Trading Statement

RNS Number : 8953H

Judges Scientific PLC

18 July 2012

 

Judges Scientific plc

Trading Statement

18 July 2012

Judges Scientific plc ('Judges Scientific', the 'Company' or the 'Group')

Trading Update

The Directors of Judges Scientific, the parent company of a group engaged in the design, manufacture and sale of scientific instruments, are pleased to update shareholders and the market with regard to the Group's trading performance during the first half of the current financial year.

The Group recorded a solid trading performance during the period to 30 June 2012. The interim results, scheduled to be announced in September, are expected to show organic revenue growth of almost 8% compared with the six months to 30 June 2011. This advance in revenue increases to 39% when account is taken of businesses purchased since 1 January 2011, including a full six months of turnover from Deben and a first time contribution from Global Digital Systems ("GDS") and KE Developments ("KED"). The Board anticipates that interim profits and earnings per share before exceptional items will reflect this satisfactory performance.

GDS and KED were acquired on 6 March 2012 and both have since traded in line with management's expectations. The KED business was successfully relocated into Deben's Woolpit premises during the course of June 2012.

Order intake during the six-month period showed organic growth of 14%. The order book at 30 June 2012 represented ten weeks of sales, somewhat ahead of the level at the beginning of the year, partly as a result of the strong order intake and partly due to the fact that GDS's order book tends to be longer than the Group average.

The balance sheet will show a comfortable cash surplus as at 30 June 2012. Net debt had been eliminated altogether by the end of February, before £8.0 million was borrowed in March to finance the acquisition of GDS. However, the share placing in May raised £2.8 million (net) and this can be assumed to have reduced the level of gearing to less than one-times pro-forma historic EBITA.

The Board continues to be mindful that the global economic climate is fraught with uncertainty. Public spending restraint in Europe, the strength of Sterling, the embattled status of the Euro and fears of deceleration in China are all factors which are capable of affecting our businesses. There can be no complacency and the Board views the current trading environment with balanced measures of vigilance and confidence.

Enquiries:

David Cicurel, CEO, Judges Scientific:                                     Tel: [phone]

Pascal Keane, Edwards Mansfield, Shore Capital:             Tel: [phone]

Melvyn Marckus, Cardew Group:                                              Tel: [phone]

 

END

 

 

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