Science Group (SAG) H2 2024 earnings summary

Executive summary

• Achieved record adjusted operating profit (AOP) of £21.5m, up from £20.5m year-over-year, despite a slight revenue decline to £110.7m from £113.3m.

• Adjusted basic EPS reached a record 36.2p, up from 33.3p, with strong cash generation and resilient performance amid economic and political volatility.

• £8.6m returned to shareholders through dividends and buybacks; proposed dividend maintained at 8p.

Financial highlights

• Group cash (excluding client funds) increased to £38.6m (2023: £30.9m); net funds rose to £26.8m (2023: £18.0m).

• Cash generated from operations before tax and interest was £21.8m.

• Share buyback of £5.0m and dividend payment of £3.7m in 2024.

Outlook and guidance

• 2025 share buyback anticipated to exceed £6.0m.

• Continued transition out of low-margin Defence activities in Consultancy, with growth expected in other sectors.

• CMS2 and Frontier systems businesses anticipate continued progress and recovery in 2025.