Science Group PLC AGM Trading and Board Update (7729Z)
18 May 2023 - 4:00PM
UK Regulatory
TIDMSAG
RNS Number : 7729Z
Science Group PLC
18 May 2023
18 May 2023
AGM Trading and Board Update
Science Group plc (the "Company") together with its subsidiaries
("Science Group" or the "Group") provides the following trading
update ahead of its Annual General Meeting to be held this
morning.
In the first months of 2023, the Group overall has traded in
line with the Board's expectations, with the Group's services
divisions reporting growth, while Frontier continues to experience
the impact on the consumer electronics industry from the economic
slow-down since mid-2022 and the resulting excess inventory in
market channels.
The integration of TP Group is proceeding satisfactorily with
improved governance and process continuing to be implemented. A new
Managing Director has been appointed from within TP Group to lead
TPG Services through the next phase of that Division's development
while TPG Maritime continues to make good progress, benefitting
from the actions undertaken in 2022 following Science Group's
strategic investment.
Gross cash at 30 April 2023 was GBP33.4 million with net funds
of GBP19.6 million. The Group's strong balance sheet, enhanced by
the undrawn facility of GBP25 million arranged in December 2021,
enables the Board t o continue to evaluate corporate opportunities
to increase the scale and/or development of the Group.
Board Evolution
After 10 years as a non-executive director, Michael
Lacey-Solymar has now retired from the Board. His contribution to
the development of Science Group over the past decade of
substantial growth has been considerable and the Board expresses
its gratitude.
Susan Clement Davies becomes Chair of the Remuneration
Committee, succeeding Mr Lacey-Solymar. Ms Clement Davies has
extensive capital markets and investment banking experience and
joined the Board in 2022. A smooth transition has been effected and
Ms Clement Davies brings a fresh perspective to the Board.
Peter Bertram is now the Senior Independent Director and remains
Chair of the Audit Committee. Having joined the Board in 2020, Mr
Bertram is an experienced director and a Chartered Accountant.
Following the investment in TP Group, Mr Bertram was a Science
Group nominated director on the TPG Board and provided a key role
in the bank and auditor relationships during this challenging
period.
End
Science Group plc Tel : +44 (0) 1223 875200
Martyn Ratcliffe, Chairman www.sciencegroup.com
Stifel Nicolaus Europe Limited (Nominated Adviser & Broker)
Tel : +44 (0) 20 7710 7600
Nick Adams, Alex Price
Liberum Capital Limited (Joint Broker) Tel: +44 (0) 20 3100
2000
Max Jones , Miquela Bezuidenhoudt
This announcement contains inside information. The person
responsible for this announcement is Martyn Ratcliffe .
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END
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