Sports nutrition business Science in Sport suffered a slight fall in its interim revenues, but managed to reduce half year losses, it revealed today.
The AIM-listed business, which has a manufacturing site in Nelson, East Lancashire, serves the elite athletes, sports enthusiasts and gym lifestyle communities.
In the six months to June 30, it reported turnover of £23.579m, down from £24.872m. However, a pre-tax loss of £2.563m compared with a loss of £3.081m the same time last year.
It said its underlying operating loss of £0.2m, against £0.6m last time, was due to its continued focus on removing non-strategic cost and prioritising profitable growth.
The five per cent fall in revenues reflected the severe second quarter disruption caused in all markets by the COVID-19 pandemic.
Despite this, the group said it has a strong balance sheet position with cash of £9.0m, up from £5.0m in 2019, following the successful £4.5m