24th Jul 2018 11:06
LONDON (Alliance News) - Scientific consultancy services firm Science Group PLC said Tuesday its half-year profit rose as revenue grew significantly and it continued to integrate its recent acquisition.
For the six months ended June, pretax profit expanded 8.1% to GBP2.5 million from GBP2.3 million the year prior despite a GBP300,000 drag from currency movements. This was after revenue rose 40% to GBP25.1 million from GBP18.0 million the year before.
"The group financial performance in the first half of 2018 has been in line with the board's expectations," Science Group explained in a statement. "The group's balance sheet remains very strong including significant cash resources. The long term debt is secured against the group's freehold property."
"The integration of TSG is progressing satisfactorily," Science Group added, "with improvements in financial controls and operating processes already translating into improved profitability. The strategy evolution of the North American business has been based around market segmentation while the European strategy developments have refocused the business on the major European markets whilst maintaining the wide geographical coverage to service TSG clients."
In September 2017, Science Group acquired scientific advisory and regulatory services firm Technology Sciences Group Inc for USD17.0 million.
Shares in Science Group were 2.4% lower at 234.20 pence on Tuesday.
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