Business
Trading, Business and Board Update
Trading, Business and Board Update.
About this update from Science Group Plc
[{"type":"text","content":"\n \n \n \n RNS Number : 1228L\n Science Group PLC\n 11 January 2021\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n 11 J\n anuary 2021\n \n \n \n \n \n \n \n \n Science Group plc\n \n \n (the \"Company\", \"Group\" or \"Science Group\")\n \n \n \n \n \n \n \n \n Trading, Business and Board Update\n \n \n \n \n \n Science Group provides a trading update for the 12 months to 31 December 2020. \n \n \n \n \n \n Group revenue for the year is now anticipated to be in the order of \n £73 m\n illion (2019: £57.2 million). While the Board took the opportunity during the second half of the year to increase investment in infrastructure and personnel, early indications are that, subject to audit, the Group's adjusted operating profit for the year ended 31 December 2020 will exceed the previously upgraded expectations of\n £10 million\n (2019: £6.7 million).\n \n \n \n \n \n In the first half of the year, the Group received funding for furloughed employees under the UK Government scheme. While less than £0.1 million, this was an appropriately prudent action taken as part of a wider programme at a time of uncertainty. The Board elected to repay such monies received from the UK Government in the second half of 2020.\n \n \n \n \n \n At 31 December 2020, the Group had cash (excluding client funds) of £27.1 million (2019: £13.9 million) and net funds of £10.6 million (2019: net debt of £2.3 million). While the dividend payment was reduced in 2020, in aggregate \n £2.4\n million was returned to shareholders through a combination of share buy-backs and dividends compared with an aggregate of \n £2.0\n million in 2019. \n \n \n \n \n \n The Group's cash now exceeds the level prior to the Frontier acquisition, enabling the Board to explore further strategic opportunities, should they arise. Over the past decade, Science Group's self-funded model has enabled the Group to grow revenue more than 3-fold and adjusted operating profit 4-fold, without shareholder dilution.\n \n \n \n \n \n Due to the increasing severity of the pandemic and the associated restrictions, the Board anticipates that the audit process for the year ended 31 December 2020 will take longer than usual. The preliminary results for the year are consequently anticipated to be re...