Science Group PLC on Thursday celebrated a jump in annual revenue, which it said was driven by contributions from a recently acquired firm, but noted that profit dropped on higher costs.

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

Pretax profit fell 32% to £7.6 million in 2023 from £11.1 million the year before, as finance costs were 23% higher at £1.2 million compared to £977,000 in 2022.

Revenue, however, was higher at £113.3 million, an increase of 31% from £86.3 million the previous year.

This includes a contribution from TP Group PLC, which it acquired back in January last year for GBPBP17.5 million.

Science Group proposed a final dividend for 2023 of 8.0 pence per share, up 60% from 5.0p a year prior.

Looking ahead, Science Group said it expects growth to ‘persist through the first half of 2024.’

Shares in Science Group rose 4.6% to 390.00 pence each in London on Thursday afternoon.

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