Science Group PLC Trading Update (2012U)
22 Noviembre 2023 - 1:00AM
UK Regulatory
TIDMSAG
RNS Number : 2012U
Science Group PLC
22 November 2023
22 November 2023
SCIENCE GROUP PLC
('Science Group', the 'Group' or the 'Company')
TRADING UPDATE
The Board of Science Group anticipates that Adjusted Operating
Profit for the year ending 31 December 2023 will be in line with
expectations. Benefitting from the Group's sector portfolio and
disciplined cost management, Science Group remains on track for
another record year in 2023.
Revenue for the year has been impacted by the global economic
and geopolitical climate with investment by clients in consumer and
industrial sectors particularly affected. The acquisition of TP
Group provided a timely entry into the defence market and
integration of TPG Services and CMS2 (formerly TPG Maritime) is
progressing well with investment made in strengthening operational
management and business development functions.
The Board remains cautious on the outlook for 2024 with
geopolitical instability exacerbating the impact on our clients
from high interest rates, a weak consumer economic environment and
uncertainty associated with political elections (USA and UK). While
the reduction in inflation in the Group's key geographies provides
some optimism, confidence in end-user markets is unlikely to
improve in the near term. However, as consistently demonstrated,
the Board considers that Science Group's sector diversity,
disciplined management culture and strong financial position will
continue to provide resilience.
In this challenging period for small cap investors, the Board
recognises the importance of share trading liquidity. As a result,
when permissible and if in the Board's opinion to be in the best
interests of all shareholders, the Board has continued the buy-back
programme. During 2023, the Company has (to 17 November 2023)
bought back 828,885 shares, equivalent to approximately 1.8% of the
issued share capital, at a total cost of GBP3.3 million.
Science Group maintains a very strong balance sheet with gross
cash at 31 October 2023 of GBP32.4 million and net funds of GBP19.2
million. This robust capital foundation, further enhanced by the
undrawn bank facility of GBP25 million, enables the Board to
continue to evaluate corporate opportunities in line with the
Group's strategy.
Science Group plc
Tel: +44 (0) 1223
Martyn Ratcliffe, Chairman 875 200
Jon Brett, Group Finance Director www.sciencegroup.com
Stifel Nicolaus Europe Limited (Nominated
Adviser and Joint Broker)
Tel: +44 (0) 20 7710
Nick Adams, Alex Price, Richard Short 7600
Liberum Capital Limited (Joint Broker)
Tel: +44 (0) 20 3100
Max Jones, Miquela Bezuidenhoudt 2000
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END
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