Science Group trading remains positive following 'highly successful' Frontier acquisition
Consulting services group Science Group said on Friday that trading in all divisions had continued positively as the firm's "highly successful" acquisition of Frontier Smart Technologies made "a significant contribution".
Science Group stated it remained in line or slightly ahead of upgraded guidance provided in October, with the board now anticipating another strong full-year operating performance for 2021 following the successful turnaround and integration of Frontier.
The AIM-listed group highlighted that Frontier was now "a very profitable business", contributing to the group at a similar level to its services operations.
As part of an effort to progress its strategy for Frontier, Science Group moved to acquire Magic Systech, a Taiwan-based company that specialises in Internet Radio technology. Science Group said the $4.0m acquisition will enhance Frontier's proposition, including a lower production cost technology architecture, with the company set to be integrated into Frontier but retain its branding.
As of 1040 GMT, Science Group shares were up 2.12% at 432.0p.