DAVY VIEW

We hosted Science in Sport (SIS) management on Friday (April 1st) following its full-year results on March 29th. After a strong performance in 2021, management remain constructive on 2022 despite the challenging operating backdrop. Investment across the enterprise continues at pace, with 2022 an important year for the evolution of the group’s supply chain and digital platform. Input cost inflation and consumer demand remain key watchpoints. For 2022, we hold our EBITDA unchanged, while lower our 2023 EBITDA by c.£1.1m (both before IFRIC accounting changes).