Science Group PLC (LON:SAG) shares were on the slide in early trading Friday after it terminated its formal sale process blaming Brexit uncertainty and issued an ‘in line’ trading update for the 11 months to 30 November.
The AIM-listed firm, which provides science and technology-based consultancy services, said in the “current uncertain political and economic climate” caused by Brexit and volatility in the stock markets, it did not believe the sale process would produce “the most attractive outcome” and the board had decided to terminate the process.
The group had put itself up for sale in September as part of a review of its corporate strategy, which was ongoing and expected to complete by the time of its preliminary results.
In terms of trading, the group said trading was “in line” with its expectations with a cash balance of £19.3mln and net funds of £6.4mln at 30 November.
The firm added that as a result of the termination of the sales process, it would be lifting the suspension of its share buyback programme of around £1mln worth of shares per year.
Shares were down 7.4% at 199p.