24th Jul 2019 11:06
(Alliance News) - Scientific consultancy services firm Science Group PLC said on Wednesday that its pretax profit rose in the first half of the year on a slight fall in revenue.
For the six months to June 30, pretax profit widened to GBP2.8 million from GBP2.5 million the year prior despite a slight dip in revenue.
In the first half of the year, Science Group delivered revenue of GBP23.6 million, down for GBP25.1 million in 2018. The company said its revenue in the first was broadly in line with the second half of 2018, which is traditionally the firm's strongest segment of the year.
The company said its performance has been in line with expectations and it is "benefiting from the group's range of science and technology service offerings across multiple industry sectors".
Science Group's operating business accounted by GBP23.1 million of its revenue, a slight fall on last year's GBP24.2 million. The company said it performed to expectations as it anticipated a slight decline against a "strong comparative the prior year".
The operating business was helped by a "strong recovery" in the commercial sector compared to the first half of 2018 but the medical sector declined, the company said. Its consulting unit, which provides advisory services "grew significantly".
Income derived from the company's freehold properties was GBP1.7 million, flat year-on-year.
The company has recently been mounting a hostile takeover of consulting firm Frontier Smart Technologies Group Ltd and as at June 30, the acquired cost GBP2.8 million with the value of the investment at GBP3.7 million.
At the end of the first half of the year, Science Group built a 28% stake in Frontier, this has since risen to 48%.
Shares in Science Group were up 0.5% at 201.00 pence each in London on Wednesday morning.
Related Shares:
Science GroupFST.L