Science in Sport Plc - AGM Statement
SCIENCE IN SPORT PLC
Science in Sport plc (AIM: SIS), the premium performance nutrition company serving elite athletes, sports enthusiasts and the gym lifestyle community, will this morning hold its Annual General Meeting ("AGM").
At the AGM, John Clarke, the Chairman of Science in Sport, will make the following statement:
"As expected, 2019 is proving to be transformational for the Group following the acquisition in December last year of PhD Nutrition, which doubled the size of our business. In the year to date, we have made significant progress both in the integration of the PhD brand and in trading across the Group in the UK and internationally.
"Trading at PhD is in line with our expectations and the integration plan remains firmly on track. We have already added to PhD's international distribution by launching it in existing SiS markets, including Italy and Turkey. In addition, we will launch a US test market for PhD this summer.
"We have successfully relaunched the PhD website, as part of a strategy to drive online sales, and initial performance metrics are encouraging. We also opened a new e-commerce facility to support PhD's online growth. The facility will deliver efficiencies through the integration of PhD's and SiS's online fulfilment.
"PhD's new product launches in the first half include the vegan Smart Plant Bar, an innovative, high protein, plant-based bar. Initial sales have been very encouraging and we expect to extend the product's retail distribution later this year.
"Online sales at our SiS brand continue to grow strongly. Recent new product launches by the brand include an innovative range targeting footballers at all levels. The range is based on SiS's experience of supplying professional clubs over many years with specially formulated energy, hydration and recovery products. Football remains a significant long-term growth opportunity for the Group.
"International growth plans for the SiS brand include initiating sales in the Middle East later this year via PhD's existing distribution.
"Our focus in the year ahead is on the integration of PhD and on the continued momentum across our sales platforms in the UK and internationally."
The Group's pre-close trading update for the six months ending 30 June 2019 is expected to be issued in the week commencing 8 July 2019.