Half Year Trading Update and Notice of Results

Judges Scientific PLC

23 July 2026

 

23 July 2026

Judges Scientific plc

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

Half Year Trading Update and Notice of Interim Results

FY2026 in line with consensus despite a challenging first half

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 2026.

As expected, trading in the first half of the financial year was significantly weaker than prior year due to the absence of a Geotek coring expedition and two quarters of sales and orders impacted by the previously disclosed uncertainties around US federal funding of scientific research. The US funding situation only impacted from the second quarter onwards in 2025. Performance was further materially impacted by the continued postponement of offshore wind projects, and by delays in China's finalising of its new R&D tax exemption processes for scientific equipment.

Against these headwinds, eight of the Group's businesses grew, benefitting from internal growth initiatives and some positive market dynamics including a recovery in battery development and continued strength in semiconductor. Further actions were taken during the half to reduce costs, and solid progress was made at those businesses that have been experiencing product-specific challenges, as detailed in our full year results in March 2026.

Order intake 

Across the Group, order intake was down 11% compared with H1 2025 (H1 2025: up 4%). This decline related to the first quarter, with second quarter order intake broadly in line with prior year.

Order book

The order book was 17.3 weeks (FY 2025: 15.7 weeks; H1 2025: 17.4 weeks).

Revenue

Revenue was down 21% compared with H1 2025 which was £70.2m. This reflects the expected absence of a Geotek coring expedition, and the further significant headwinds described above, offset by growth at eight businesses. Revenue declined in all regions except the UK (which was flat), although adjusting for the coring expedition, revenue in Rest of World grew by 9%, driven by semiconductor and Geotek services.

Costs

The H1 cost base of the businesses that were underperforming reduced by £2m.

Profits

The lower volumes during the period were only partially offset by the management actions taken to reduce costs and consequently adjusted earnings per share in the first half is expected to be in the range of 38p-42p.

Outlook

The Group's near-term priorities are the booking of expected shippable orders during Q3 and the timely fulfilment of the order book. With increased benefit from Patent Box tax relief from the Group's ongoing investments in innovation, a lower cost base, and demonstrable improvements at the previously highlighted businesses with product-specific challenges, the Board anticipates delivering Adjusted earnings per share in line with current market expectations*.

The Group continues to focus on factors within its control: encouraging disciplined ambition and execution; investing in talent and innovation for long-term growth; driving operational excellence; and ensuring robust governance. The Group has a healthy order book including backlog for 2027, and a solid financial position underpinned by good cash generation, which gives the Board confidence that the continuing macro challenges hamper neither the Group's ability to deliver durable returns for shareholders over the long term nor the pursuit of its acquisition strategy.

2027 Geotek coring expedition

2027 current market expectations** do not include any coring revenue. The Group had previously indicated its anticipation that Geotek would sign a contract for the next coring expedition in H2 2026, for delivery in early 2027. The Group now understands that this particular expedition will be scheduled no earlier than 2028.

* Current consensus market expectations for the year ended 31 December 2026 are Adjusted basic earnings per share of 202.8p.

** Current consensus market expectations for the year ended 31 December 2027 are Adjusted basic earnings per share of 231.4p.

Notice of Results

The Company intends to announce its interim results for the six months to 30 June 2026 on Wednesday 23 September 2026.

For further information please contact: 

Judges Scientific plc Tim Prestidge, CEO Brad Ormsby, CFO Tel: [phone]	Shore Capital (Nominated Adviser & Joint Broker) Stephane Auton Harry Davies-Ball Tel: [phone]
Panmure Liberum (Joint Broker) Edward Mansfield William King Tel: [phone]	Investec Bank plc (Joint Broker) Virginia Bull Carlton Nelson Tel: [phone]
Alma (Financial Public Relations) Sam Modlin Rebecca Sanders-Hewett Joe Pederzolli Sarah Peters 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 25 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.

For further information, please visit www.judges.uk.com

 

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