3rd Mar 2016 09:13
LONDON (Alliance News) - Science Group PLC Thursday said it had seen a "satisfactory" performance in 2015 in what it called a year of "significant strategic change", and reported a fall in pretax profit.
The science and technology consulting company, formerly known as Sagentia Group, posted a pretax profit of GBP2.4 million, down from GBP4.2 million a year before, as a rise in revenue to GBP31.2 million from GBP28.3 million was offset by a GBP1.7 million amortisation and impairment of intangible assets.
This impairment was in relation to the company's acquisition, OTM Consulting, in light of the fall in the oil price in the past two years.
It proposed a flat dividend of 4.0 pence for the year.
Science Group changed its name to Sagentia in July, although its product and technology development business continues to use the brand. It made a number of acquisitions during the year, buying Oakland Innovation Ltd in February, Leatherhead Food International LTd in September, and a freehold property in Epsom in November which will service as its second office and laboratory facility.
"The board has a medium term investment horizon and will continue to explore both organic and acquisitive investment opportunities to further strengthen the group. In this endeavour, and also recognising the significant freehold property asset base of the group, the board continues to evaluate the most appropriate source(s) of capital to fund further acquisitions whilst minimising dilution to existing shareholders," said Chairman Martyn Ratcliffe in a statement.
Shares in Science Group were down 2.0% at 126.00 pence Thursday morning.
By Hana Stewart-Smith; [email protected]; @HanaSSAllNews
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