Science Group PLC on Thursday said it has traded in line with its expectations during the early months of 2023.

Science Group is a Cambridge, England-based science, engineering and technology business, providing services to the medical, defence, industrial, food & beverage and consumer sectors.

It said that its services division has reported growth.

However, its Frontier arm has continued 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.

Science Group added that the integration of TP Group is ‘proceeding satisfactorily with improved governance and process continuing to be implemented’.

Science Group bought fellow AIM listing TP Group for £17.5 million in back in October. A hostile bid for TP Group a year earlier had failed.

Science Group noted that a new managing director now has been appointed from within TP to lead TPG Services through the next phase of the division’s development.

Gross cash for Science Group at April 30 was £33.4 million with net funds of £19.6 million.

Science Group also said that it has appointed Peter Bertram as a senior independent director. Bertram joined Science Group’s board in 2022 and following the investment in TP, was appointed as a nominated director, providing a ‘key role’ in the bank and auditor relationships during the period.

Shares in Science Group were up 1.2% to 409.00 pence each in London on Thursday afternoon.

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