Archived article
Please note that tax, investment, pension and ISA rules can change and the information and any views contained in this article may now be inaccurate.
Science Group PLC on Thursday celebrated a jump in annual revenue, which it said was driven by contributions from a recently acquired firm, but noted that profit dropped on higher costs.
Science Group is a Cambridge, England-based science, engineering and technology business, providing services to the medical, defence, industrial, food & beverage and consumer sectors.
Pretax profit fell 32% to £7.6 million in 2023 from £11.1 million the year before, as finance costs were 23% higher at £1.2 million compared to £977,000 in 2022.
Revenue, however, was higher at £113.3 million, an increase of 31% from £86.3 million the previous year.
This includes a contribution from TP Group PLC, which it acquired back in January last year for GBPBP17.5 million.
Science Group proposed a final dividend for 2023 of 8.0 pence per share, up 60% from 5.0p a year prior.
Looking ahead, Science Group said it expects growth to ‘persist through the first half of 2024.’
Shares in Science Group rose 4.6% to 390.00 pence each in London on Thursday afternoon.
Copyright 2024 Alliance News Ltd. All Rights Reserved.