Market conditions fail to dampen Provexis’ growth optimism

UK functional food and sports nutrition firm used its annual general meeting to make an optimistic growth forecast following a period of ‘significant change’ in the sixteen months since it acquired Science in Sport (SiS).

Provexis said that it has delivered strong revenue growth during the period, despite being affected by the UK’s wettest summer on record.

"We remain optimistic about delivering our growth and margin improvement targets for the year," said Provexis.

"To underpin growth we have invested substantially in marketing and sales, and in recent days have launched our new e-commerce platform. Our scientific team are highly active working with key opinion leaders in endurance sports, as well as developing both new products for launch and scientifically-substantiating performance claims for existing and future products."

The Nelson, Lancashire-based company said that it had successfully produced its first industrial run of Fruitflow tablet grade powder and would ramp up production later this month. The firm has also set its sights on international markets and will be investing in understanding the needs of global consumers and regulation in target territories.

“During the coming year we expect the economic climate to remain challenging, affecting brand owner attitudes to innovation in all global markets, as well as consumer spending. We will continue to execute our strategy of focusing on the twin revenue opportunities of SiS and Fruitflow, while reducing costs at every opportunity."