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Science Group PLC on Tuesday celebrated a performance ‘ahead of the board’s expectations’, as it saw both revenue and profit increase in 2022.
Science Group is a Cambridge, England-based science, engineering and technology business, providing services to the medical, defence, industrial, food & beverage and consumer sectors.
For the year ended December 31, the firm reported pretax profit of £11.1 million, up 1.5% year-on-year from £10.9 million.
Revenue increased 6.2% to £86.3 million from £81.2 million a year prior.
Looking ahead, Science Group noted the unpredictable economic environment, and said it would take a cautious approach in the year ahead.
‘Science Group has reported another solid performance in 2022. This resilience has been achieved against the backdrop of geopolitical instability, substantial energy (and other) cost increases and an economic downturn,’ said Executive Chair Martyn Ratcliffe.
He added: ‘Whilst inflationary pressures appear to be easing, the economic environment remains unpredictable, compounded by the recent instability in the banking sector undermining market confidence in a near-term recovery. Such a climate inevitably produces uncertainty. The board anticipates this fragile environment to continue through the first half of 2023 and is therefore cautious in its outlook and prudent in its decision-making.’
The firm maintained its annual dividend of 5.0 pence.
Science Group shares were trading 1.3% higher at 394.88p each in London on Tuesday at noon.
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