In its trading update ahead of its AGM, Science Group has stated that all three of its divisions have had a good start to the year. As a result the board expects that adjusted operating profit for H1’21 will be around 30% higher YoY. R&D consultancy in the Medical Sector is a key contributor, alongside continuing strength at Frontier. Cash at the end of April was £13.3m, above our FY21 forecast of £12.2m. Based on the stronger than expected H1 earnings we have raised our FY21 earnings forecast by 10%, but continue to see our estimates as being conservative. The ongoing strategic review of Frontier has also led the Board to decide to retain the business, and opportunities to further enhance and develop it are being evaluated.
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