LONDON (ShareCast) - (Sharecast News) - Science Group announced on Monday that it remains on track to achieve record adjusted operating profit for the 2024 financial year, meeting market expectations.
The AIM-traded firm said that despite a challenging political and economic climate, its diversified portfolio had proven resilient.

However, the recent UK Budget increase to Employers' National Insurance was anticipated to add about £0.7m to annual operating costs, with potential mitigation strategies under review for 2025.

As of 31 October, Science Group reported a robust financial position, holding £37.7m in gross cash and net funds of £25.6m.

The company returned £7.4m to shareholders through share buybacks and an increased dividend, with Panmure Liberum now managing the buyback programme.

Science Group said it was also actively exploring refinancing options to enhance financial flexibility.

With its term loan expiring in 2026 and an undrawn £25m revolving credit facility available until December 2026, the board said it was in advanced discussions to refinance the term loan for an additional 10 years and renew the revolving credit facility with a potential increase to £30m, along with a £10m accordion feature.

Those extended and expanded facilities, along with Science Group's significant cash reserves, would position the company well for future corporate opportunities.

At 1342 GMT, shares in Science Group were down 0.39% at 464.17p.

Reporting by Josh White for Sharecast.com.

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