REG - Science in Sport PLC - Final Results for the Year Ended 31 December 2023
28/06/2024 07:00
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RNS Number : 2472U Science in Sport PLC 28 June 2024
Science in Sport plc
("Science in Sport", "the Company" or the "Group")
Audited Final Results for the Year Ended 31 December 2023
Science in Sport plc (AIM: SIS), the premium performance nutrition company
serving elite athletes, sports enthusiasts, and the active lifestyle
community, announces its audited final results for the year ended 31 December
2023 ("FY23" or the "Period") which show a resilient performance, delivered
under challenging circumstances with a new leadership team in place since the
final quarter of FY23 driving significant change throughout the business.
The current financial year ending 31 December 2024 ("FY24") is progressing
well, with a restructure of the executive and leadership team, a significant
operational cost review and rationalisation programme underway to deliver
annualised aggregate cost savings in excess of £6m compared to the run rate
prior to the leadership changes. Further details of H1 FY24 Trading
Performance can be seen in the Group's RNS announcement "Half Year Pre-Close
Trading Update and Executive Appointments" released on 28(th) June 2024.
Key Financials FY23 FY22 Change
Revenue £62.7m £63.8m (1.7%)
Gross Profit £26.8m £26.9m (0.4%)
Gross Margin 42.8% 42.2% +0.6bps
Trading Contribution £12.8m £9.3m +37.6%
Trading Contribution Margin 20.5% 14.6% +5.9bps
Underlying EBITDA 1 (#_ftn1) £2.0m £(2.7m) +4.7m
Underlying EBITDA margin 3.2% (4.2%) +7.4bps
Adjusted Net Debt 2 (#_ftn2) £12.8m £10.9m £(1.9m)
Loss Before Taxation £(11.3m) £(10.6m) (6.6%)
Loss per share (6.6p) (7.9p) +1.3p
FY23 Highlights:
· Restructure of the executive and leadership team with several
senior roles exiting the business.
· Record revenue trading month in March, with April, May, and June
all setting records for the respective months demonstrate a strong underlying
demand for our products but routes to market have been reviewed and reset to
deliver improved profitability margins.
· The Group formed an exclusive partnership in the US with
thefeed.com, who are the number one endurance sports nutrition direct to
consumer business in the US. With this new partnership we have seen a notable
improvement in contribution in this jurisdiction throughout FY23.
· Amazon marketplace sales saw a 13% increase, driven by strong
growth from SiS products in the UK and Europe.
· Alongside the leadership changes in Q4 FY24 the Group
significantly reduced A&P spend to ensure the business focused on
profitability and cash generation rather than short term unsustainable revenue
targets.
· A significant number of uncommercial marketing contracts have
been exited and further savings will be made throughout 2024. Marketing spend
will be aligned to identifiable commercial traction.
· Significant operational cost savings have been extracted under
the new leadership in the final quarter of 2023 with an annualised benefit in
excess of £6m.
· The Group continue to successfully integrate the state of the art
160,000 square foot manufacturing and logistics facility in Blackburn,
Lancashire to one combined supply chain site following launch in 2022.
· Successfully developed a relaunch of the Rego recovery range for
Q1 FY24.
· The above actions have largely been implemented from the final
quarter of FY23 under the new leadership and have underpinned improvements in
profitability in Trading Contribution of £3.5m (+37.6%) and in Underlying
EBITDA of +£4.7m year on year. The total operational cost savings are
estimated to deliver an annualised benefit in excess of £6m, the majority of
which will be delivered from H2 2024 onwards.
A separate H1 FY24 performance and future trading outlook RNS "Half Year
Pre-Close Trading Update and Executive Appointments" has been released today
Dan Wright - Executive Chairman said:
"The Group has made significant strategic progress with a full business review
completed in the year. Whilst the strength of our two core brands, SiS and
PhD, is unquestionable, the relentless pursuit of top line growth led to some
poor historic strategic decisions and an inflated operating structure.
Since joining the Board in October 2023 and establishing the new leadership
team, the immediate focus has been managing cash outflow and stabilising the
relationship with our various stakeholders. The prior strategy of aggressive
top line growth across all channels and markets has been reset, with the
revised model of controlled growth whilst delivering sustainable cash
generative profitability at improved margins from a reduced cost base.
To date, a number of significant cost rationalisation actions have been taken,
benefitting the final quarter of 2023 and providing a stable platform for 2024
in order for the business to reset. Whilst we anticipate a short term
reduction of year on year revenue in FY24, EBITDA performance has continued
to strengthen and remains in line with previous expectations.
Underpinning the Group's new operating approach, and at the core of the
business, are two very strong brands operating in an expanding marketplace.
With confidence in the revised operating model, the new leadership team is
taking the opportunity to re-engage with our core customers, shareholders and
financing partners. We expect to return to sustained revenue growth in 2025
and beyond and whilst cognisant of the challenges ahead are extremely excited
about the opportunity to deliver a profitable and cash generative branded
consumer goods business and substantial shareholder value associated with it."
For further information:
Science in Sport plc T: 020 7400 3700
Dan Wright, Executive Chairman
Daniel Lampard, CFO
Liberum (Nominated Adviser and Broker) T: 020 3100 2000
Richard Lindley
John More
Anake Singh
Notes to Editors
About Science in Sport plc
Headquartered in London, Science in Sport plc is a leading sports nutrition
business that develops, manufactures, and markets innovative nutrition
products for professional athletes, sports and fitness enthusiasts and the
active lifestyle community. The Company has two highly regarded brands, PhD
Nutrition, a premium active-nutrition brand targeting the active lifestyle
community, and SiS, a leading endurance nutrition brand among elite athletes
and professional sports teams.
The two brands sell through the Company's phd.com and scienceinsport.com
digital platforms, third-party online sites, including Amazon and ebay, and
extensive retail distribution in the UK and internationally, including major
supermarkets, high street chains and specialist sports retailers. This
omnichannel footprint enables the Company to address the full breadth of the
sports nutrition market.
PhD is one of the UK's leading active nutrition brands with a reputation for
high quality and product innovation. The brand has grown rapidly since its
launch in 2005. The range now comprises powders, bars, and supplements,
including the high protein, low sugar range, PhD Smart.
SiS, a leading endurance nutrition business founded in 1992, has a core range
comprising gels, powders and bars focused on energy, hydration, and recovery.
SiS is an official endurance nutrition supplier to over 330 professional
teams, organisations, and national teams worldwide. SiS supplies more than 150
professional football clubs in the UK, Europe, and the USA.
SiS is Performance Solutions partner to Ineos Grenadiers cycling team, and
Tottenham Hotspur, New York City and CGC Nice football clubs.
For further information, please visit phd.com and scienceinsport.com
Chairman's Statement
Overview
2023 has been a challenging year for the Group with a new leadership team in
place since the final quarter of the year to 31 December 2023 driving change
throughout the Group.
For the year ended 31 December 2023, the Group delivered underlying EBITDA(1)
of £2.0m in line with market expectations and despite lower revenues of
£62.7m. Statutory loss before tax was £11.3m resulting in an improved loss
per share of -6.6 pence. Full details of the Group's financial performance are
set out in the Business Review .
The new executive team brings together vast experience across a range of
highly relevant sectors. The Group are focused on delivering long term
shareholder value via our new strategy outlined below.
Strategy
The Group has made significant strategic progress with a full business review
completed in the year. Whilst the strength of our two core brands, SiS and
PhD, is unquestionable, the relentless pursuit of top line growth led to some
poor historic strategic decisions and an inflated operating structure.
Since joining the Board in October 2023 and establishing the new leadership
team, the immediate focus has been managing cash outflow and stabilising the
relationship with our various stakeholders. The prior strategy of aggressive
top line growth across all channels and markets has been reset, with the model
of controlled growth whilst delivering sustainable cash generative
profitability at improved margins from a reduced cost base.
To date, a number of significant cost rationalisation actions have been taken,
benefitting the final quarter of 2023 and providing a stable platform for 2024
in order for the business to reset.
Key actions, both complete and ongoing, include;
· Restructure of the executive and leadership team with several
senior roles exiting the business.
· Marginal revenue channels have been reset and measures
implemented to secure and grow the Group's profitable revenue streams. Upon
detailed review, a number of overseas distribution agreements were found to be
uncommercial and based on prioritisation of revenue growth over profitability.
While this will reduce revenues in 2024, we will ensure that our distribution
arrangements are a two way partnership whereby the strength of the brand is
supported by both parties with measurable deliverables.
· Supplier and operational reviews are underway in conjunction with
product inventory rationalisation.
· Whilst brand health is robust, and both brands remain leading in
their respective categories, a significant number of uncommercial marketing
contracts have been exited in 2023 and further savings will be made throughout
2024. Marketing spend will be aligned to identifiable commercial traction.
( )
(1) Earnings before interest, tax, depreciation, amortisation, loss on
disposal of intangible assets, share-based payments, restructuring costs,
transition costs, unrealised foreign exchange on intercompany balances and
other non-EBITDA one-off costs.
· Significant operational cost savings have been extracted under
the new leadership in the final quarter of 2023 and progress in implementing
operational efficiencies continues to be made. This is anticipated to generate
improved contribution to cashflow and earnings throughout 2024.
· In aggregate this will deliver annualised savings totalling £6m,
the majority of which will be delivered in 2024.
Environmental, Social and Governance (ESG)
We are committed to promoting sustainability and responsible business
practices both as a Group and through our individual brands. As an industry
leader, we have invested in packaging technology and plant to transition all
protein powder products into recyclable pouch packaging, a first for the
sports nutrition industry globally. Furthermore, our move to a new combined
supply chain site in the prior year has seen significant environmental
improvements by reducing transport miles, carbon emissions and creating new
opportunities for those living and working in Blackburn.
Outlook
Moving forward, we are taking a balanced view on prospects for 2024. Key
strategic areas of focus include embedding the new operating model post the
recent restructuring; controlled growth over the medium term; and continued
margin improvements resulting in cash generation and deleveraging. As a
result, whilst we anticipate year on year revenues will reduce, we are
targeting a significant improvement of underlying EBITDA and reduction of the
Group's Adjusted net debt.
Underpinning the Group's new operating model, and at the core of the business,
are two very strong brands operating in an expanding marketplace. With
confidence in the revised operating model, the new leadership team are taking
the opportunity to re-engage with our core customers, shareholders and
financing partners to build the business from a more stable platform and
ultimately deliver substantial shareholder value.
Dan
Wright
Executive
Chairman
Science in Sport Overview
Key Performance Indicators FY23 FY22 Change
Revenue £62.7m £63.8m (1.7%)
Gross Margin 42.8% 42.2% +0.6bps
Contribution Margin 20.5% 14.6% +5.9bps
Underlying EBITDA £2.0m £(2.7)m +£4.7m
Overview
Headquartered in London, Science in Sport Plc ('SiS') is a leading sports
nutrition business that develops, manufactures, and markets innovative
nutrition products for professional athletes, sports and fitness enthusiasts
and the active lifestyle community. The Group has two highly regarded brands,
PhD Nutrition ('PhD'), a premium active-nutrition brand targeting the active
lifestyle community, and SiS, a leading endurance nutrition brand among elite
athletes and professional sports teams.
The two brands sell through the Group's phd.com and scienceinsport.com digital
platforms, third-party online sites, including Amazon and eBay, and extensive
retail distribution in the UK and internationally, including major
supermarkets, high street chains and specialist sports retailers. This
omnichannel footprint enables the Group to address the full breadth of the
global sports nutrition market, worth $24.6bn in 2022 and forecast to grow at
5.9% CAGR from 2022 to 2027 3 (#_ftn3) .
Launched in 2005, PhD is one of the UK's leading active nutrition brands
with a reputation for high quality and product innovation. The range comprises
powders, bars, and supplements, including the high protein, low sugar range,
PhD Smart. PhD brand ambassadors include leading endurance and strength
athlete Ross Edgley.
SiS, a leading endurance nutrition business founded in 1992, has a core range
comprising gels, powders and bars focused on energy, hydration, and recovery.
SiS is an official endurance nutrition supplier to over 330 professional
teams, organisations, and national teams worldwide. SiS supplies more than 150
professional football clubs in the UK, Europe, and the USA. Brand
ambassadors include the former track cyclist Sir Chris Hoy, an eleven-time
world champion and six-time Olympic champion, and Elish McColgan, who won gold
in the 2022 Commonwealth Games 10,000 metres.
SiS is a Performance Solutions partner to INEOS Grenadiers cycling team,
Tottenham Hotspur, New York City and OGC Nice football clubs, as well as
Official Sports Nutrition Partner to the Milwaukee Bucks, 2021 National
Basketball Association Champions. In 2023, winner of the women's marathon at
the 2022 World Athletics Championships, Gotytom Gebreslase, and the Elite
Running Team joined other Performance Solutions partners that are benefitting
from bespoke support and products developed with world leading science.
In 2022, the Group opened a state of the art 160,000 square foot manufacturing
and logistics facility in Blackburn, Lancashire.
Our Brands
The Group's results and operations are underpinned by our two market leading
brands;
PhD
Born from science, with innovation and quality at the core of the brand, PhD
is one of the UK's leading active nutrition brands. The PhD brand is
established internationally with a strong retail network across the globe
which has enabled the Group to grow and develop the brand's exceptional
reputation.
Our range of PhD products includes:
· Diet - The delicious Diet range combines protein, which is ideal
for building and maintaining lean muscle whilst keeping you satiated for
longer.
· Smart - Consisting of great tasting high protein, low sugar
foods, bars and snacks. This includes the Smart Bar, an on-the-go protein hit
and the multi-use Smart Protein Powder suitable for cooking.
· Life - A range of premium, expertly formulated health
optimisation products. From the high in protein, low sugar, plant-based
Complete meal solution, and Reset, a night time formula, to Mind, made to
support optimal mental performance, this is a range to optimise performance
for life.
· Performance - expertly formulated to help you perform at your
best and optimise your training. From key supplements to aid in strength gains
pre and intra workout to replenishment and recovery post workout, to maximise
training and hitting goals.
Science in Sport:
Science in Sport is a leading performance nutrition brand with over 330 elite
athletes and teams relying on its products for success. The combination of
world-class knowledge and scientific formulations ensure the brand provides
optimal performance solutions for athletes across the nutritional need states
of energy, hydration and recovery.
Our range of SiS products includes:
· Energy - Bars, shots, gels and powders to give athletes energy
· Hydration - Gels, tablets and powders to keep athletes energised
and hydrated
· Recovery - Powder range to aid athletes' recovery post-exercise
· Athlete health - Vitamins and supplements range designed to
support and maintain immune function, digestive health and bone health amongst
athletes
Our focus in delivering long term value
As part of the comprehensive review of the business in 2023, the leadership
team have outlined six key areas of focus, which will enable the Group to
reset in 2024 and deliver long-term value going forward;
1. World-class science
As a world leader in nutritional science and product development, investment
in science remains at the core of the business. Quality, efficacy of
ingredients and proven product benefits are key principles of both brands.
2. Brand exposure
Both brands command significant share within their respective markets. Science
in Sport holds the number one position in UK retail and marketplace channels,
with a leading presence globally. PhD is in the top three within the UK retail
and marketplace channels and is strongly positioned in the Asia Pacific
region. We will continue to grow brand awareness, leveraging our Elite athlete
portfolio and scientific credentials, through targeted investment delivering
measurable returns.
3. Sales growth
The opportunity for global sales growth is significant, given the strength of
the brands and continued positive trajectory of the sports nutrition market.
We will deliver this by working with existing and new partners, building
profitable long-term relationships in the UK and globally.
4. Financial health
The Group had previously pursued an aggressive growth strategy, while this
delivered positive revenue growth it was not cash accretive. The revised
strategy is on sustainable profitable cash generation, through delivery of
enhanced margins on a lower cost base while deleveraging the business.
5. Operational excellence
With the transition to the manufacturing facility at Blackburn fully
completed, optimising the supply chain and manufacturing processes to deliver
enhanced margins is the key focus for 2024.
6. High performing team
We are resetting the culture and ways of working; we are creating the
conditions where everyone can perform at their best by integrating all aspects
of our business and ensuring accountability and product pride across every
department.
Our Market and Customers
The global sports nutrition market was worth $24.6bn in 2022 and is forecast
to grow at 5.9% CAGR from 2022 to 2027. Our 2023 revenue of £62.7m (2022:
£63.8m) represents a solid foothold in this market but highlights the scale
of the opportunity for both brands for significant growth.
Our current revenues are weighted to the UK, representing 56% (2022: 57%) of
our total revenue. This is driven through strong distribution through multiple
channels of specialist retailers, grocery, Amazon and our own direct channel.
The UK is a key market, and we see further opportunities to expand and grow
our market share through existing and new customers.
Outside of the UK, representing 44% (2022: 43%) of our revenue, we have
several key distribution partners covering multiple geographies. We are in the
process of resetting a number of these commercial relationships to ensure
strategic alignment, with the objective of delivering mutually beneficial
profitable growth and improved margins.
Turnover by geographic destination of sales are analysed as follows:
Year ended Year ended
31 December 31 December
2023 2022
£'000 £'000
United Kingdom 35,302 36,574
Rest of Europe 12,047 11,391
USA 3,548 4,670
Rest of the World 11,774 11,138
Total Sales 62,671 63,773
Our People and Culture
In the current year, and subsequent to the balance sheet date, the business
has undergone a significant organisational restructure, with over 20
management roles removed. This has resulted in streamlined reporting lines on
a much lower cost base. The new executive and senior management team having
the capability and expertise to deliver the new strategy.
Our world class team across all parts of the organisation know the performance
nutrition market like no one else. With functional experts in all disciplines,
including; science, brand, digital marketing, retail, and supply chain, the
Group are well placed to deliver on the plan for 2024.
Our Future
As outlined in the Chairman's Statement, the Group is taking a balanced view
on prospects for 2024 with the strategic focus on embedding the new operating
model following the recent restructuring; controlled growth over the medium
term continued margin improvements resulting in cash generation and
deleveraging.
Business Review
The Group delivered £62.7m revenue in the year ended 31 December 2023, down
1.7% on prior year (2022: £63.8m) and underlying EBITDA increased to £2.0m
(2022: £2.7m loss) consistent with expectations despite the lower revenue.
2023 2022 Increase/
£'000 £'000 (decrease)
Revenue 62,671 63,773 (1.7%)
Cost of goods (35,839) (36,837)
Gross profit 26,832 26,936 (0.4%)
Selling & general administration costs (13,985) (17,611)
Trading contribution 12,847 9,325 37.8%
Underlying operating expenses (10,854) (12,014)
Underlying EBITDA 1,993 (2,689) 174.1%
Share-based payment charges - (262)
Depreciation and amortisation (6,250) (4,808)
Restructuring and one-off costs (1,975) (888)
Loss on disposal of intangible assets (879) -
Transition costs (2,092) (1,075)
Unrealised foreign exchange on intercompany balances (247) (99)
Other items (283) -
Loss from operations (9,733) (9,821) 0.9%
Performance in 2023 was driven from growth in the Retail (UK and
International) and USA online channels, offset by lower trading in China and
in the Digital channel. Our SiS brand delivered annual revenue growth of 15%,
with PhD closing 2023 with an annual revenue reduction of 16% compared to the
prior year, predominantly due to the interrupted trade in the Chinese markets.
Gross profit for the Group remained consistent with £26.8m recognised in 2023
(2022: £26.9m) with gross margin improving to 43% (2022: 42%). The underlying
improvement is better reflected by the significant improvement in trading
contribution of 21% (2022: 15%). The trading margin reflects the benefit of
the distributor model, particularly in the US, together with the operational
efficiencies and cost savings at all levels. The 2023 trading contribution
margin percentage achieved the highest levels during Q4 of 2023, giving
confidence in further improvements in 2024.
Underlying EBITDA of £2.0m (2022: £2.7m loss) improved year on year through
improved margins and ongoing cost efficiencies which remain the focus of the
Group moving into 2024. Excluded from underlying EBITDA are one-off costs,
principally relating to the organisational restructure, transition costs
moving to the internally manufactured protein bars and moving the distributor
model in the US.
Revenue
2023 2022
SiS PhD Total SiS PhD Total
£'000 £'000 £'000 £'000 £'000 £'000
Digital 4,984 2,325 7,309 8,859 3,618 12,477
Marketplace 6,218 6,835 13,053 6,199 7,851 14,050
China 1,105 2,285 3,390 178 7,031 7,209
USA 3,548 - 3,548 - - -
Global online 15,855 11,445 27,300 15,236 18,500 33,736
International retail 8,322 4,257 12,579 6,491 3,904 10,395
UK retail 10,007 12,785 22,792 7,981 11,661 19,642
Retail 18,329 17,042 35,371 14,472 15,565 30,037
Total Sales 34,184 28,487 62,671 29,708 34,065 63,773
Global Online
Global online sales accounted for 44% of total sales (2022: 53%) and decreased
19% to £27.3m (2022: £33.7m). The reduction in our own channel digital sales
was driven by lower traffic and saw digital sales decrease 41% year on year to
£7.3m (2022: £12.5m) following the conscious decision by the Group to reduce
marketing spend in this area whilst focusing on significantly improving
contribution on digital sales in 2024 and beyond.
Our Amazon marketplace sales saw a 13% increase, driven by strong growth from
SiS products in the UK and Europe. Despite this, weaker US marketplace sales
(driven by transition to thefeed.com) saw overall marketplace channel revenues
decline to £13.1m (2022: £14.1m).
Our US and China business, combined, has been broadly flat delivering £6.9m
(2022: £7.2m). In Q1 of 2023, we formed an exclusive partnership in the US
with thefeed.com, who are the number one endurance sports nutrition direct to
consumer business in the US. With thefeed.com now partnering for operations
and fulfilment of our products in the US to both direct to consumer and
marketplace channels we have seen a significant improvement in contribution in
2023. In China, whilst annual revenue slowed due to lower demand in H2, the
business is now recovering and we anticipate growth in 2024.
Retail
Retail sales accounted for 56% of total sales (2022: 47%) and delivered
another year of annual growth in revenue with total retail sales increasing by
18% to £35.4m (2022: £30.0m) driven from both UK and International sales
growth across both brands.
UK Retail delivered another year of solid growth, with sales rising by 16% to
£22.8m (2022: £19.6m). Strong performances across numerous retailers saw
growth in major grocery accounts (6%), independents (10%) and specialist
retailers (30%).
PhD UK retail sales grew again by 10% (2022: 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.
Science in Sport delivered growth of 25% (2022: 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 also continued its strong growth, and sales were £12.6m
(2022: £10.4m), 21% up on the prior year. This was acheieved with strong
growth across multiple geographies and both brands with SiS and PhD
international retail achieving sales growth of 28% and 9% respectively.
Profitability
The Group generated a gross profit of £26.8m (2022: £26.9m) with a gross
margin of 43% compared with 42% in 2022. Gross margin improvements were driven
from efficiencies generated from the new Blackburn facility despite increases
in raw material prices and other rising prices.
Trading contribution was £12.8m (20.5% contribution margin) (2022: £9.3m;
14.6% contribution margin). The Group focused on continued cost mitigations
from reduced advertising and promotion spend and the benefit of the
distributor model, particularly in the US. As a result, selling and
administration costs of £14.0m (2022: £17.6m) decreased by £3.6m year on
year as management continued to focus on more efficient use of spend to
promote profitable growth.
Underlying operating costs decreased by £1.2m year on year. The Group has
good levels of visibility on these costs due to them relating to people,
premises and related overhead costs with a renewed focus on efficiency of
spend. The Group has fixed energy tariffs in place utill 2025 for electricity
and 2027 for gas.
Underlying EBITDA was a gain of £2.0m, a significant improvement on the loss
of £2.7m in 2022. The reported loss before tax is £11.3m, (2022: £10.6m
loss). Loss per share improved to -6.6p (2022: -7.9p).
The Group has chosen to report underlying EBITDA as an alternative performance
measure. This is adjusted for depreciation, amortisation, loss on disposal of
intangible assets, non‐cash share-based payments, restructuring costs,
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 1.3.
Working capital
As at 31 December 2023, the Group held inventory of £6.8m (31 December 2022:
£6.6m). Inventory remained consistent as we continued to manage the supply
chain tightly to ensure efficient working capital and ensure optimal cover.
The year on year decrease in trade receivables of £3.7m was primarily due to
increases in the impairment and credit note provision.
Correspondingly, the year on year increase in trade and other payables of
£5.3m, was predominantly due to the increase in the year end invoice
financing facility position of £6.3m (2022: £4.5m).
Cash position
The Group ended 2023 with cash of £2.1m (2022: £0.9m) and Adjusted net debt
of £12.8m (2022: £10.9m) with headroom in facilities of over £4m. The
increase in Adjusted net debt (Adjusted net debt is presented in note 1.3) at
the year end was driven by the timing of restructuring payments and working
capital outflow associated with the early termination of a marketing partner,
both of which will result in significant savings in 2024.
A £7.5m flexible invoice credit facility with HSBC, our principal bankers,
was drawn to £6.3m. Additional trade finance facilities of £3.5m were drawn
at year-end. Total headroom on the combined facilities including cash was over
£4m at the year-end. All banking working capital facilities were successfully
renewed to April 2025 as part of an annual renewal cycle, with increases in
our invoice financing facility to £8m (2023: £7.5m) and trade finance
facility to £4m (2023: £3.5m).
( )
Intangible Assets
Total intangible additions during 2023 were £1.0m (2022: £1.9m), with £0.4m
(2022: £1.2m) being on technology spend and £0.6m (2022: £0.7m) on product
development. Technology spend relates to continued 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.
Following a review of capitalised product development costs, there were
several products where management were no longer able to justify the carrying
value of the asset where products are no longer produced, formula has been
superseded or commercial viability no longer exists. As a result, the assets
have been disposed of leading to a loss on disposal of £0.9m.
Fixed Assets
Total fixed asset additions during 2023 were £1.1m with a final £1.6m work
in progress related to the new bar line delivered in December 2023. This
completes the strategic investment cycle of peak cash outflows with the
Blackburn investment complete. Capital commitments at the end of 2023 were
£nil. Ongoing capital expenditure of fixed assets is anticipated to be in the
range of £0.5m to £1m excluding any strategic investment opportunities.
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.
£nil charge was recognised for the 2023 LTIP and STIP schemes (2022 schemes:
£Nil).
Taxation
The tax credit in the year is £Nil (2022: £0.3m charge). The Group has
cumulative tax losses of £35.3m (2022: £29.1m), a proportion of which the
Group will look to use to cover future profits.
Current Trading and Outlook
Following the strategic, organisational, and operational review in 2023, the
Group has begun 2024 with greater clarity and focus in delivering the new
operating model. This will be achieved with a lean and flexible cost base
which will enable the Group to improve underlying EBITDA and its cash
generation in 2024.
In the first quarter of 2024, management have been focused on embedding the
new operating model and structure, tightly managing the cost base through
cutting spend on non value add activities and exiting uneconomic contracts in
marketing and technology while resetting commercial arrangements to deliver
appropriate margins. While this will result in a top line reduction in the
short-term, the margin improvements and cost reductions will be additive to
cash and EBITDA generation.
The Board expects 2024 to be a year of progress as management continues to
execute the strategic plan driving a balanced 2024 with the focus on
controlled growth.
Dividend Policy
Focusing on de-leveraging of the Group and continual investment in the
future growth of the business, the Board is taking a prudent approach to the
Group's dividend policy and made the decision not to propose a final dividend
for the full year to 31 December 2023 (2022: nil pence per share). It remains
the Board's intention to review returns to shareholders when conditions
improve and financial performance permits.
Post year-end events
There are no events subsequent to the reporting date which would have a
material impact on the financial statements.
CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME
Year ended Year ended
31 December 31 December
2023 2022
Notes £'000 £'000
Revenue 4 62,671 63,773
Cost of goods (35,839) (36,837)
Gross profit 26,832 26,936
Operating expenses 5 (36,565) (36,757)
Loss from operations 6 (9,733) (9,821)
Comprising:
Underlying EBITDA 1.3 1,993 (2,689)
Share-based payment expense - (262)
Depreciation and amortisation (6,250) (4,808)
Non-recurring costs and other items 6 (5,476) (2,062)
Finance costs 9 (1,558) (757)
Loss before taxation (11,291) (10,578)
Taxation credit / (expense) 10 12 (332)
Loss for the year (11,279) (10,910)
Other comprehensive income
Cash flow hedges - 2
Exchange differences on translation of foreign operations 54 (21)
Total comprehensive loss for the year (11,225) (10,929)
Loss per share to owners of the parent
Basic and diluted - pence 11 (6.6p) (7.9p)
All amounts relate to continuing operations.
CONSOLIDATED STATEMENT OF FINANCIAL POSITION
As at As at
Company number: 08535116 31 December 31 December
2023 2022
Notes £'000 £'000
Non-current assets
Intangible assets 12 27,042 30,739
Right-of-use assets 20 10,520 10,536
Property, plant and equipment 13 10,000 10,338
Deferred tax 19 19 -
Total non-current assets 47,581 51,613
Current assets
Inventories 14 6,764 6,638
Trade and other receivables 15 13,812 16,524
Cash and cash equivalents 16 2,144 930
Total current assets 22,720 24,092
Total assets 70,301 75,705
Current liabilities
Trade and other payables 17 (25,257) (19,993)
Provision for liabilities 18 (671) (901)
Lease liabilities 20 (789) (415)
Asset financing 28 (1,192) (843)
Hire purchase agreement 27 (82) (80)
Total current liabilities (27,991) (22,232)
Non-current liabilities
Provision for liabilities 18 (1,059) -
Lease liabilities 20 (9,903) (10,261)
Asset financing 28 (2,282) (2,839)
Hire purchase agreement 27 - (82)
Total non-current liabilities (13,244) (13,182)
Total liabilities (41,235) (35,414)
Net assets 29,066 40,291
Capital and reserves attributable to owners of the parent company
Share capital 21 18,227 17,242
Share premium reserve 23 53,134 53,134
Employee benefit trust reserve 23 (204) (429)
Other reserve 23 (907) (907)
Foreign exchange reserve 23 (84) (138)
Retained deficit 23 (41,100) (28,611)
Total equity 29,066 40,291
CONSOLIDATED STATEMENT OF CASH FLOWS
Year ended Year ended
31 December 31 December
2023 2022
Notes £'000 £'000
Cash flows from operating activities
Loss for the financial year (11,279) (10,910)
Adjustments for:
Amortisation of intangible assets 12 3,827 2,919
Depreciation of right-of-use assets 20 993 963
Depreciation of property, plant and equipment 13 1,430 926
Loss on disposal of intangible assets 6 879 -
Loss on disposal of property, plant and equipment 11 -
Unrealised foreign exchange on intercompany balances 247 -
Interest expense 1,558 757
Taxation 10 (12) 332
Share based payment charge - 262
Operating cash outflow before changes in working capital ((2,346) (4,751)
Changes in inventories (126) 1,809
Changes in trade and other receivables 2,712 (3,737)
Changes in trade and other payables 3,009 (1,970)
Total cash inflow / (outflow) from operations 3,249 (8,649)
Cash flows from investing activities
Purchase of property, plant and equipment (1,103) (6,013)
Purchase of intangible assets (1,009) (1,941)
Net cash outflow from investing activities (2,112) (7,954)
Cash flows from financing activities 29
Gross proceeds from issue of share capital - 5,000
Share issue costs - (371)
(Repayments) / proceeds from asset financing (208) 2,184
Interest paid on asset financing (253) (143)
Proceeds from invoice financing 1,818 4,523
Interest paid on invoice financing (419) (119)
Proceeds from trade facility 527 2,733
Interest paid on trade facility (399) (53)
Principal repayments of lease liabilities (306) (629)
Interest paid on lease liabilities (436) (442)
Net cash inflow from financing activities 324 12,683
Net increase / (decrease) in cash and cash equivalents 1,461 (3,920)
Unrealised foreign exchange differences (247) -
Opening cash and cash equivalents 930 4,850
Closing cash and cash equivalents 16 2,144 930
CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
Share capital Share premium Employee Benefit Trust reserve Other reserve Foreign exchange reserve Cash flow hedge reserve Retained deficit Total equity
£'000 £'000 £'000 £'000 £'000 £'000 £'000 £'000
At 31 December 2021 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
Total comprehensive loss for the year - - - - 54 - (11,279) (11,225)
Transactions with owners:
Issue of shares 985 - - - - - (985) -
Share based payments - - 225 - - - (225) -
At 31 December 2023 18,227 53,134 (204) (907) (84) - (41,100) 29,066
1. Accounting policies
1.1 General information
Science in Sport plc (the "Company" and together with its subsidiaries "SIS"
or the "Group") is a public limited company incorporated and domiciled in
England and Wales (registration number 08535116). The address of the
registered office is 2(nd) Floor, 16 - 18 Hatton Garden, Farringdon, London
EC1N 8AT. The functional and presentation currency is Pounds Sterling and the
financial statements are rounded to the nearest £1,000.
The main activities of the Group are those of developing, manufacturing and
marketing sports nutrition products for professional athletes and sports
enthusiasts.
1.2 Basis of preparation
Whilst the financial information included in this results announcement has
been prepared on the basis of UK-adopted International Accounting Standards,
it does not contain sufficient information to comply with UK-adopted
International Accounting Standards.. The financial information contained
within this results announcement for the year ended 31 December 2023 and the
year ended 31 December 2022 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 2022 have been filed
with the Registrar of Companies.. The auditors' report on the statutory
accounts for the year ended 31 December 2023 and the year ended 31 December
2022 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.
1.3 Use of non-GAAP measures - Underlying EBITDA and Adjusted net debt
The Directors believe that the underlying EBITDA as a measure provides
additional useful information for Shareholders on underlying trends and
performance. This measure is used for internal performance analysis.
Underlying operating profit/(loss) 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 31 December Year Ended 31 December
2023 2022
(£'000) (£'000)
Underlying EBITDA 1,993 (2,689)
Share-based payment expense - (262)
Depreciation and amortisation (6,250) (4,808)
Restructuring and one-off costs (1,975) (888)
Loss on disposal of intangible assets (879) -
Transition costs (2,092) (1,075)
Unrealised foreign exchange on intercompany balances (247) (99)
Other items (283) -
Loss from operations (9,733) (9,821)
The Directors believe that Adjusted net debt as a measure provides additional
useful information for Shareholders on underlying trends and performance. This
measure is used for internal performance analysis. This measure is not defined
by IFRS and therefore may not be directly comparable with other companies' net
debt analysis. It is not intended to be a substitute for, or superior to IFRS
measurements.
Year Ended 31 December Year Ended 31 December
2023 2022
(£'000) (£'000)
Adjusted net debt
Cash and cash equivalents 2,144 930
Invoice financing (6,341) (4,523)
Trade facility (3,260) (2,733)
Asset financing obligation (3,474) (3,682)
Other payables (1,903) (877)
Adjusted net debt (12,834) (10,885)
2. Financial risk management
The Group's activities inevitably expose it to a variety of financial risks:
market risk (including currency risk, cash flow interest rate risk and fair
value interest rate risk), credit risk and liquidity risk.
It is Group policy not to enter into speculative positions using complex
financial instruments. The Group's primary treasury objective is to minimise
exposure to potential capital losses.
(a) Market risk
Foreign exchange risk
The Group operates globally with subsidiaries in the USA, Italy and Australia,
and therefore there will be risks around foreign exchange rates. Refer to note
16 for analysis of cash balances by currency.
The Group primarily enters into contracts which are to be settled in UK
Pounds. However, some contracts involve other major world currencies including
the US Dollar, Euro and Australian Dollar.
As of 31 December 2023, the Group's net exposure to foreign exchange risk was
as follows:
Trade receivables Trade Cash and cash equivalents Net
payables
£'000 £'000 £'000 £'000
AUD $ 11 - 27 38
EUR € 229 (138) 401 492
USD $ 1,144 (107) 271 1,308
NZD $ 3 - 19 22
JPY ¥ - (21) - (21)
Total 1,387 (266) 718 1,839
As of 31 December 2022, the Group's net exposure to foreign exchange risk was
as follows:
Trade receivables Trade Cash and cash equivalents Net
payables
£'000 £'000 £'000 £'000
AUD $ 5 - 31 36
EUR € 212 (13) 178 377
USD $ 125 - 242 367
NZD $ - - 6 6
JPY ¥ - (24) - (24)
Total 342 (37) 457 762
Cash flow and fair value interest rate risk
The Group's interest rate risk arises from medium term and short term money
market deposits. Deposits which earn variable rates of interest expose the
Group to cash flow interest rate risk. Deposits at fixed rates expose the
Group to fair value interest rate risk. The Group had no fixed rate deposits
during the year. The Group analyses its interest rate exposure on a dynamic
basis throughout the year. The Group has no variable borrowings and therefore
no interest rate swaps or other forms of interest risk management have been
undertaken.
(b) Credit risk
Credit risk arises from cash and cash equivalents and deposits with banks and
financial institutions as well as credit exposure in relation to outstanding
receivables. Group policy is to place deposits with institutions with
investment grade A2 or better (Moody's credit rating). The Group does not
expect any losses from non-performance by these institutions. Management
believes that the carrying value of outstanding receivables and deposits with
banks represents the Group's maximum exposure to credit risk.
The top 10 customers account for 53% (2022: 49%) of the Group's revenue and
hence there is some risk from the concentration of customers, the largest
single customer is 16% (2022: 13%) of revenue and is a major international
online business. Further disclosures regarding trade and other receivables are
included in note 15.
(c) Liquidity risk
Liquidity risk arises from the Group's management of working capital; it is
the risk that the Group will encounter difficulty in meeting its financial
obligations as they fall due. Prudent liquidity risk management implies
maintaining sufficient cash and cash equivalents and management monitors
rolling forecasts of the Group's liquidity on the basis of expected cash flow.
The Group had trade and other payables at the reporting date of £25.3m (2022:
£20.0m) as disclosed in note 17. The following table sets out the contractual
maturities (representing undiscounted contractual cash-flows) of financial
liabilities:
Up to 3 months Between 3 and 12 months Between 1 and 2 years Between 2 and 5 years Over 5 years
£'000 £'000 £'000 £'000 £'000
Trade payables 5,114 - - - -
Accruals 8,728 - - - -
Hire purchase 20 62 - - -
Asset financing 366 1,098 1,185 1,295 -
Invoice financing 6,341 - - - -
Trade financing 3,260 - - - -
Lease liabilities 315 884 1,051 3,030 8,434
Total financial liabilities 24,144 2,044 2,236 4,325 8,434
(d) Capital risk management
The Group considers its capital to comprise its ordinary share capital, share
premium, other reserve and accumulated retained earnings/deficit as disclosed
in the consolidated statement of financial position.
The Group remains funded primarily by equity capital together with working
capital facilities and asset finance. The Group's objectives when managing
capital are to safeguard the Group's ability to continue as a going concern in
order to provide returns for equity holders of the Group and benefits for
other Stakeholders and to maintain an optimal capital structure to reduce the
cost of capital. The Group's debt and cash position is monitored weekly which
ensures these objectives are being met along with other internal metrics.
3. 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. 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 16% 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.
2023 2022
SiS PhD Total SiS PhD Total
£'000 £'000 £'000 £'000 £'000 £'000
Sales 34,184 28,487 62,671 29,708 34,065 63,773
Gross profit 16,565 10,267 26,832 17,383 9,553 26,936
Advertising and promotions (5,368) (3,025) (8,393) (6,602) (2,387) (8,989)
Carriage (3,173) (1,909) (5,082) (6,356) (756) (7,112)
Online selling costs (434) (76) (510) (1,424) (86) (1,510)
Trading contribution 7,590 5,257 12,847 3,001 6,324 9,325
Other operating expenses (22,580) (19,146)
Loss from operations (9,733) (9,821)
4. Revenue from contracts with customers
The Group operates the primary sales channels shown below, which form the
basis on which management monitor revenue. UK Retail includes domestic grocers
and high street retailers, Digital are sales through the phd.com and
scienceinsport.com platforms, International Retail relates to retailers and
distributors outside of the UK and Marketplace relates to online marketplaces
such as Amazon and Tmall.
2023 2022
SiS PhD Total SiS PhD Total
£'000 £'000 £'000 £'000 £'000 £'000
Digital 4,984 2,325 7,309 8,859 3,618 12,477
Marketplace 6,218 6,835 13,053 6,199 7,851 14,050
China 1,105 2,285 3,390 178 7,031 7,209
USA 3,548 - 3,548 - - -
Global online 15,855 11,445 27,300 15,236 18,500 33,736
International retail 8,322 4,257 12,579 6,491 3,904 10,395
UK retail 10,007 12,785 22,792 7,981 11,661 19,642
Retail 18,329 17,042 35,371 14,472 15,565 30,037
Total Sales 34,184 28,487 62,671 29,708 34,065 63,773
Turnover by geographic destination of sales may be analysed as follows:
Year ended Year ended
31 December 31 December
2023 2022
£'000 £'000
United Kingdom 35,302 36,574
Rest of Europe 12,047 11,391
USA 3,548 4,670
Rest of the World 11,774 11,138
Total Sales 62,671 63,773
5. Operating expenses
Year ended Year ended
31 December 2023 31 December 2022
£'000 £'000
Sales and marketing costs 13,985 17,611
Operating costs 16,330 14,076
Depreciation and amortisation 6,250 4,808
Share based payment charge (1) - 262
Administrative expenses 22,580 19,146
Total operating expenses 36,565 36,757
(1) Includes associated social security credits/costs of £nil
(2022: credits of £218,000)
6. Loss from operations
Loss from operations is stated after charging/(crediting): Year ended Year ended
31 December 31 December
2023 2022
£'000 £'000
Amortisation of intangible assets 3,827 2,919
Loss on disposal of intangible assets 879 -
Depreciation of right-of-use assets 993 963
Depreciation of property, plant and equipment 1,430 926
Research and development costs 464 249
Grant income in respect of research and development tax credits (163) (140)
A&P/Marketing costs 8,393 8,989
Impairment of trade receivables 520 489
Non-recurring costs and other items (breakdown detailed below) 5,476 2,062
Included within the amortisation of intangible assets is £686k (2022: £nil)
of accelerated amortisation in relation to the corporate website.
Non-recurring costs and other items deducted in arriving at the Groups
underlying EBITDA are analysed below:
Year ended Year ended
31 December 31 December
2023 2022
£'000 £'000
Restructuring and one-off costs 1,975 888
Loss on disposal of intangible assets 879 -
Transition costs 2,092 1,075
Unrealised foreign exchange on intercompany balances 247 99
Other items 283 -
Total non-recurring costs and other items 5,476 2,062
The total fees for services provided by the Group's Auditor are analysed
below:
Year ended Year ended
31 December 31 December
2023 2022
£'000 £'000
Audit services
- Audit fees in respect of the parent company and consolidation 66 57
- Audit fees in respect of the subsidiary accounts 139 121
Non-audit services
- Corporation tax compliance - 18
- Other taxation advisory - 17
Total fees 205 213
7. Wages and salaries
The average monthly number of persons, including Directors, employed by the
Group was:
Year ended Year ended
31 December 31 December
2023 2022
Number Number
Sales and marketing 57 56
Manufacturing 146 132
Administration 36 36
Directors 6 5
Total employees 245 229
Their aggregate emoluments were:
Year ended Year ended
31 December 2023 31 December
£'000 2022
£'000
Wages and salaries 11,075 9,267
Directors' fees 24 181
Social security costs 1,155 1,048
Pension and other staff costs 310 294
Total cash settled emoluments 12,564 10,790
Share based payments - equity settled - 480
Share based payments - social security costs/(credits) - (218)
Total emoluments 12,564 11,052
8. Directors' and Key Management Personnel remuneration
Amounts paid to the Directors of the parent company are analysed in the
following table:
Year ended Year ended
31 December 2023 31 December 2022
£'000 £'000
Directors
Aggregate emoluments and fees 698 653
Benefits in kind 4 7
Pension contributions 12 12
Total emoluments 714 672
Share based payment remuneration charge: equity settled - 279
Total Directors' emoluments 714 951
Directors' fees of £24,000 (2022: £39,000) for one Director are paid through
a limited company.
During the year, one Director participated in defined contribution pension
schemes (2022: none). The number of Directors serving during the year who
participated in the long-term incentive programme was 2 (2022: 2). A total of
9,852,866 share options were exercised by 2 Directors in the current year with
a total gain of £1,157,712 (2022: none).
The highest paid Director received £278,000 (2022: £554,000) which was made
up of salary, share-based payments and benefits in kind.
Directors' emoluments include amounts attributable to benefits in kind
comprising private medical insurance on which the Directors are assessed for
tax purposes. The amounts attributable to benefits in kind are stated at cost
to the Group, which is also the tax value of those benefits.
The aggregate remuneration of members of Key Management Personnel (which
includes the Board of Directors and other Senior Management Personnel) during
the year was as follows:
Year ended
Year ended 31 December
31 December 2022
2023
£'000 £'000
Remuneration and short-term benefits 1,188 878
National insurance costs 160 99
Pension 12 -
Compensation loss of office 103 -
Post-employment benefits - 3
Share based payments - 167
Total amounts paid to Key Management Personnel 1,463 1,147
9. Finance costs
Year ended
Year ended 31 December
31 December 2023 2022
£'000 £'000
Interest expense on lease liabilities 436 442
Interest expense on asset financing 253 143
Interest expense on invoice financing 419 119
Interest expense on trade facility 399 53
Unwinding of dilapidation provision 51 -
Total finance costs 1,558 757
10. Taxation
Year ended
Year ended 31 December
31 December
2023 2022
£'000 £'000
Current tax
Overseas subsidiary taxation (7) (332)
Total current tax charge (7) (332)
Deferred tax
Effect of change in tax rates - 270
Origination and reversal of temporary differences 19 790
Adjustment in respect of prior period - (1,060)
Total deferred tax credit 19 -
Total tax credit / (charge) 12 (332)
The tax assessed for the year is different from the standard rate of
corporation tax in the UK. The differences are explained below:
Loss before tax 11,291 10,578
Loss before tax multiplied by a hybrid rate of corporation tax 2,656 2,010
in the UK of 23.52% (2022: standard rate of 19%)
Effects of:
Expenses not deductible for tax purposes (423) (366)
Fixed asset differences 6 186
Current year movement in respect of prior periods 22 -
Unrecognised deferred tax asset on losses carried forward (2,772) (2,498)
R&D expenditure credit received 38 48
Effect of changes in tax rate 155 357
Excess overseas tax suffered - (69)
Other 330 -
Total tax credit / (charge) 12 (332)
Tax on each component of other comprehensive income is as follows:
2023 2022
Before tax Tax After tax Before tax Tax After tax
£'000 £'000 £'000 £'000 £'000 £'000
Profit recognised on hedging instrument - - - 2 - 2
Exchange losses on the translation of foreign operations 54 - 54 (21) - (21)
Total 54 - 54 (19) - (19)
At 31 December 2023 UK tax losses of the Company available to be carried
forward are estimated to be £38.6m (2022: £30.5m. The rate of UK Corporation
tax increased from 19% to 25% on 6 April 2023, for the financial year ended 31
December 2023 a hybrid rate of 23.52% has been used. Existing deferred tax
liabilities had been calculated at the rate at which the relevant balances
were expected to be recovered or settled. This rate was 25% and therefore
existing deferred tax liabilities have not had to be remeasured.
There are no future factors at the reporting date that are expected to impact
the Group's future tax charge. The Group is not within the scope of the OECD
Pillar Two model rules.
11. 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
2023 2022
Loss for the year attributable to owners of the parent - £'000 (11,279) (10,910)
Weighted average number of shares 170,123,783 138,860,015
Basic loss per share - pence (6.6p) (7.9p)
Diluted loss per share - pence (6.6p) (7.9p)
The number of vested but unexercised share options is 2,896,615 (2022:
16,446,937).
12. Intangible assets
Goodwill Brands Website and software development Product development Total
Customer relationships
£'000 £'000 £'000 £'000 £'000 £'000
Cost
At 31 December 2021 17,398 8,957 5,638 5,740 2,309 40,042
Additions - - - 1,195 746 1,941
At 31 December 2022 17,398 8,957 5,638 6,935 3,055 41,983
Additions - - - 443 566 1,009
Disposals - - - (216) (1,573) (1,789)
At 31 December 2023 17,398 8,957 5,638 7,162 2,048 41,203
Amortisation
At 31 December 2021 - 2,763 1,738 2,930 894 8,325
Charge for the year - 894 564 1,105 356 2,919
At 31 December 2022 - 3,657 2,302 4,035 1,250 11,244
Charge for the year - 896 564 1,691 676 3,827
Disposals - - - (216) (694) (910)
At 31 December 2023 - 4,553 2,866 5,510 1,232 14,161
Net book value
At 31 December 2023 17,398 4,404 2,772 1,652 816 27,042
At 31 December 2022 17,398 5,300 3,336 2,900 1,805 30,739
Following a review of capitalised product development costs, there were
several products where management were no longer able to justify the carrying
value of the asset where products are no longer produced, formula has been
superseded or commercial viability no longer exists. As a result, the assets
have been disposed of leading to a loss on disposal of £879,000 which has
been recognised in operating expenses.
The brand and customer relationships recognised were purchased as part of the
acquisition of PhD Nutrition on 6 December 2018. They are considered to have
finite useful lives and are amortised on a straight-line basis over their
estimated useful lives of 10 years. The intangibles were valued using an
income approach, using the Multi-Period Excess Earnings Method for customer
relationships and Relief from Royalty Method for brand valuations.
The Group is required to test, on an annual basis, whether goodwill has
suffered any impairment. The recoverable amount is determined based on value
in use calculations. The use of this method requires the estimation of future
cash flows and the determination of a discount rate in order to calculate the
present value of the cash flows.
The Group has estimated the value in use of PhD Nutrition based on a
discounted cashflow model which adjusts for risks associated with the assets.
The post-tax discount rate used to measure the CGUs value in use was 11.21%
(2022: 9.74%).
The recoverable amount of the CGU has been determined from value in use
calculations based on cash flow projections covering a period to 31 December
2028. The forecasts are based on a 3-year, board approved, strategic plan,
which forecasts revenue growth ahead of the forecast market growth rate. For
the period from 2028 revenue growth rates have been reduced to the forecast
average growth rate for the sports nutrition market.
The Board approved cash forecast uses a growth rate of 11.1% for 2024 and 20%
for 2025 to 2027. A growth rate of 15% for 2028 has been used which is aligned
to long term historic PhD growth rates. From 2028 an annual growth rate of
1.5% is applied into perpetuity.
The key assumptions used in the discounted cashflow model were the discount
rate, sales growth and gross margin. Gross margin percentages were based on
2023 actuals adjusted for expected improvements to the manufacturing cycle as
well as extra costs around headcount and carriage that are appropriate with
the future revenue growth rate.
The discount rate used in the discounted cashflow is based on a WACC analysis
which takes into account estimates on the:
· Risk-free rate (rate used is higher than the long-term UK
government bond)
· Equity risk premium (this is higher than the average equity risk
premium in the UK)
· Size premium (the same value as prior year has been used)
Sensitivity analysis
With regard to the assessment of value in use, a change in any of the above
key assumptions could have a material impact on the carrying value of the
cash-generating unit.
If any of the following changes were independently made to the key assumptions
the carrying amount and recoverable amount would be equal:
· 5% absolute increase in the discount rate; or
· 70% decrease in EBITDA (years 1-5); or
· A combination of 1% decrease in gross margin and 5% absolute
decrease in the current revenue growth rate (years 1-5)
13. Property, plant and equipment
Leasehold improvements Plant and machinery Fixture, fittings and computer equipment Motor vehicles Capital work in progress Total
£'000 £'000 £'000 £'000 £'000 £'000
Cost
At 31 December 2021 663 3,143 2,462 16 2,894 9,178
Additions 3,117 2,269 627 - - 6,013
Transfers 711 632 - - (1,343) -
At 31 December 2022 4,491 6,044 3,089 16 1,551 15,191
Additions 95 859 149 - - 1,103
Disposals (538) (502) (644) (16) - (1,700)
Transfers 31 1,520 - - (1,551) -
At 31 December 2023 4,079 7,921 2,594 - - 14,594
Depreciation
At 31 December 2021 572 1,774 1,567 14 - 3,927
Charge for the year 184 347 395 - - 926
At 31 December 2022 756 2,121 1,962 14 - 4,853
Charge for the year 312 681 437 - - 1,430
Disposals (538) (502) (635) (14) - (1,689)
At 31 December 2023 530 2,300 1,764 - - 4,594
Net book value
At 31 December 2023 3,549 5,621 830 - - 10,000
At 31 December 2022 3,735 3,923 1,127 2 1,551 10,338
Capital Commitments
At 31 December 2023, the Group had £nil of capital commitments (2022: £nil).
14. Inventories
31 December 31 December
2023 2022
£'000 £'000
Raw materials 1,825 2,455
Finished goods 4,939 4,183
Total inventories 6,764 6,638
There is a provision of £1,505,000 included within inventories in relation to
the impairment of inventories (2022: £452,000). The provision 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 £34,334,000 (2022: £36,042,000) were recognised as an
expense within cost of sales.
15. Trade and other receivables
31 December 31 December
2023 2022
£'000 £'000
Trade receivables 12,046 15,274
Less: provision for impairment of trade receivables (700) (281)
Trade receivables - net 11,346 14,993
Other receivables 1,408 1,046
Total financial assets other than cash and cash equivalents classified as 12,754 16,039
amortised cost
Prepayments and accrued income 1,058 485
Total trade and other receivables 13,812 16,524
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
2023. The Directors consider that the carrying amount of these receivables
approximates to their fair value. 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. The
historical loss rates are then adjusted for current and forward-looking
information affecting the Group's customers.
At 31 December 2023 the lifetime expected loss provision for trade receivables
is as follows:
Less than 60 days past due More than 60 days past due More than 90 days past due Total
At 31 December 2023
Expected loss rate (%) 0% 0% 5%
Gross carrying amount (£'000) 11,493 1,324 702 13,519
Loss provision (£'000) - - 35 35
At 31 December 2022
Expected loss rate (%) 0% 0% 5%
Gross carrying amount (£'000) 13,271 776 1,227 15,274
Loss provision (£'000) - - 66 66
A further provision of £665,000 (2022: £215,000) has been included against
specific debts considered impaired.
Movement in the provision in the year Total
At 31 December 2022 281
Amount utilised in the year (101)
Additional provision charged in the year 520
At 31 December 2023 700
16. Cash and cash equivalents
31 December 31 December
2023 2022
£'000 £'000
Cash at bank and in hand 2,144 930
Cash at bank and in hand is made up of the following currency balances:
British Pound 1,428 551
Euro 399 109
US Dollar 271 235
Australian Dollar 27 29
New Zealand Dollar 19 6
2,144 930
The Directors consider that the carrying amount of cash approximates to its
fair value.
17. Trade and other payables
31 December 31 December
2023 2022
£'000 £'000
5,114 4,981
Trade payables
Accruals 8,728 7,226
Invoice financing 6,341 4,523
Trade facility 3,260 2,733
Total financial liabilities measured at amortised cost 23,443 19,463
Other taxes and social security 1,814 530
Total trade and other payables 25,257 19,993
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 £7.5m
(2022: £6.0m) 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. Repayments and draw downs on the facility
are a continuous process as and when invoice payments are collected from
customers.
Additionally, a £3.5m uncommitted trade facility was entered into during the
prior year which is secured on stock. The drawdowns on the trade facility
during the year were £527,000 (2022: £2,733,000). Drawdowns on the trade
facility are repaid over 90 days from the drawdown.
All banking working capital facilities were successfully renewed to April 2025
as part of an annual renewal cycle, with increases in the invoice financing
facility to £8m (2023: £7.5m) and trade finance facility to £4m (2023:
£3.5m).
18. Provisions for liabilities
The Group had the following provisions during the year:
VAT provision Total
Dilapidations provision
£'000 £'000 £'000
At 1 January 2023 513 388 901
Additions to the income statement 98 731 829
At 31 December 2023 611 1,119 1,730
Due within one year 611 60 671
Due in over one year - 1,059 1,059
Following an HMRC VAT assessment in the prior year, a small number of Bar
products in the PhD range that were previously classed as zero-rated have been
assessed by HMRC as standard rated for VAT purposes. The total exposure on
these products is £0.6m (2022: £0.5m).
In determining the appropriate accounting treatment, management has taken into
consideration the decision reached by the First-tier Tribunal in a current
case an unrelated Group has ongoing for a similar product. In this case, the
Tribunal decided in favour of HMRC that the flapjacks were standard rated.
Whilst this decision is being appealed and could be reversed by the Upper-tier
Tribunal, given the precedent set, management has determined it appropriate to
recognise a provision for the full amount. An equal and opposite other
receivable has been recognised for this amount as management consider it
virtually certain that it will be recovered from customers by the Group.
A dilapidations provision has been increased during the year in conjunction
with the new Blackburn operating site. The estimated cost is expected to bring
the property back, at the end of the lease, into the same condition it was in
at the start of the lease. There are 13 years remaining on the initial lease
term at the yearend. There is therefore uncertainty over the final amount and
timing of the cashflows. Management have utilised their best estimate of the
future obligation at the yearend and will be engaging an independent surveyor
in the year to continue to monitor the appropriateness of the provision.
19. Deferred tax
Deferred tax is calculated in full on temporary differences under the
liability method using a tax rate of 25% (2022: 25%). Details of the deferred
tax asset and liability, amounts recognised in profit or loss and amounts
recognised in other comprehensive income are as follows:
Year ended 31 December 2023: Asset Liability Net (Charged)/ credited to profit or loss (Charged)/ credited to equity
£'000 £'000 £'000 £'000 £'000
Accelerated capital allowances 19 - 19 19 -
Available losses 1,786 - 1,786 (365) -
Other temporary differences - - - - -
Business combinations - (1,786) (1,786) 365 -
Net tax assets/(liabilities) 1,805 (1,786) 19 19 -
Year ended 31 December 2022: Asset Liability Net (Charged)/ credited to profit or loss (Charged)/ credited to equity
£'000 £'000 £'000 £'000 £'000
Accelerated capital allowances - - - 71 -
Available losses 2,151 - 2,151 (428) -
Business combinations - (2,151) (2,151) 357 -
Net tax assets/(liabilities) 2,151 (2,151) - - -
SiS (Science in Sport) Limited has a cumulative assessed tax loss of £38.6m
as at 31 December 2023 (2022: £30.5m). The losses are split into pre 1 April
2017 losses of £4.2m (2022: £4.2m) and post 1 April 2017 losses of £34.4m
(2022: £26.3m). SiS (Science in Sport) Limited can utilise its assessed tax
losses in the coming years against future expected profits. Assessed losses
from before 1st April 2017 can only be used against SiS (Science in Sport)
Limited profit whereas assessed tax losses from after 1st April 2017 can be
used to offset the future profits from SiS (Science in Sport) Limited and PhD
Nutrition Ltd profits. Tax losses have not been recognised as a deferred tax
asset due to the uncertainty of the timing of recoverability based on recent
results; the Group will continue to assess recoverability.
20. Leases
The Group leases several properties in the jurisdictions from which it
operates. In all jurisdictions the rates are fixed over the lease term.
Right of use assets Vehicles
Land and buildings £000
£000 Total
£000
Cost
At 31 December 2021 10,902 14 10,916
Additions 1,041 - 1,041
Disposals (201) - (201)
At 31 December 2022 11,742 14 11,756
Additions - leased assets 325 - 325
Additions - dilapidations provision 655 - 655
Disposals (3) - (3)
At 31 December 2023 12,719 14 12,733
Amortisation
At 1 January 2021 257 - 257
Charge for period 949 14 963
At 31 December 2022 1,206 14 1,220
Charge for period 993 - 993
At 31 December 2023 2,199 14 2,213
Net book value
At 31 December 2023 10,520 - 10,520
At 31 December 2022 10,536 - 10,536
Lease liabilities
Total
£'000
At 1 January 2023 10,676
Additions 325
Disposals (3)
Interest expense 436
Lease payments (742)
At 31 December 2023 10,692
Current 789
Non current 9,903
The maturity analysis of the contractual undiscounted lease liabilities is
shown in the following table:
Up to 3 months Between 3 and 12 months between 1 and 2 year Between 2 and 5 years Over 5 years Total
£'000 £'000 £'000 £'000 £'000 £'000
At 31 December 2023 315 884 1,051 3,030 8,434 13,714
Short term and low value lease expenses in the year were nil. In the previous
year short term leases, classified as operating leases, related to rental
property in UK and Italy totalling £120,000.
21. Share capital
Ordinary Ordinary
10p shares 10p shares
Number £'000
Authorised share capital 221,000,000 22,100
Allotted, called up and fully paid Ordinary Ordinary
10p shares 10p shares
Number £'000
At 1 January 2022 135,100,931 13,510
Share issue - 5 May 2022 3,985,477 399
Share issue - 21 October 2022 33,333,333 3,333
At 31 December 2022 172,419,741 17,242
Share issue - 29 December 2023 9,852,866 985
At 31 December 2023 182,272,607 18,227
The Company has one class of Ordinary shares which carry no rights to fixed
income.
On 29 December 2023, the Company issued and allotted 9,852,866 new Ordinary
shares which were used to satisfy the exercise of share options. At 31
December 2023 the Employee Benefit Trust held in reserve 2,045,230 new
Ordinary shares of 10p each to be issued as share options (2022: 4,293,194 new
Ordinary shares of 10p each).
22. Share options
In June 2014 the Company adopted a Share Option Plan ("SOP"). The key terms of
the SOP are substantially the same as set out in the AIM Admission Document
which is available on the Group's website. Under the SOP, options to purchase
Ordinary shares may be granted by the Remuneration Committee to Directors,
Senior Executives and potentially other employees at nil-cost.
To enable the Company to grant nil-cost options it has established an Employee
Benefit Trust to purchase, hold and transfer the Ordinary shares pursuant to
the options.
The SOP is managed by the Remuneration Committee on behalf of the Company. The
Company will grant each participant an option subject to the terms and
conditions of each participant's individual option agreement (including
performance conditions) and the SOP rules. Each participant may be granted
either annual or long term (three- or five-year vesting period) options or
both. Annual options may be settled in either cash or shares at the sole
discretion of the Remuneration Committee. As at 31 December 2023, 2,045,230
(2022: 4,293,194) shares were held by the Employee Benefit Trust in respect of
options awarded to the Directors in respect of previous years. All other
annual options have been treated as equity settled options.
In the event that the option holder's employment is terminated before vesting,
the option may not be exercised unless the Remuneration Committee so permits.
Options expire 10 years from date of grant.
The Board approved an LTIP element of the SOP on 22 September 2016 which
relates to revenue growth achievement. This award replaces the existing
five-year LTIP, the three-year revenue growth phase of this scheme vested in
March 2016 and was then planned to be a profit plan for two years thereafter.
Following the raising of additional capital in October 2015, the strategy has
continued to be focussed on revenue growth following the completion of the
first three years of the previous LTIP.
An additional LTIP scheme for 2019-2021 was approved during the prior year,
and a new LTIP scheme for 2022-2024 was approved during the current year.
Further information on the schemes can be found in the Remuneration report.
There is no charge for the year relating to employee share-based payment
plans. In 2022 the charge was £262,000, which mainly relates to 2021 STIP
& LTIP and 2019 LTIP equity settled share-based payment transactions, with
social security credits of £218,000.
Options granted during the period
During the year ended 31 December 2023, no options were granted under the
short term and long-term incentive plan with regard to performance in the year
ended 31 December 2022 or 31 December 2023. All options have a nil exercise
price and no market-based performance conditions.
Movements in the number of share options outstanding and their related
weighted average exercise prices are as follows:
Weighted average exercise price Weighted average share price at date of exercise
Share options
pence pence Number
Options at 1 January 2022 nil - 10,820,373
Granted during year nil 58p 4,037,471
Exercised nil 50p (1,276,351)
Forfeited during year nil - -
Outstanding at 31 December 2022 nil 13,581,493
Granted during year nil - -
Exercised nil 12p (12,100,830)
Forfeited during year nil 11p (629,278)
Outstanding at 31 December 2023 nil 851,385
The exercise price of all options outstanding at the end of the year was nil.
The average remaining contractual life for these options as at 31 December
2023 was 0.5 years (2022: 6.4 years). Of the 851,385 outstanding share options
at the yearend, 350,835 were exercised following the yearend, 320,751 lapsed
following the yearend and 179,799 remained exercisable at the date of signing
these financial statements with no further vesting conditions.
23. Reserves
Share premium Amount subscribed for share capital in excess of nominal value less costs
directly attributable to the issue of shares.
Employee Benefit Trust reserve Shares in the Company held by the Employee Benefit Trust which will be used to
settle options held by employees under the SOP.
Cash flow hedge reserve Gains/losses arising on the effective portion of hedging instruments carried
at fair value in a qualifying cash flow hedge. There were no movements in cash
flow hedges in the current or prior year. There remains a historic cash flow
hedge reserve on the consolidated statement of financial position as a result
of previous cash flow hedge accounting.
Other reserve Arose as a result of applying the principles of reverse acquisition accounting
following the demerger of SIS (Science in Sport) Limited from Provexis plc in
August 2013 and represents the difference between the capital reserves of
Science in Sport plc (the legal acquirer) and those of SIS (Science in Sport)
Limited (the legal acquiree).
Retained deficit Cumulative net gains and losses recognised in the consolidated statement of
comprehensive income.
Foreign exchange reserve Arises on the translation of foreign subsidiaries into Sterling at the
year-end date.
24. Pension costs
The pension charge represents contributions payable by the Group to
independently administered funds which during the year ended 31 December 2023
amounted to £310,000 (2022: £294,000). Pension contributions payable but not
yet paid at 31 December 2023 totalled £59,000 (2022: £49,000).
25. Related party transactions
IAS 24 'Related Party Transactions' requires the disclosure of the details of
material transactions between reporting entities and related parties.
Transactions and balances with group companies are eliminated on consolidation
and therefore do not need to be disclosed.
There were no other related party transactions during the financial year, nor
any balances outstanding at the end of the financial year.
26. Financial instruments
Financial instruments at amortised cost 31 December 31 December
2023 2022
£'000 £'000
Financial assets measured at amortised cost 14,898 16,969
Financial liabilities measured at amortised cost 37,691 33,983
Financial assets comprise cash and cash equivalents trade and other
receivables. Financial liabilities comprise trade payables, accruals, hire
purchase, invoice financing, trade facility, asset financing and lease
liabilities.
27. Hire purchase agreement
31 December 31 December
2023 2022
£'000 £'000
Current portion of hire purchase obligation 82 80
Long term portion of hire purchase obligation - 82
Total hire purchase obligation 82 162
28. Asset financing
An asset financing agreement was entered into in 2021 with Lombard Equipment
Finance to fund capital expenditure for the Blackburn single site operations
facility. The full amount funding has now been received and totals
£3,553,000. The Group's obligation is to repay the financing over 60 months,
the first repayment occurred in July 2022.
This agreement with Lombard contains both fixed and floating charges over all
the property and undertakings of the parent company.
31 December 31 December
2023 2022
£'000 £'000
Current portion of asset financing obligation 1,192 843
Long term portion of asset financing obligation 2,282 2,839
Total asset financing obligation 3,474 3,682
The maturity analysis of the undiscounted asset financing obligations is shown
in the following table:
Up to 3 months Between 3 and 12 months between 1 and 2 year Between 2 and 5 years Total
£'000 £'000 £'000 £'000 £'000
At 31 December 2023 366 1,098 1,185 1,295 3,944
29. Notes to the cash flow statement
The following table shows a reconciliation of the changes in liabilities
arising from financing activities during the year.
1 January Cash flows Non-cash changes 31 December 2023
2023
£'000 £'000 £'000 £'000
Cash and cash equivalents 930 1,461 (247) 2,144
Asset financing (3,682) 208 - (3,474)
Invoice financing (4,523) (1,818) - (6,341)
Trade facility (2,733) (527) - (3,260)
Lease liabilities (10,676) 306 (322) (10,692)
Total (20,684) 66 (1,005) (21,623)
Non-cash changes in cash are in relation to unrealised foreign exchange
differences. Non-cash changes in lease liabilities are in relation to
additions and disposals (note 20).
30. Contingent liabilities
Following an HMRC VAT assessment in the prior year, a small number of Powder
products in the PhD range that were previously classed as zero-rated have been
assessed by HMRC as standard rated for VAT purposes. VAT at the standard rates
on sales of these products in the period December 2018 to 31 December 2021 is
£0.7m. Management are challenging HMRC's assessment and have determined the
probability of an outflow of resources is low. Accordingly, a contingent
liability has been disclosed for this amount.
To the extent there is any liability due to HMRC, the Group will seek to
recover this from customers.
31. Post balance sheet events
There are no events subsequent to the reporting date which would have a
material impact on the financial statements.
32. Parent company guarantees
As the ultimate parent undertaking, Science in Sport plc is providing SIS
(Science in Sport) (included within these Group consolidated financial
statements) with guarantees of its debts in the form prescribed by Section
479C of the Companies Act 2006 ("the Act") such that the subsidiary can claim
exemption from requiring an audit in accordance with section 479A of the Act.
This guarantee covers all of the outstanding actual and contingent liabilities
of this company as at 31 December 2023.
1 (#_ftnref1) Earnings before interest, tax, depreciation, amortisation,
loss on disposal of intangible assets, share-based payments, restructuring
costs, transition costs, unrealised foreign exchange on intercompany balances
and other non-EBITDA one-off costs
2 (#_ftnref2) Adjusted net debt is defined as cash, less banking working
capital facilities, asset financing and other payables and excludes property
leases
3 (#_ftnref3) Source - Euromonitor October 2022
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