26th Jul 2021 09:10
(Alliance News) - Science Group PLC on Monday said it delivered record results in the first half that were ahead of the board's expectations.
Shares in Science Group were up 7.4% to 451.00 pence each in London on Monday morning.
Cambridge, England-based Science Group is a science-led services and product development firm operating with three divisions: R&D Consultancy, Regulatory & Compliance, and Frontier Smart Technologies.
Pretax profit for the six months ended June 30 was GBP5.4 million, more than doubled year-on-year from GBP2.5 million. Adjusted pretax profit was GBP6.9 million, up 50% from GBP4.6 million.
Revenue was GBP40.7 million, a rise of 10% from GBP36.9 million a year before.
The R&D Consultancy Division generated revenue of GBP15.2 million, unchanged from a year before.
The Regulatory & Compliance Division revenue was GBP10.5 million, a rise of 5% year-on-year from GBP10.0 million.
Frontier Smart Technologies reported revenue of GBP13.6 million, up 81% from GBP7.5 million. Science Group said Frontier's strong performance reflects momentum from the second half of 2020, but also a weaker comparator in the first half of 2020 due to the post-acquisition integration period and the initial impact of the Covid pandemic.
Science Group acquired former AIM-listed Frontier Smart Technologies back at the end of 2019.
Frontier is now an "integral" part of Science Group. Despite the pandemic, the post-acquisition turnaround was successful, Science Group said, and the company anticipates a rapid payback of the cost of acquisition.
The most significant challenge in the current year continues to be the availability of materials associated with the global semiconductor supply constraints, Science Group said.
"In summary, the performance of Science Group in the first half of 2021 has been well ahead of the board's expectations, with all divisions performing well. The excellent first half provides a solid platform for the rest of the year," it said.
By Amrit Sahota; [email protected]
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