executive Officer Stephen Moon, adding that the board’s mid- and long-term ambitions remain unchanged.
Shares were down 2.50p, or 17%, at 12.50p by 1111 GMT after falling to a low of 12.01p at the start of the session.
Write to Ian Walker at [email protected]
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