Science in Sport is targeting its share of a reported £19.6 billion global market in 2010 by securing a stock market listing.
Berkshire-headquartered Science of Sport (SiS) has demerged from Provexis and is now a member of the Alternative Investment Market (AIM) by itself.
The business, which manufactures and markets sports nutrition products for professional athletes and amateurs, supplied products to 24 medal-winning athletes or teams at the 2012 London Olympics.
Having previously been part of now fellow AIM business Provexis, the decision was made to demerge the companies – and £1.7 million has now been raised for the new listing.
The company had historically focused on the discovery, development and commercialisation of functional foods, medical foods and dietary supplements.
Following the acquisition of the SiS business in June 2011 for £8 million, its focus was expanded to cover sports nutrition – which it says accounts for a large proportion of the functional food market.
Stephen Moon, CEO of SiS, comments, ‘Demerging Science in Sport from Provexis has created two companies with distinct identities.
‘At Science in Sport, we look forward to driving the growth of the SiS brand. With current sales momentum, and the continued resilience of the sports nutrition category, the board believes that SiS is well positioned for strong growth in the current year and beyond.’
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As well as supplying a number of cycling teams, such as Rapha Condor JLT and Pro Team Astana, with its products, SiS has also secured the involvement of Sir Chris Hoy, and fellow olympians Helen Jenkins and Rebecca Romero, as official brand ambassadors.
The SiS core product range is led by SiS GO – energy powders, isotonic gels, energy bars and hydration tablets. It has also developed SiS REGO, which has protein-based recovery powders and bars.
For the year to date 31 March 2013, SiS reported net turnover of £5.5 million and an underlying profit of £100,000. It has also revealed that sales growth for the six months to the same period was up 17 per cent.