Latest news with #SiS
Yahoo
28-04-2025
- Business
- Yahoo
Takeover target Science in Sport's revenue slides but net loss narrows
Science in Sport, the UK sports-nutrition business in the throes of a private-equity takeover, has posted a slide in full-year revenue but net losses narrowed. Revenue to the 31 December dropped 17.2% to £51.9m ($69.3m), the London-listed business reported today (28 April). Its bottom-line loss shrank to 2.3 pence per share from 6.6p a year earlier. The company said in its results commentary that 30 staff had left the business in 2024, resulting in "significant operational costs savings". Included in the staff exits were "several senior roles", Science in Sport added. Last July, the company said it raised £8.5m before expenses in an oversubscribed equity fundraising round. Earlier this month, the directors of Science in Sport reached an agreement for a takeover bid from private-equity firm B-D Capital. B-D Capital's takeover offer amounts to £0.34 a share, valuing the owner of the SiS and PhD Nutrition brands at £82.3m. The deal still has to be approved by shareholders. In terms of the current year, the company said it aims for "profitable revenue growth through distribution agreements both domestically and internationally; controlled growth over the medium term supported by effective marketing with a clear strong commercial execution; and, continued margin improvements from ongoing cost challenge resulting in cash generation and deleveraging." The gross margin improved to 45.3% in 2024 from 42.8% in the corresponding period, Science in Sport reported today. The so-called trading contribution margin increased to 26.6% from 20.5%. Underlying EBITDA more than doubled to £4.2m, while the associated margin surged to 8.2% from 3.2%. Chairman Dan Wright said in the results statement: "Overall, 2024 has been a successful year of turnaround for the group following the appointment of a new executive team in the final quarter of 2023. This new team has been responsible for driving change and resetting the operating model of the business resulting in a performance of which we are ultimately proud but has proved challenging given the level of turnaround required." He added: "The group has continued to make significant strategic progress following a full business review completed in 2023 where the board remains confident that the business will return to growth from a stronger operating platform with improving operating margins and cash generation." Science in Sport said it had secured new distribution agreements in the Middle East and had expanded in the Australian market. 'Both regions will be important focus areas for international growth throughout 2025 and beyond,' the company said. It also supplies markets in Europe and the US. London-headquartered Science in Sport, set up in 1992, markets gels, powders and bars through supermarket chains, specialist sports retailers and online. The company, which also has tie-ups with professional sports teams, has a production facility in northern England. In 2023, BD-Capital made an investment in Netherlands-based food supplements company Bonusan. It also has gut-health food supplement provider Symprove in its portfolio. "Takeover target Science in Sport's revenue slides but net loss narrows" was originally created and published by Just Food, a GlobalData owned brand. The information on this site has been included in good faith for general informational purposes only. It is not intended to amount to advice on which you should rely, and we give no representation, warranty or guarantee, whether express or implied as to its accuracy or completeness. You must obtain professional or specialist advice before taking, or refraining from, any action on the basis of the content on our site.
Yahoo
17-04-2025
- Business
- Yahoo
Science in Sport directors back B-D Capital takeover bid
Science in Sport directors have thrown their weight behind a takeover bid for the UK sports-nutrition group from private-equity firm B-D Capital. In a stock exchange filing today (17 April), Science in Sport said its independent directors had agreed the terms of a deal. The development came 24 hours after B-D Capital's interest in the business emerged. B-D Capital's takeover offer amounts to £0.34 a share for Science in Sport, valuing the owner of the SiS and PhD Nutrition brands at £82.3m ($109.1m). In the first half of 2024, Science in Sport ran up a loss of £2.5m. The loss was lower than the £3.3m booked a year earlier but came amid a 25.4% drop in first-half revenues to £25.7m. In July last year, the company conducted a capital raise worth around £8.5m. A trading update in January included a set of partial unaudited results in which Science in Sport said it expected its annual revenues to have fallen by 17.5% to £51.9m in 2024. 'SiS has built a fantastic portfolio of sports nutrition products and the current management team has been instrumental in reshaping its strategic focus. Nonetheless, whilst progress has been substantive, much remains to be done to optimise the value potential of the SiS group,' Science in Sport non-executive director Henry Turcan said. 'The SiS board believes that the current offer reflects the premium nature of the SiS brands and market position which has been established and rewards shareholders for the faith and capital provided, most recently at the turnaround fundraising undertaken in July last year at a price of 17 pence per share.' He added: 'The acquisition will provide SiS shareholders with the opportunity to realise the value of their holdings, in cash, at an attractive value without providing further capital or assuming additional risk likely to be necessary to drive meaningful growth and value creation over the medium term.' London-headquartered Science in Sport, set up in 1992, markets gels, powders and bars through supermarket chains, specialist sports retailers and online. The company, which also has tie-ups with professional sports teams, has a production facility in northern England. In 2023, BD-Capital made an investment in Netherlands-based food supplements company Bonusan. It also has gut-health food supplement provider Symprove in its portfolio. BD-Capital partner Andrew Dawson said the private-equity firm had been 'impressed by the attractive fundamentals and high growth potential of SiS' two brands'. He added: 'We have been monitoring the business for several years and have been highly impressed by the results achieved by the current management team in the last 18 months. As an operator-led, sector-specialist investor, BD-Capital has strong experience in supporting leading consumer health and VMS businesses and we will bring to bear our full range of capabilities to support SiS' growth.' The Science in Sport independent directors who are investors in the business have said they will sell their shares to B-D Capital. Overall, the private-equity firm has received 'irrevocable undertakings' from Science in Sport shareholders who together own just over 40% of the business that they will vote in favour of the bid at an upcoming shareholder meeting. "Science in Sport directors back B-D Capital takeover bid" was originally created and published by Just Drinks, a GlobalData owned brand. The information on this site has been included in good faith for general informational purposes only. It is not intended to amount to advice on which you should rely, and we give no representation, warranty or guarantee, whether express or implied as to its accuracy or completeness. You must obtain professional or specialist advice before taking, or refraining from, any action on the basis of the content on our site.
Yahoo
17-04-2025
- Business
- Yahoo
Science in Sport directors back B-D Capital takeover bid
Science in Sport directors have thrown their weight behind a takeover bid for the UK sports-nutrition group from private-equity firm B-D Capital. In a stock exchange filing today (17 April), Science in Sport said its independent directors had agreed the terms of a deal. The development came 24 hours after B-D Capital's interest in the business emerged. B-D Capital's takeover offer amounts to £0.34 a share for Science in Sport, valuing the owner of the SiS and PhD Nutrition brands at £82.3m ($109.1m). In the first half of 2024, Science in Sport ran up a loss of £2.5m. The loss was lower than the £3.3m booked a year earlier but came amid a 25.4% drop in first-half revenues to £25.7m. In July last year, the company conducted a capital raise worth around £8.5m. A trading update in January included a set of partial unaudited results in which Science in Sport said it expected its annual revenues to have fallen by 17.5% to £51.9m in 2024. 'SiS has built a fantastic portfolio of sports nutrition products and the current management team has been instrumental in reshaping its strategic focus. Nonetheless, whilst progress has been substantive, much remains to be done to optimise the value potential of the SiS group,' Science in Sport non-executive director Henry Turcan said. 'The SiS board believes that the current offer reflects the premium nature of the SiS brands and market position which has been established and rewards shareholders for the faith and capital provided, most recently at the turnaround fundraising undertaken in July last year at a price of 17 pence per share.' He added: 'The acquisition will provide SiS shareholders with the opportunity to realise the value of their holdings, in cash, at an attractive value without providing further capital or assuming additional risk likely to be necessary to drive meaningful growth and value creation over the medium term.' London-headquartered Science in Sport, set up in 1992, markets gels, powders and bars through supermarket chains, specialist sports retailers and online. The company, which also has tie-ups with professional sports teams, has a production facility in northern England. In 2023, BD-Capital made an investment in Netherlands-based food supplements company Bonusan. It also has gut-health food supplement provider Symprove in its portfolio. BD-Capital partner Andrew Dawson said the private-equity firm had been 'impressed by the attractive fundamentals and high growth potential of SiS' two brands'. He added: 'We have been monitoring the business for several years and have been highly impressed by the results achieved by the current management team in the last 18 months. As an operator-led, sector-specialist investor, BD-Capital has strong experience in supporting leading consumer health and VMS businesses and we will bring to bear our full range of capabilities to support SiS' growth.' The Science in Sport independent directors who are investors in the business have said they will sell their shares to B-D Capital. Overall, the private-equity firm has received 'irrevocable undertakings' from Science in Sport shareholders who together own just over 40% of the business that they will vote in favour of the bid at an upcoming shareholder meeting. "Science in Sport directors back B-D Capital takeover bid" was originally created and published by Just Drinks, a GlobalData owned brand. The information on this site has been included in good faith for general informational purposes only. It is not intended to amount to advice on which you should rely, and we give no representation, warranty or guarantee, whether express or implied as to its accuracy or completeness. You must obtain professional or specialist advice before taking, or refraining from, any action on the basis of the content on our site. Sign in to access your portfolio
Yahoo
17-04-2025
- Business
- Yahoo
Takeover approach for sports-nutrition group Science in Sport
UK sports-nutrition group Science in Sport has expressed its interest in a tentative takeover approach from private-equity firm BD-Capital. In a stock-exchange filing, Science in Sport said BD-Capital had floated a potential bid for the company of £0.34 ($0.45) a share. The company, which markets sports-nutrition products under brands including SiS and PhD Nutrition, said the approach "may or may not result in an offer" in the business. However, Science in Sport added an independent board committee had 'carefully evaluated the indicative terms of the possible offer" and would be 'minded to recommend' it if BD-Capital makes a 'firm intention' to bid. The private-equity firm has until 14 May to say whether or not it plans to do so. In 2023, BD-Capital made an investment in Netherlands-based food supplements company Bonusan. It also has gut-health food supplement provider Symprove in its portfolio. In January, Science in Sport issued an unaudited trading update for 2024, along with its outlook for 2025. It said it expected its annual revenue to have fallen by 17.5% to £51.9m in 2024. However, in the brief update, the company said it expected its adjusted EBITDA to more than double to £4.2m. Science in Sport said it had 'continued to see improvements in its operational and financial performance' after its interim results were announced in September. Looking ahead, it said, 'trading has started well', adding it expected the 'return to growth seen in the second half of 2024" to continue into 2025 "together with the full effects of the cost savings made in 2024'. In the first half of 2024, Science in Sport generated revenue of £25.7m, down 25.4% year-on-year. Gross profit fell by 20.8% to £11.5m. Underlying EBITDA rose by 74% to £2m, with the EBITDA margin increasing from 3.3% to 7.7%. It ran up a loss for the period of £2.5m, compared to one of £3.3m in the first half of 2023. "Takeover approach for sports-nutrition group Science in Sport " was originally created and published by Just Drinks, a GlobalData owned brand. The information on this site has been included in good faith for general informational purposes only. It is not intended to amount to advice on which you should rely, and we give no representation, warranty or guarantee, whether express or implied as to its accuracy or completeness. You must obtain professional or specialist advice before taking, or refraining from, any action on the basis of the content on our site.
