Science Group PLC on Thursday said it has sold its entire stake in West Sussex, England-based environmental and engineering consultancy Ricardo PLC for £58.0 million after broker fees.

The Cambridge, England-based science and technology consultancy said the net return on its investment in Ricardo is around £23.7 million.

It said tax will be payable on the chargeable gain at the UK corporation tax rate of 25%, though it noted that it could be able to utilise some legacy tax losses.

As a result of the return from the investment, Science Group said it has increased the limits on its buy-back authorisation, which is being managed by Panmure Liberum Ltd.

Science Group expects to release its interim results around the end of July.

Shares in Science Group closed up 0.8% at 514.00 pence in London on Thursday, giving the company a total market capitalisation of £228.8 million. Ricardo shares closed 0.5% higher at 434.04 pence for a market capitalisation of £270.1 million.

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