Record results for scientific consulting business
Science Group, which has a base in Knaresborough, is celebrating Group revenue growth of 56% to £36.9m (H1 2019: £23.6m).
The listed business has released its interim results for the six months period ended 30 June 2020, which also include pre-tax profits of £2.5m, compared to £2.8m in the previous period.
Adjusted operating profit increased by 50% to £4.9m (H1 2019: £3.3m), with the group reporting a “robust” balance sheet with gross cash (excluding client funds) at 30 June 2020 of £22m (30 June 2019: £24m) and net funds of £4.9m (30 June 2019: £7.2m).
The firm’s update notes: “The Group achieved record results in H1 2020, whilst also successfully managing the challenges related to the Covid-19 pandemic.
“Within the services operating divisions, a combination of home-working and office/lab presence enabled the continuation of client projects.
“The performance of the Group in the first half of 2020 has been ahead of the Board’s pre-Covid-19 expectations, despite the operational challenges resulting from the pandemic. The excellent first half provides a solid platform for the rest of the year.
“While actively recruiting for key roles to strengthen the Group and to position the organisation in a post-Covid-19 world, the Board recognises the inherent uncertainty and lack of predictability in the months ahead and will therefore remain prudent.
“However, with a strong balance sheet including significant cash resources, the Board continues to cautiously explore both add-on acquisitions and larger opportunities to increase the scale of the Group.”