Science Group (SAG) H1 2025 earnings summary

Executive summary

• Achieved record adjusted operating profit and resilient performance amid volatile markets.

• Profit before tax rose to £32.2m, up from £7.6m, driven by a £24.0m gain from the Ricardo plc investment.

• Revenue increased to £57.2m, compared to £53.7m in H1 2024.

• Group cash at period end was £82.0m, net funds £70.3m, both significantly higher year-over-year.

• Strong Systems division performance offset Professional Services softness.

Financial highlights

• Adjusted operating profit reached £11.3m (H1-24: £11.0m); AOP margin at 19.7%.

• Profit for the period was £24.7m, up from £5.9m in H1 2024.

• Cash generated from operations was £22.7m, benefiting from normalization of receivables.

• Operating profit was £32.1m, compared to £7.7m in H1 2024.

• Adjusted EPS increased to 19.3p (H1-24: 18.1p); statutory EPS at 55.3p.

Outlook and guidance

• Professional Services expects growth in H2, supported by new contracts and project commencements.

• Systems division anticipates continued strong performance and visibility in H2.

• Frontier business projects stable H2, with new product category growth in 2026 and beyond.

• The Group remains well positioned for the full year, with ongoing evaluation of corporate opportunities.