News blog

Provexis

• BY: Andrew Hore |
• POSTED: 27/06/2013 |

Provexis plans to spin-off sports nutrition Science in Sport in a separate Aim company.

Provexis acquired sports nutrition company SiS for £8m (£7m in cash and £1m in shares) in June 2011. The brand was relaunched in April 2012 and earlier this year Olympic cyclist Sir Chris Hoy became a brand ambassador.

In 2010, pre-tax profit was £200,000 on revenues of £4.6m. In the six months to September 2012, SiS generated revenues of £3.25m out of total group revenues of £3.26m.This was not much less than the previous 12 months. Revenues continue to grow. The combined group remains loss-making.

Provexis will concentrate on its Fruitiflow heart health technology business. The product has been developed in conjunction with DSM Nutritional Products. There are 13 products that use Frutiflow syrup. Six customers have ordered the powder version. 

At 1.5p a share, Provexis is valued at £22.5m.

Download the latest AIM Journal from http://www.hubinvest.com/AIMPDFJune2013_45.pdf