Half Year Trading Update and Notice of Results

Judges Scientific PLC

18 July 2023

 

Judges Scientific Plc

("Judges Scientific", "the Company" or "the Group")

Half Year Trading Update and Notice of Interim Results

Judges Scientific (AIM: JDG), the group focused on acquiring and developing companies in the scientific instrument sector, provides the following update regarding the Group's trading performance for the six-month period ended 30 June 2023.

The period has been one of generally favourable markets and of moderate progress in dealing with supply chain challenges, thus allowing the delivery of solid growth in both Organic order intake and Organic sales. Two small acquisitions, Henniker Scientific Limited ("Henniker") and Bossa Nova Vision LLC ("Bossa Nova"), were completed during the half-year.

References to "Organic" information in this update exclude any contribution from Geotek, Henniker and Bossa Nova.

Order intake 

Across the Group, Organic order intake was up 14% when compared against H1 2022; Organic order intake achieved in the first half showed 23% growth compared to H1 2019 (pre-Covid) and a CAGR of 5.3%, pointing to the resilience of the business sector amidst a prolonged period of macroeconomic challenges.

Organic orders were up in all major regions, signalling improving prospects across markets, with the most notable being China/Hong Kong (up 77.7% after two years of stagnation). North America was up 6.6%, the UK up 9.0%, the rest of Europe up 7.5% and the rest of the World up 3.5%.

Order book

The Organic order book reached a mid-year record of 22.4 weeks (21.3 weeks at 30 June 2022 and 21.1 weeks at 1 January 2023).

Revenue

Organic revenue in the first half was up 17% compared with H1 2022, illustrating some progress with supply chain issues. This enabled the Group to benefit from the increase in order intake which still remained above revenue.

Total sales include a significant contribution from Geotek and as in 2022, Geotek's revenue will be H2 weighted due to the timing of its coring activity.

First Half Performance

The board expects the growth in Organic revenues to have produced double digit profit growth in H1, albeit at a slower rate than revenue growth as measures taken to compensate for the inflationary pressures observed in 2022 Q4 are progressively having an impact.

Outlook

The strong order book, and the general resilience of Judges' business give the board confidence that the current market expectations for the full year will be met. 

Notice of Results

The Company intends to announce its interim results for the six months to 30 June 2023 on Wednesday 20 September 2023.  

For further information please contact:

Judges Scientific plc David Cicurel, CEO Brad Ormsby, Group FD Tel: [phone]	Shore Capital (Nominated Adviser & Joint Broker) Stephane Auton Iain Sexton Tel: [phone]
Liberum (Joint Broker) Edward Mansfield William Hall Tel : [phone]	Investec Bank plc (Joint Broker) Virginia Bull Carlton Nelson Tel: [phone]
Alma PR (Financial Public Relations) Sam Modlin Justine James Joe Pederzolli Tel: [phone] [e-mail]

Notes to editors:

Judges Scientific plc (AIM: JDG), is a group focused on acquiring and developing companies in the scientific instrument sector.  The Group now consists of 22 businesses acquired since 2005.

The acquired companies are primarily UK-based with products sold worldwide to a diverse range of markets including: higher education institutions, scientific research facilities, manufacturers and regulatory authorities.  The UK is a recognised centre of excellence for scientific instruments.  The Group has received five Queen's Awards for innovation and export. 

The Group's companies predominantly operate in global niche markets, with long term growth fundamentals and resilient margins.

Judges Scientific maintains a policy of selectively acquiring businesses that generate sustainable profits and cash.  Shareholder returns are created through the reduction of debt, organic growth and dividends. 

 

END