Science Group PLC Trading and Dividend Update (5323Y)
September 10 2020 - 2:00AM
UK Regulatory
TIDMSAG
RNS Number : 5323Y
Science Group PLC
10 September 2020
10 September 2020
Science Group plc
(the "Company" or "Science Group")
Trading and Dividend Update
As Covid-19 spread around the world earlier in the year, the
Board of Science Group adopted a cautious approach, minimising
expenditure and retaining cash. This included deferring annual
salary reviews, slowing recruitment activity, minimising
discretionary activities and suspending shareholder dividends.
Although the Group reported excellent Interim Results in July, the
Board reiterated that due to the inherent uncertainty, a prudent
operating model would be maintained. Over the summer, the Group has
continued to perform satisfactorily with a notably sharp recovery
in the Frontier business offsetting minor adjustments in other
areas.
During the past few months, most of the Group's business
operations have been able to continue to operate. Only around 5% of
staff were placed under the UK furlough scheme and, as of 1
September 2020, no staff remain on furlough. In the Group's main
sites, a model of around 60/40 office/home working arrangements is
continuing in order to facilitate social distancing and this is
being reviewed regularly.
While the future economic environment remains unpredictable and
the more recent currency volatility is being closely monitored,
Science Group is well positioned with a strong balance sheet
including gross cash (excluding client held funds) at 31 August
2020 of GBP22.0 million and net funds of GBP4.9 million.
In light of the resilient performance, benefitting from the
rapid actions taken at the start of the pandemic outbreak, the
Board anticipates adjusted operating profit for 2020 to be in line
or possibly slightly ahead of the Group's original expectations for
the year. T he Board has therefore now undertaken the deferred
Group salary review and has also initiated a number of deferred
investment programmes.
In line with the dividend policy update announced on 11 May
2020, to consider payment of an interim dividend later in the
financial year, t he Board has also concluded that it is now
appropriate to authorise an interim dividend of 2.0 pence per share
which will be payable on 23 October 2020 to shareholders on the
register at the close of business on 25 September 2020.
End
Science Group plc
Tel: +44 (0) 1223 875
Martyn Ratcliffe, Chairman 200
Rebecca Archer, Finance Director www.sciencegroup.com
Stifel Nicolaus Europe Limited (Nominated
Adviser and Joint Broker)
Tel: +44 (0) 20 7710
Nick Adams, Alex Price 7600
Liberum Capital Limited (Joint Broker)
Tel: +44 (0) 20 3100
Neil Patel, Cameron Duncan 2000
MHP Communications (PR Advisor to Science
Group)
Tel: +44 (0) 20 3128
Reg Hoare, James Bavister, Pete Lambie 8100
sciencegroup@mhpc.com
Note: This announcement contains inside information which is
disclosed in accordance with the Market Abuse Regulation (No
596/2014). The person responsible for this announcement is Rebecca
Archer, Finance Director .
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