Lancashire’s Science in Sport has posted record revenues for the full year 2019, with acquired label PhD weighing in with a 23% revenue growth of its own.
Overall revenue for the group rose by £9.6 million like-for-like, tallying £50.6 million and a 23% rise. The Science in Sport brand likewise packed a punch, adding 24% in revenue year-on-year. Combined the firm achieved a 6-year 25% revenue compound annual growth rate.
In profit terms things were much improved on last year’s £2.7 million loss, this year reduced to a loss of £300,000. This, according to the directors, is in line with a long-term growth strategy where the business has invested heavily in its e-Commerce and international growth, as well as heavy marketing on brand awareness.
Building of the PHD brand into the group structure is now complete, with e-Commerce fulfillment firing and a production line dedicated to the firms protein powder now installed here in the UK.
With online such a focus for the nutrition giant it is little surprise to see a 36% spike up to £16.4 million achieved over last year’s £12.1 million.
Meanwhile, international trade rose further still at 41% up, representing £12.3 million. “Strong growth” came from Europe and Asia, while PhD’s launch into Saudi Arabia seeded a new market for the brand. SiS debuted in South America.
The new Vegan Smart Bar Plant (pictured) from PhD contributed to the group’s innovations for the past year, while Science in Sport’s new Football range saw strong early pick up.
On the increasingly difficult topic of forward planning, Science in Sport suggests it has been planning around the pandemic for week already and is “well prepared”, according to the CEO Stephen Moon.
“2019 was a transformational year for Science in Sport as we integrated the PhD business as planned and continued our strategic growth focus on e‐commerce and international, positioning the Group for the next stage of its growth.
“Our preparations for Covid-19 disruption have been underway for several weeks and measures include buying sensitive raw materials, securing the supply chain operation, and remote working for commercial and operations staff. Costs are being managed very tightly and contingency plans are in place. We are well prepared to protect the Company and its workforce should the impact from Covid-19 become extended.”