Science Group PLC
- Market Cap (£m) 233.7
- Listing AIM
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Company Descriptions
Science Group plc is a UK-based science, engineering and technology consultancy group. It helps its commercial and governmental clients develop products, improve processes and commercialise technology. Science Group is quoted on the AIM market of the London Stock Exchange.
Science Group comprises a Services division and a Systems division. This Services division employs a large number of highly qualified consultants who advise clients on product development, systems engineering and technical consulting. This division trades under the brand name Sagentia and operates across five practice areas.
There are two Systems business. Critical Maritime Systems & Support (CMS2), based in Portsmouth, Hampshire, carries out the crucial work of generating oxygen on submarines and removing CO2, allowing submarines to stay submerged for extended periods of time. Frontier Smart Technologies designs and supplies the hardware and software for DAB/DAB+ radio systems and Connected Audio, which allows audio to be streamed via Bluetooth and Wi-Fi.
Investment Summary
With its Services business and two Systems business, Science Gorup has a diversified revenue stream. Its offering has grown via acquisitions, with a takeover of Frontier Group in 2019 and then TP Group in 2023. TP Group bought the CMS2 business and Defence practice to Sagentia. Management monitors potential acquisition targets for long periods, and if an acquisition is made management has a ready-to-go plan to rationalise and improve performance. Once within Science Group, the businesses are run under the philosophy of the group: working capital is carefully controlled; there is a disciplined approach to winning business to avoid onerous contracts; capital expenditure is tightly controlled.
Management’s focus on operating margins and profitability leads to strong cashflow generation and a high ROCE. This allows the group to consider further acquisitions but, until one is found, management has shown its commitment to shareholders by increasing the dividend and share buyback programme.
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Company Management Team
Martyn Ratcliffe
Executive Chair
Martyn Ratcliffe was appointed Chairman on 15 April 2010 following his investment in Sagentia Group, now Science Group. He was Chairman of Microgen plc from 1998 to 2016 and Chairman of RM plc from 2011 to 2013. He was previously Senior Vice President of Dell Computer Corporation, responsible for EMEA. He has a degree in Physics from the University of Bath and an MBA from City University, London.
Jon Brett
Financial Director
Jon Brett was appointed to the Board on 10 August 2021. Mr Brett joined Science Group as Group Financial Controller in March 2020, and was previously Group Financial Controller for Study Group Limited. He trained with Deloitte LLP and qualified as a Certified Accountant in 2004.