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Science Group plc, an international science and technology consultancy and systems organization, has released its interim results for the six months ended June 30, 2024. The Group has reported a record first-half adjusted operating profit of £11.0 million, up from £10.4 million in the same period last year. The adjusted basic earnings per share increased to 18.1 pence, and the Group maintains a strong balance sheet with cash reserves of £38.8 million and net funds of £26.4 million. The highlight of the period was the progress made by CMS2, which has been transformed since Science Groups investment in TP Group in 2021. CMS2 is now reporting growth in revenue and a significant increase in profitability. The Group has also increased its 2024 share buyback program to up to £5.0 million.
The Consultancy Division, which provides services to various sectors including Consumer, Defence, Industrial, and Medical, saw a decrease in revenue compared to the previous year due to the conclusion of large projects in 2023. However, the Medical sector showed sequential growth in H1 2024 compared to H2 2023. The Systems Businesses, comprising Critical Maritime Systems & Support (CMS2) and Frontier, have also shown improvements. CMS2 has reported increased revenue and a substantial rise in adjusted operating profit, while Frontier is experiencing a revenue recovery and has launched a new connected-audio product.
Overall, the Group has delivered a solid performance in the first half of 2024, despite ongoing economic and political uncertainty. The Board expects performance in H2 2024 to remain consistent with the first half of the year.