LONDON (Alliance News) - Science and technology consultancy services company Science Group PLC, formerly Sagentia Group, posted a small rise in pretax profit for its first half.
For the half year to end-June the company reported pretax profit of GBP1.9 million, up slightly from GBP1.8 million a year before, as revenue rose to GBP14.1 million from GBP13.3 million.
The company acquired Oakland Innovation Ltd in February, and said the business did not provide any profit contribution in the period due to costs incurred in integrating the business.
Science Group said that whilst the dollar exchange rate was favourable compared to 2014, the strength of sterling against the euro has been materially negative. It cited the fall in the oil price in the second half of 2014 as reducing investment in the energy sector. It is looking to mitigate the effect of this issues by continuing to explore new market opportunities and servicing diverse geographical markets and industry sectors.
"The acquisition of Oakland has significantly strengthened the group's advisory offering. The integration has progressed well and the business has been relocated to the group's Harston Mill facility. While the board does not currently anticipate any further acquisitions in the current year, opportunities are continually being explored, consistent with the long term strategy of Science Group," the company said in a statement.
Shares in Science Group were down 1.0% at 149.00 pence Thursday morning.
By Hana Stewart-Smith; hanassmith@alliancenews.com; @HanaSSAllNews
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Science Group (SAG)