Provexis targets gels and plans Fruitflow sports debut
Since Provexis took control of SiS, year-on-year revenue growth has spiked from about 1% to 13% as Provexis has fed SiS with the scientific prowess that led to it winning the first article 13.5 EU health claim for its proprietary blood circulation-benefitting tomato extract called Fruitflow in 2009.
Provexis today announced the first SIS product launch of the year – GO Gel Plus Nitrates featuring 250mg of nitrate per gel, with Fruitflow set for its first sports product debut later in the year, prpbably just after the London Olympiad.
Provexis chief executive officer Stephen Moon told NutraIngredients SiS had moved to market leadership in the UK sports gel market and research was ongoing into both performance (the SiS ‘Go’ range) and recovery (its ‘Rego’ range) areas.
The ranges around these core areas are being simplified with both elite and lifestyle consumer surveys informing changes in flavours, formulations and the SKUs on offer.
“Gels have moved up to account for about a third of the SiS business and we are the leading UK sports gel manufacturer,” Moon said of the firm that made about €265,000 in profit last financial year.
“You will see us pushing gels this year.”
Beyond the UK
This includes exports, where the company earns about 15% of its revenues mostly in Belgium, the Netherlands and Luxembourg, where its reputation among cyclists has given it a platform. Germany is being eyed and distribution options investigated.
Gels are not the only area of innovation.
“SiS is benefitting from Provexis’s scientific expertise and we will launch a hydrating tablet next month.”
The SiS range is being used by British rowing teams as well as professional cyclist teams like Nissan-RadioShack-Trek and Rabobank and the new nitrate product featured in a small-scale trial with one of the rowing teams.
Provexis is still in the commercialisation phase with Fruitflow, losing €2.44m in the 12 months closing March 31, 2011. It is about to release its results for 2012.
The company has a licensing arrangement with ingredients giant DSM and Moon said progress was being made on several fronts with key DSM clients.
In the meantime it has installed a new “six-figure” Italian-made gel manufacturing machine to bring manufacture in-house at a new facility it will inaugurate next week.