12th Jul 2016 08:19
LONDON (Alliance News) - Science and technology consulting company Science Group PLC on Tuesday posted lower interim pretax profit due to one-off costs, but revenue grew as the group diversified its operations.
Science Group said it made a pretax profit of GBP1.1 million in the half-year to the end of June, compared to a GBP1.9 million profit a year earlier. The fall in profit was due to one-off costs the group booked on the relocation of its Leatherhead business.
Revenue for the year was GBP17.7 million, up from GBP14.1 million a year before. The group said its oil & gas and medical businesses both suffered in challenging markets, but the medical business secured a series of new contract wins and its food & beverage unit outperformed expectations.
Science Group said trading in the first half was in line with its expectations. It said it is "beyond doubt" that the coming months will be volatile due to the UK's Brexit vote, but said it remains in a solid position given its robust balance sheet and good cash position.
The company added its robust position should allow it to capitalise on opportunities thrown up by a post-Brexit environment, and it will pursue acquisitions if appropriate.
Shares in Science Group were down 6.7% to 125.08 pence Tuesday.
By Sam Unsted; [email protected]; @SamUAtAlliance
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