Shares have slumped at performance nutrition company Science in Sport after it warned the impact of a rise in costs and the closure of its Russian business is having.
The AIM-listed firm, which has a major base in Lancashire, saw its shares fall by almost 30% in early trading after it revealed its revenue growth for the first half of its financial year is expected to be lower than anticipated.
The business said it is set to report growth of 12% for the six months to the end of June compared to the same period in 2021.
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However, the company said: "We believe that our growth will improve in the second half through investment in brands and our digital channels, and through improved pricing."
But Science in Sport did reveal that its "current assessment of external factors indicates an adverse £3.2m of costs or margin loss for the year compared to budget".
It said that includes raw material price increases, fuel and logistics costs, people retention costs and closure of its Russian business.
The company added that its new Blackburn site is close to completion and the site will be fully operational by the end of July.
Science in Sport has partnerships with the likes of Manchester United, British Cycling and Adam Peaty.
