AGM Trading Update and NED Appointment
Science Group plc (the “Company”) together with its subsidiaries (“Science Group” or the “Group”) provides the following trading update ahead of its Annual General Meeting to be held later today.
The Group has had a good start to the year, with performance through April slightly ahead of the Board’s expectations. It is therefore anticipated that the Group will report adjusted operating profit (“AOP”) for the first half of 2022 around 20% higher than in the same period of the prior year. The Board is closely monitoring the impact of materials, energy and wage inflation but is benefitting from a broadly offsetting effect due to the strengthening of the US Dollar relative to Sterling.
Gross cash at 30 April 2022 was £38.4 million with net funds of £23.4 million. The Group’s strong balance sheet, enhanced by the undrawn facility of £25 million arranged in December 2021, enables the Board to continue to evaluate corporate opportunities to increase the scale and/or development of the Group.
Appointment of Non-Executive Director
The Board is pleased to announce that it intends to appoint Susan Clement Davies to the Board of Science Group plc as a Non-Executive Director after the AGM later today.
Ms Clement Davies has over 25 years capital markets and investment banking experience, including 10 years at Citigroup/Salomon Smith Barney. She is currently Non-executive director of Evgen Pharma plc, Exploristics, MiNA Therapeutics and Scancell Holdings plc. She has a degree in Economics from the University College London and an MSc in Economics from London School of Economics.