Science in Sport raises cash after beating sales goals

9th Apr 2014 08:00

Sports nutrition group Science in Sport has raised 2.3m pounds to accelerate expansion, after generating full year revenue ahead of expectations thanks to faster second-half gowth.In a year-end trading update, the AIM-listed company said 2013 sales would be 24% ahead of the previous year, an improvement on the 23% growth in the first half.The company has secured new cash from City institutions and directors at 45p, in order to create more working capital to "increase its revenue outlook ahead of historical year performances". The monies will fund further revenue growth and be invested internally in further new revenue generating opportunities.The revenue growth during the year to end-March was achieved across all of the company's distribution channels, including supermarkets, high street retail chains, independent retailers and e-commerce retailers. The company's own direct e-commerce sales have enjoyed very strong year-on-year growth and the current year will see increased resource invested in this channel. Shares in Science in Sport were up 3.3% to 47p at 08:10 on Wednesday.OH