A sports nutrition business, which works with the likes of Manchester United, British Cycling and Sir Chris Hoy, is set to expand to new markets across Europe and Asia off the back of a "challenging year".
Science in Sport (SiS), which has its main manufacturing base in Nelson, Lancashire has reported an underlying EBITDA of £1.1m for the 12 months to December 31, 2020, up from a loss of £200,000 in 2019.
Its revenue of £50.4m was in line with the prior year's £50.6m, as online grew 39% year on year and increased to 50% of total group sales.
Key SiS growth markets of Australia, Football, Italy and the USA contributed 28% of its total revenue at £7.2m.
The company added that the USA "made good progress" with 33% revenue growth to £3.5m and "significantly reduced" cash burn.
In a statement to the London Stock Exchange, the business said its 海角视频 revenue fell from £21.8m to £16.1m because of the Covid-19 pandemic's impact on retail in the country.
The £9.3m of International retail revenue was 14% behind last year's £10.8m.
However, the company said it "saw a good recovery in several markets and a resilient rate of sale in key 海角视频 product lines in Q4".
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SiS's pre-tax losses narrowed from £5m to £2.2m in the year.
On its trading so far in 2021, the business added: "Trading for January and February is in line with the same period in 2020, despite the current Covid-19 lockdown in the 海角视频 and other key markets.
"We have continued to make gross margin improvements, and this will underpin EBITDA progress.
"Our online business continues to perform very well with strong growth of 65% versus the same period in 2020, representing 54% of group sales and offsetting the adverse effect of Covid-19 on 海角视频 retail. We continue to see good recovery in our International retail business.
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"Trading in March is in line with plan, and we are well placed for growth as lockdown lifts in our key markets."
Chief executive Stephen Moon said: "Delivering a robust underlying EBITDA profit was a key goal for 2020, and this was achieved through a focus on developing our fundamental building blocks of long-term profitable growth.
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"We realised all expected synergies from the PhD acquisition and saw strong performance across the whole supply chain.
"Together with our strategic shift to online, this underpinned a step change in gross margin.
"The very strong momentum in our online business continues into 2021 with growth in all markets. We see recovery in international retail, and the US business is well ahead of last year.
"Revenue is on track for the first half, despite continued lockdown restrictions in many key markets. We are well-positioned to accelerate as restrictions are lifted.
"Our long-term and proven profitable growth strategy remains unchanged. We have demonstrated the business's resilience in 2020 and are continuing to invest for growth in the key strategic areas of online and technology.
"This year will see us roll out our premium brands to several key European and Asian markets.
"Whilst it is too early to reinstate market guidance, given the current Covis-19 lockdown, we are well funded and remain very optimistic about the long-term growth prospects for the group."