- Consultancy firm Science Group said it expected 'further upside' in its 2021 profit forecasts, even as it faces supply constrains, FX headwinds and inflationary cost pressures.

'This third upgrade during the current year reflects the strength of the group, the success of the Frontier acquisition and the balance of financial discipline with investment for the future,' it said.

Science Group acquired digital radio technology group Frontier Smart Technologies in 2019.

The company also recently attempted to acquire defence contractor TP Group.

It noted that advisor costs associated with 'recent corporate activity' had been expensed as incurred and 'are therefore absorbed within this profit upgrade'.

The company added that it was discussing a potential new revolving credit facility of up to £25 million with its bank, incremental to an existing fixed-term loan that runs to 2026.

'The board continues to explore opportunities to deploy its capital, in conjunction with the group's management resources, to enhance value to Science Group shareholders,' it said.

'These include both add-on acquisitions to accelerate the growth of the group's existing operations and larger opportunities which would increase the scale of the group.'

Story provided by