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Science Group posts half-year revenue rise and profit boost

24th Jul 2023 11:24

(Alliance News) - Science Group PLC reported on Monday that its half-year revenue had jumped and its pretax profit had increased, but had a wary outlook citing the disruptive economic environment.

Science Group is a Cambridge, England-based science, engineering and technology business, providing services to the medical, defence, industrial, food & beverage and consumer sectors.

Revenue in its first half ended June 30 was up 25% to GBP56.1 million, from GBP44.8 million the prior year.

Pretax profit increased 3.4% to GBP6.1 million, from GBP5.9 million year-on-year, whilst adjusted operating profit increased by 18% to GBP10.4 million from GBP8.8 million.

Science Groups said it had a "strong balance sheet", though its group cash was down at GBP29.2 million from GBP 38.6 million, and net funds of GBP15.7 million from GBP23.9 million.

"The board does not underestimate the potential impact of the prolonged uncertainty in the current economic environment, both UK and international, and is maintaining its conservative attitude to risk, governance and financial discipline," said Science Group.

"At the same time, economic downturns may present further acquisition and or investment opportunities for Science Group. With a very strong balance sheet, including significant cash resources and undrawn debt facilities, Science Group is well placed to explore any such opportunities."

Shares in Science Group were flat at 415.00 pence in London on Monday morning.

By Will Neill, Alliance News reporter

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