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Shares in Science in Sport PLC dropped on Friday as it said that revenue growth has been ‘lower than expected’.
Shares in the Nelson, Lancashire-based sports nutrition company were down 23% to 35.00 pence each in London on Friday morning.
Revenue growth in the first six months of 2022 is expected to be around 12% year-on-year. Science in Sport said that this is ‘lower than expected’.
‘We believe that our growth will improve in the second half through investment in brands and our digital channels, and through improved pricing,’ the company added.
Further, based on its current assessment of external factors, Science in Sport expects an adverse £3.2 million of costs or margins loss for the year compared to its budget. The company said that this a result of raw material price increases, fuel and logistics costs, people retention costs and the closure of its Russian business.
Science in Sports added that its new Blackburn site is expected to be fully operational before the end of July. The logistics operation of the site is delivering the expected efficiencies and cost savings, the company said.
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