Science in Sport shares (LON: SIS) opened 7% higher on Wednesday following a trading update for the current financial year, ending 31 December.
The nutrition company said that business was performing well and to the end of November, total Online revenues were ahead 39% year on year at £23m. For the full year, online sales are expected to grow 51%.
The group’s PhD.com digital business was up 108% to the end of November compared to the same period in 2019 and the USA business is up 32% year on year.
Stephen Moon, the group’s chief executive, commented: “I am pleased to announce the business is performing well. We bounced back strongly following our decisive actions in March and April to restructure the business and strengthen the balance sheet. Our focus has been accelerating our long-term growth strategy and investing in our online business, and this has successfully delivered for us.
“We have invested in technology and talent to drive our online business across global territories for 2021 onwards, and we have continued to drive innovation and brand equity to underpin our premium margin business.
“A new supply chain unit is planned for late 2021. This will build further on the substantial progress made in gross margin during this year, and we expect to make progress throughout the strategic planning period.
“Whilst it is too early to reinstate guidance for the longer term, once the COVID-19 pandemic abates, we are well positioned to take advantage of profitable growth opportunities in all major global regions,” Moon added.
The cash position is strong and the group expects to close the year with approximately £10m.