Science (SAG)

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Provider of independent advisory and product development services focused on science and technology initiatives

28-Feb-2018 – 216.9p – £85.4m – PER 15.2

Audited Results For The 12 Months To End December 2017 – Seems in-line, not exactly inspiring.

A new one for me. Looks OK but seems (perhaps) fairly priced round about here – Although the company is seeking the right to buy back up to 10% of the shares. Will keep an eye out on future updates.

19-Apr-2018 – 204p – £81.6m – PER 13.6

Business Update – 2018 Q1 Revenue and Profits ahead of the Board’s expectations. Buy Back program, up to £100,000 per calendar month capped at £1m annually.

Quite like this but just not yet tempted enough, will keep an eye out for updates.

24-Jul-2018 – 240p – £96.0m – PER 15.8

Interim Results For The 6 Months To End June 2018 – In-line with Revenue up over 30%, PBT up 10% and EPS up 15%.

Still quite like this but just not enough – I remain Neutral for now.

14-Dec-2018 – 215p – £86.1m – PER 14.6

Trading Update And Termination Of Formal Sale Process – Trading in the 11 months to end November in-lin2 with the Board’s expectations. Sale process ended, Brexit and even the world to blame! Buy-back programme will be re-introduced.

There still seems a reasonable amount to like here, except for the fact it’s not an attractive acquisition for anybody – And the whole world is to blame!

5-Mar-2019 – 209p – £83.7m – PER 14.1

Results For The 12 Months To End December 2018 – Revenue up 19% with Statutory PBT up about 25%, the Dividend is up 5%. Outlook seems quite cautious and they seem keen on “wider scope” acquistions which may or may not have synergies with the existing business activities.

I am staying away here for now, up for sale one minute then looking to make acquisitions which may not have synergies with the existing activities. This is just too weird for me.

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