Science Group Plc · LSE:SAG
Science — FY2024 Earnings Presentation
16 slides from Science's earnings presentation, Mar 24, 2025
Slide 1: 2024 Preliminary Results
2024 Preliminary Results Martyn Ratcliffe Dan Edwards Jon Brett Executive Chair Group Managing Director Group Finance Director To be read in conjunction with the audited preliminary results announcement released on 24 March 2025. In addition to IFRS measures, alternative performance measures are use
Slide 2: Financial Summary
Financial Summary Record AOP AOP of £21.5m (2023: £20.5m) Group Revenue Adjusted Operating Profit AOP margin of 19.5% (2023: 18.1%) Services AOP margin of 24.9% (2023: 25.0%) £110.7m £21.5m 2023: £113.3m 2023: £20.5m Systems business AOP margin of 15.4% (2023: 7.0%) Division Summary Resilient Consul
Slide 3: Group Revenue & AOP Margin
Group Revenue & AOP Margin • Revenue of £110.7m (2023: £113.3m) • Consultancy Services revenue resilient in challenging market – Managed reduction in low margin areas in Defence sector – Strong prior year comparator in Medical sector • Systems businesses revenue increase driven by CMS2 120 30% 100 2
Slide 4: Delivering Shareholder Value
Delivering Shareholder Value • Record AOP of £21.5m (2023: £20.5m) • Record adjusted EPS of 36.2 pence (2023: 33.3 pence) • Solid performance despite economic and political volatility • Cash generated from operations (before tax and interest payments) of £21.8m 25 50 45 20 40 35 15 30 Adjusted EPS i
Slide 5: Corporate, Property and ESG
Corporate, Property and ESG • Corporate – Underlying corporate costs of £2.9m (2023: £2.6m) • Increased costs due to corporate activity – Increased returns to shareholders of £8.6m (2023: £6.1m) • £3.7m in dividend payments (2023: £2.3m) • £5.0m in share buybacks (2023: £3.9m) • Propose to maintain
Slide 6: Investment in Ricardo plc
Investment in Ricardo plc Ricardo Strategic Financial Targets Science/technology consultancy and engineering business – Similar skills to Science Group in complementary markets • May 22 – CMD defined strategy incl financial targets – Revenue per head significantly lower than Science Group • Feb/Mar
Slide 7: Renewal and Extension of Bank Facilities (March 2025)
Renewal and Extension of Bank Facilities (March 2025) • Existing banking arrangements – Loan facility and Revolving Credit Facility (RCF) due to expire in 2026 – Early process to refinance these facilities in support of Corporate strategy – Existing banking partner after market evaluation • Two New
Slide 8: Divisional Overview
science group plc Divisional Overview
Slide 9: Consultancy Division
Consultancy Division • Revenue* of £72.2m (2023: £81.3m) Revenue split by currency – Resilient Consultancy performance in a challenging market – Managed reduction of some legacy, low-margin Defence activity – Tough prior year comparator in Medical sector as large projects completed in H1 2023 US Dol
Slide 10: Systems Businesses
Systems Businesses CMS2 Revenue split by geography – Successful turnaround – Revenue of £25.9m (2023: £21.3m in 11 months) • Incl. c.£5.6m of low-margin pass-through materials (2023: £3.4m) Rest of • Incl. benefit of prior year chargeable rate reconciliation (£0.8m) World 29% – AOP increased to £5.7
Slide 11: Appendix: Annual Review: Capital Sources & Allocation
Appendix Annual Review: Capital Sources & Allocation
Slide 12: Capital Sources 2010-2024
Capital Sources 2010-2024 – Consistently strong underlying operating cash flow – Term debt renewed in March 2025 – replaced 2016 loan and 2019/20 adjustments – New Revolving Credit Facility of £30m in March 2025 (undrawn) – Equity placings in 2010 and 2021 35 Debt 30 Equity - Shares Issued 25 Cash h
Slide 13: Capital Allocation 2010-2024
Capital Allocation 2010-2024 – Major capital deployments related to acquisitions – £8.6m returned to shareholders in 2024 • Share buy-back of £4.96m (2023: £3.88m) • Dividend payment of £3.66m (2023: £2.26m) – (February/March 2025 capital allocation to Ricardo investment) 24 20 16 Equity Buy-Back £
Slide 14: Cash & Debt 2009-2024
Cash & Debt 2009-2024 – Group Cash at 31 December 2024 of £38.6m and Net Funds of £26.8m – After increased shareholder returns through share buy-back programme and dividend – Term Loan renewed in March 2025 – New Revolving credit facility of £30.0m undrawn – (At 19 March 2025 : gross cash of £25.7m
Slide 15: Equity Share Capital
Equity Share Capital Issued Share Capital Major Shareholdings 50 45 40 35 21.2% Executive Chair 33.1% Ruffer LLP 30 Charles Stanley million shares Outstanding 25 Share BGF Options Canaccord Genuity 20 18.9% Herald 15 Issued Shares 4.1% Other (Excl Treasury Shares) at 5.7% 10 8.7% year end 8.3% 5 0 S
Slide 16: Disclaimer Statement
Disclaimer Statement This document contains forward-looking statements. These have been made by the Board in good faith based on the information available to them and it is believed that the expectations reflected in these statements are reasonable. However, due to the inherent uncertainties, includ