Interim Results

Judges Scientific PLC

23 September 2026

 

23 September 2026

Judges Scientific plc

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

Interim results for the six months ended 30 June 2026

Challenging markets weighed on H1 performance; full-year expectations maintained,

10% increase to interim dividend.

Judges Scientific, the group focused on acquiring and developing businesses in the scientific instrument sector, announces its unaudited interim results for the six months ended 30 June 2026. 

David Cicurel, non-executive Chair of Judges Scientific, commented:  

"As explained in July, the first half reflected the continuation of a particularly difficult trading environment across several of our key end markets, with reduced US research funding, delays in China and continued weakness in offshore wind all weighing on performance. The result, I regret, is a very poor first half performance. However, eight of our businesses grew in the period, supported by our own operational and commercial initiatives and healthier conditions in sectors such as semiconductors and battery development. We also took further cost actions and made progress in addressing previously identified operational challenges.

While market headwinds are lasting longer than we would have wished, the Group’s strategy is intact and its fundamentals remain robust. Order intake has significantly improved through the early part of the second half to near parity with last year and supports our outlook of delivering full-year earnings in line with market expectations.”

Key financials

Period ended 30 June	H1 2026	H1 2025	Change
Revenue	£55.7m	£70.2m	(21)%
Adjusted* pre-tax profit	£3.2m	£12.6m	(75)%
Adjusted* basic earnings per share	39.0p	141.4p	(72)%
Cash generated from operations	£4.3m	£12.3m	(65)%
Interim dividend per share	36.0p	32.7p	10%
Statutory pre-tax (loss)/profit	£(1.7)m	£6.6m
Statutory basic (loss)/earnings per share	(19.5)p	72.2p
As at:	30 Jun 2026	31 Dec 2025
Adjusted* net debt	£45.3m	£42.6m
Cash balances	£15.6m	£19.4m
Statutory net debt	£48.2m	£45.8m

H1 financial and operational overview:

• Subdued trading against a backdrop of continued uncertainties in US research funding, delayed offshore wind projects, China procurement disruption, and the expected absence of a Geotek coring expedition.
• Order intake down 12% compared with H1 2025.
• Order book of 17.3 weeks (H1 2025: 17.4 weeks).

Management change:

• Brad Ormsby has advised the Board of his intention to step down as Chief Financial Officer and as a Director of the Company.
• Brad will remain with the Group for the next twelve months to support the recruitment of his successor and ensure an orderly handover.

Post-period event:

• The Group has extended its existing multibank facilities by a further two years until 1 July 2030.

Outlook:

• Second half order intake significantly improved to only 1% behind prior YTD.
• Continued challenging environment, particularly relating to US research funding; Signs of improvement in China procurement processes.
• Board guidance for 2026 unchanged and in line with current market expectations**.
• No Geotek coring expedition expected in 2027***.

* Adjusted earnings figures are stated before adjusting items relating to amortisation of acquired intangible assets, acquisition-related costs, share based payments and hedging of risks materialising after the end of the period.  Adjusted net debt includes acquisition-related cash payables and excludes IFRS 16 debt. 

** Current consensus market expectations for the year ending 31 December 2026 are Adjusted basic earnings per share of 200.5p.

*** Current consensus market expectations for the year ending 31 December 2027 are Adjusted basic earnings per share of 224.9p.

Investor Presentation

Judges Scientific is hosting a webinar, available to all existing and potential shareholders, covering the interim results for the six months to 30 June 2026, on 23 September at 17:00 UK time. Investors can register for the webinar here:  https://engageinvestor.com/event/6a744715411168e2ef79b50e

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 Joe Pederzolli Rebecca Sanders-Hewett Sarah Peters Tel: [phone] [e-mail]

Notes to editors:

Judges Scientific plc (AIM: JDG), is a group focused on acquiring and developing businesses in the scientific instrument sector. The Group consists of 25 businesses acquired since 2005.

The acquired businesses 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 businesses 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

Chief Executive’s statement

Summary

As explained in our July trading update, trading in the first half of 2026 was significantly weaker than prior year due to the absence of a Geotek coring expedition and two quarters of sales and orders impacted by uncertainties around US federal funding of scientific research, whereas the US funding situation only impacted from the second quarter 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 government-funded purchases of scientific equipment.

Against these headwinds, eight of the Group’s businesses grew, benefitting both from internally driven growth initiatives including new products and commercial strategies, and positive external market dynamics including a recovery in battery development, continued strength in semiconductor manufacturing, and resilient demand in other industrial research sectors. 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.

Order intake since the period end has been encouraging, and there are now early signs that China’s tax exemption processes are being resolved. While the timing of these improvements means a greater-than-usual Q4 phasing of the Group’s revenue, with corresponding execution challenges, such challenges are foreseen and predominantly within the Group’s control. The Board therefore maintains its guidance of delivering Adjusted earnings per share in line with current market expectations**.

Beyond 2026, the Group anticipates continued resilience and growth opportunities in many of the commercial and industrial sectors to which it is exposed, including some recovery in offshore wind. However, the scientific research environment is expected to remain challenging, particularly given continued uncertainties in the priorities and structure of US federal funding. The Board nonetheless maintains full confidence in the Group’s ability to weather such macro challenges, generate cash, and deliver durable returns for shareholders through the continued pursuit of its disciplined buy and build strategy.

Order intake and order book

Order intake in the first half of 2026 was down 12% compared with the first half of 2025. This decline related predominantly to the first quarter which was down 18%, with second quarter order intake closer to prior year.

Order intake was down in all regions except United Kingdom up 5% and Rest of World up 12%. China / Hong Kong declined 47% related primarily to the timing of orders due to delays in China’s finalising of its new R&D tax exemption processes. Europe declined 20% driven by softness in some OEM and end customer accounts across all sectors including the effect of a large non-recurring order in 2025. USA declined 7% with a reduction resulting from the US federal funding situation being partly offset by strong non-research orders in this region for some businesses.

The order book grew slightly in the period to 17.3 weeks (FY 2025: 15.7 weeks; H1 2025: 17.4 weeks).

Revenues

Total Group revenue was down 21% to £55.7m (H1 2025: £70.2m). This included an 8% decline from the expected absence of a Geotek coring expedition, and a net 13% decline from the further significant headwinds of US federal funding, offshore wind, and China’s tax exemption processes, partially offset by the growth at eight businesses. Revenues declined in all regions except UK (which was flat), although adjusting for the coring expedition, revenue in Rest of World grew by 9% driven primarily by increased sales to customers serving the semiconductor industry and by Geotek services.

Costs

The Group maintains a policy both of investing for long-term growth and continuing to take targeted actions to reduce costs where necessary. The first half cost base of businesses that were underperforming was reduced by £1.8m, predominantly related to headcount reductions, while £1.0m was added through selective investments including high-calibre talent to support recovery and growth in other businesses.

Profit

Since the lower volumes during the period were only partially offset by management actions taken to reduce costs, and despite eight businesses delivering growth in profit compared to prior year, the first half EBITA contribution of the businesses declined by 57%.

Adjusted Operating Profit declined 66% to £4.8m (H1 2025: £14.3m); Adjusted pre-tax profit declined 75% to £3.2m (H1 2025: £12.6m). Return on Total Invested Capital ("ROTIC") decreased to 12.9% (31 December 2025: 17.8%). Adjusted basic earnings per share declined by 72% to 39.0p (H1 2025: 141.1p); Adjusted diluted earnings per share was 38.9p (H1 2025: 139.2p).

The Directors continue to publish Adjusted figures alongside the statutory results, prepared consistently with past reports, to communicate to shareholders what is, in the Directors' opinion, the true operating performance of the Group. The total pre-tax adjustments of £4.9m (H1 2025: £6.0m) consists primarily of a £4.5m (H1 2025: £5.4m) charge for amortisation of acquired intangible assets arising through acquisition. These adjusting items reduce the Group’s profit before tax of £3.2m to a loss before tax of £1.7m (H1 2025: £12.6m profit to £6.6m profit), and result in statutory loss per share of 19.5p basic and 19.5p diluted (H1 2025: 72.2p per share basic earnings and 71.1p per share diluted earnings). 

Corporate activity

The Group remains active in pursuing its acquisition strategy, continuing to apply its strict criteria of only considering successful businesses that generate sustainable profits and cash, and that the Group can acquire at the right price. While no businesses were acquired during the first half of 2026, the Group sees a healthy pipeline of opportunities and remains confident both in the depth and vitality of its potential deal pool and in its continued ability to attract and acquire high-quality businesses at disciplined EBIT multiples.

Cashflow and net debt

Cash generated from operations amounted to £4.3m (H1 2025: £12.3m) representing 90% of Adjusted operating profit (H1 2025: 86%). As previously noted, cash conversion is an essential element of the Group’s business model, and we continue to focus through our operational growth drivers on restoring working capital as a percentage of revenue towards pre-Covid levels.

Adjusted net debt increased to £45.3m (31 December 2025: £42.6m); Gearing increased to 2.1 times (31 December 2025: 1.5 times).

The Group is pleased to confirm that, effective 23 September 2026, its existing multibank facilities with Lloyds Banking Group, Santander, and HSBC UK Bank plc, have been extended by a further two years until 1 July 2030, providing additional runway in support of the Group’s buy and build strategy. The Group’s covenants are unchanged.

Capital allocation and dividend

The Company’s capital allocation priorities continue to be acquisitions, investments in acquired businesses, and a policy of progressively increasing the total annual dividend by no less than 10% per annum. The dividend policy is subject always to an appropriate level of cover, and no constraint on the Group’s capacity to invest in the first two priorities. While share buybacks have been contemplated, at this stage the Board considers them to be neither the most effective use of capital nor the most appropriate means of delivering value to shareholders.

The Board is declaring an interim dividend of 36.0p (2025: 32.7p), an increase of 10%, which will be paid on Friday 6 November 2026 to shareholders on the register on Friday 9 October 2026. The shares will go ex-dividend on Thursday 8 October 2026. The interim dividend is covered 1.1 times by Adjusted earnings (2025: 4.3 times), a level of cover which is not sustainable, but is a reflection of the Board’s confidence in the long-term prospects of the Group and its ability to weather the current challenges in its trading environment.

Management

Following the November 2025 succession plan announcement, in February 2026 Ralph Elman moved to non-executive Deputy Chair, David Cicurel moved to non-executive Chair, and I replaced him as Chief Executive. David founded our Group and was Chief Executive for more than twenty-two years. He was responsible for defining the long-term strategy upon which the Group has thrived, and for establishing the culture that continues to define us. On behalf of all the Board, I congratulate David on his change of role and thank him for his immeasurable contributions to the Group and his continued guidance in his new capacity.   

Further, as announced separately today, Brad Ormsby has advised the Board of his intention to step down as Chief Financial Officer. Brad has played a key role in the development of Judges since joining the Group in 2015; his financial discipline, commercial judgement, and deep understanding of the Group’s culture and its businesses, have made an invaluable contribution over the past 11 years. Brad will remain with the Group for the next 12 months, providing sufficient time for the Board to undertake a process to identify and appoint his successor and ensure an orderly handover. I am grateful that I will continue to benefit from Brad’s support during this period and, on behalf of colleagues across the Group, thank him for everything he has contributed to Judges.

Outlook for 2026

The Group’s immediate priorities have been the booking of expected shippable orders during the third quarter and the timely fulfilment of the order book. Order intake through the summer months was encouraging and significantly improved from 12% down on the prior year at the end of June to only 1% down at the date of this report. Encouragingly, and as expected, there are early signs that China’s tax exemption processes are being resolved.

The timing of these improvements will result in a greater-than-usual final quarter phasing of the Group’s revenue profile. While this presents some inevitable execution challenges common to manufacturers of high-value capital equipment, such challenges are predominantly within the Group’s control. With increased benefit from Patent Box tax relief resulting 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 maintains its guidance of delivering Adjusted earnings per share in line with current market expectations**.

2027 Geotek coring expedition

Current market expectations for 2027*** do not include any revenue from a Geotek coring expedition. 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. As guided in July 2026, while the customer has had long-term funding approved for gas hydrate research and exploration, the Group now understands that this particular coring expedition will be scheduled no earlier than 2028. Geotek continues to pursue several other opportunities, but at this time the Group considers these unlikely to result in a coring expedition being delivered in 2027.

Longer-term outlook

The Group’s businesses serve global niches in scientific research and wider commercial and industrial applications of scientific techniques, underpinned by robust long-term secular growth drivers. While there is resilience in many of the commercial and industrial sectors to which the Group continues to build its exposure, the scientific research environment, where there is reliance both upon public spending and clarity of policy, is expected to remain challenging into 2027. Orders continue to be won in the US, including high-value research instruments, indicating that some groups can secure the funding they require. More generally, however, funds have not flowed normally despite congressional rejection of the previously proposed 2026 budget cuts, and the administration has now indicated its desire to again reduce the federal research budget in 2027. Beyond this, the ramifications of the administration’s recently proposed overhaul of science funding, to refocus on individual scientists, diversify funding mechanisms, and create new institutional models, are not yet fully understood. The Group is actively monitoring developments to inform how its businesses will continue to win in this potentially new funding environment.

Geopolitical tensions are also a factor, with most of the growth drivers to which the Group is exposed thriving in an environment of global collaboration and stability. The conflict in Iran has thus far resulted in only a very small value of lost orders and some limited slippage in the opportunity pipeline, with no material impact on input costs or logistics. However, re-escalation into a wider or prolonged conflict could change this.

The Group continues to focus on factors within its control: encouraging disciplined ambition and delivery; investing in talent and innovation for long-term growth; driving operational excellence; ensuring robust governance; and the strict execution of its acquisition model. The Group has built a healthy order book and maintains a solid financial position underpinned by good cash conversion. These fundamentals of the Group’s compounding business model remain robust despite an extended period of turbulence, which gives the Board confidence that the continuing macro challenges hamper neither the Group’s pursuit of its acquisition strategy nor its ability to deliver durable returns for shareholders.

Tim Prestidge

Chief Executive

23 September 2026

Condensed consolidated interim statement of comprehensive income

	Note	Adjusted £m	Adjusting  items £m	30 June 2026 £m	Adjusted £m	Adjusting  items £m	30 June 2025 £m	Year to  31 December 2025 £m
Revenue	3	55.7	—	55.7	70.2	—	70.2	145.8
Operating costs	3,4	(50.9)	(5.2)	(56.1)	(55.9)	(5.9)	(61.8)	(131.9)
Operating profit/(loss)		4.8	(5.2)	(0.4)	14.3	(5.9)	8.4	13.9
Interest income		0.3	0.5	0.8	0.3	1.0	1.3	0.6
Interest expense	4	(1.9)	(0.2)	(2.1)	(2.0)	(1.1)	(3.1)	(5.6)
Profit/(loss) before tax		3.2	(4.9)	(1.7)	12.6	(6.0)	6.6	8.9
Taxation (charge)/credit		(0.6)	1.0	0.4	(2.9)	1.4	(1.5)	(2.9)
Profit/(loss) for the period		2.6	(3.9)	(1.3)	9.7	(4.6)	5.1	6.0
Attributable to:
Owners of the parent		2.6	(3.9)	(1.3)	9.4	(4.6)	4.8	5.5
Non-controlling interests		—	—	—	0.3	—	0.3	0.5
Profit/(loss) for the period		2.6	(3.9)	(1.3)	9.7	(4.6)	5.1	6.0
Other comprehensive income
Items that will not be reclassified subsequently to profit or loss
Retirement benefits actuarial (loss)/gain				—			—	—
Deferred tax on retirement benefits actuarial (loss)/gain				—			—	—
Items that may be reclassified subsequently to profit or loss
Exchange loss on translation of foreign subsidiaries				—			—	—
Other comprehensive (loss)/income for the period, net of tax				—			—	—
Total comprehensive (loss)/income for the period				(1.3)			5.1	6.0
Attributable to:
Owners of the parent				(1.3)			4.8	5.5
Non-controlling interests				—			0.3	0.5

		Pence		Pence	Pence		Pence restated	Pence
Earnings per share – adjusted
Basic	5	39.0			141.4			275.3
Diluted	5	38.9			139.2			271.0
Earnings per share – total
Basic	5			(19.5)			72.2	82.7
Diluted	5			(19.5)			71.1	81.4

Condensed consolidated interim balance sheet

	Note	30 June 2026 £m	30 June 2025 £m	31 December 2025 £m
ASSETS
Non-current assets
Goodwill	6	57.2	59.9	57.2
Other intangible assets	7	22.5	32.0	26.6
Property, plant and equipment		28.7	26.9	28.3
Right-of-use leased assets		4.8	5.3	5.2
Retirement benefit surplus		—	—	0.1
		113.2	124.1	117.4
Current assets
Inventories		25.9	29.9	24.8
Trade and other receivables		26.2	27.4	26.5
Cash and cash equivalents		15.6	18.9	19.4
		67.7	76.2	70.7
Total assets		180.9	200.3	188.1
LIABILITIES
Current liabilities
Trade and other payables		(21.5)	(25.0)	(24.5)
Provisions		(1.1)	(1.5)	(1.1)
Payables relating to acquisitions	9	(0.7)	(1.0)	(0.2)
Borrowings	10	—	—	—
Right-of-use lease liabilities		(1.4)	(1.2)	(1.4)
Current tax liabilities		(1.1)	(2.0)	(2.4)
		(25.8)	(30.7)	(29.6)
Non-current liabilities
Borrowings	10	(58.6)	(63.6)	(59.6)
Provisions		(0.3)	—	(0.2)
Payables relating to acquisitions	9	(1.6)	—	(2.2)
Right-of-use lease liabilities		(3.8)	(4.5)	(4.2)
Deferred tax liabilities		(7.6)	(8.8)	(8.6)
		(71.9)	(76.9)	(74.8)
Total liabilities		(97.7)	(107.6)	(104.4)
Net assets		83.2	92.7	83.7
EQUITY
Share capital	8	0.3	0.3	0.3
Share premium		19.5	19.3	19.4
Other reserves		26.5	26.5	26.5
Retained earnings		36.9	46.4	37.5
Equity attributable to owners of the parent		83.2	92.5	83.7
Non-controlling interests		—	0.2	—
Total equity		83.2	92.7	83.7

Condensed consolidated interim statement of changes in equity

		Share capital £m	Share premium £m	Other reserves £m	Retained earnings £m	Total attributable to owners of parent £m	Non- controlling interests £m	Total equity £m
	At 1 January 2026	0.3	19.4	26.5	37.5	83.7	—	83.7
	Dividends	—	—	—	—	—	—	—
	Issue of share capital	—	0.1	—	—	0.1	—	0.1
	Purchase of own shares for Company reward scheme	—	—	—	—	—	—	—
	Tax on Company reward scheme shares awarded	—	—	—	—	—	—	—
	Share-based payments	—	—	—	0.7	0.7	—	0.7
	Transactions with owners	—	0.1	—	0.7	0.8	—	0.8
	Loss for the period	—	—	—	(1.3)	(1.3)	—	(1.3)
	Retirement benefit actuarial loss	—	—	—	—	—	—	—
	Foreign exchange differences	—	—	—	—	—	—	—
	Total comprehensive income for the period	—	—	—	(1.3)	(1.3)	—	(1.3)
	At 30 June 2026	0.3	19.5	26.5	36.9	83.2	—	83.2
	At 1 January 2025	0.3	19.2	26.5	40.9	86.9	0.3	87.2
	Dividends	—	—	—	—	—	(0.4)	(0.4)
	Issue of share capital	—	0.1	—	—	0.1	—	0.1
	Purchase of own shares for Company reward scheme	—	—	—	(0.1)	(0.1)	—	(0.1)
	Tax on Company reward scheme shares awarded	—	—	—	(0.1)	(0.1)	—	(0.1)
	Share-based payments	—	—	—	0.9	0.9	—	0.9
	Transactions with owners	—	0.1	—	0.7	0.8	(0.4)	0.4
	Profit for the period	—	—	—	4.8	4.8	0.3	5.1
	Retirement benefit actuarial loss	—	—	—	—	—	—	—
	Foreign exchange differences	—	—	—	—	—	—	—
	Total comprehensive income for the period	—	—	—	4.8	4.8	0.3	5.1
	At 30 June 2025	0.3	19.3	26.5	46.4	92.5	0.2	92.7
	At 1 January 2025	0.3	19.2	26.5	40.9	86.9	0.3	87.2
	Dividends	—	—	—	(7.1)	(7.1)	(0.5)	(7.6)
	Issue of share capital	—	0.2	—	—	0.2	—	0.2
	Purchase of own shares for Company reward scheme	—	—	—	(0.1)	(0.1)	—	(0.1)
	Tax on Company reward scheme shares awarded	—	—	—	(0.1)	(0.1)	—	(0.1)
	Change in non-controlling interest	—	—	—	(2.3)	(2.3)	(0.3)	(2.6)
	Deferred tax on share-based payments	—	—	—	(0.7)	(0.7)	—	(0.7)
	Share-based payments	—	—	—	1.4	1.4	—	1.4
	Transactions with owners	—	0.2	—	(8.9)	(8.7)	(0.8)	(9.5)
	Profit for the year	—	—	—	5.5	5.5	0.5	6.0
	Retirement benefit actuarial loss	—	—	—	—	—	—	—
	Foreign exchange differences	—	—	—	—	—	—	—
	Total comprehensive income for the year	—	—	—	5.5	5.5	0.5	6.0
	At 31 December 2025	0.3	19.4	26.5	37.5	83.7	—	83.7

Condensed consolidated interim cashflow statement

	Six months to 30 June 2026 £m	Six months to 30 June 2025 £m	Year to 31 December 2025 £m
Cashflows from operating activities
(Loss)/profit after tax	(1.3)	5.1	6.0
Adjustments for:
Financial instruments measured at fair value	(0.5)	0.7	1.2
Share-based payments	0.7	0.9	1.4
Depreciation of property, plant and equipment	1.6	1.4	2.9
Depreciation of right-of-use leased assets	0.7	0.7	1.4
Amortisation and impairment of acquired intangible assets and goodwill	4.5	5.4	13.9
Amortisation of internally generated intangible assets	0.3	0.3	1.2
Interest income	(0.3)	(0.3)	(0.6)
Interest expense	1.7	1.8	3.8
Interest payable on right-of-use lease liabilities	0.2	0.2	0.4
Fair value movement on contingent consideration	—	(1.0)	(2.0)
Interest payable on acquisition creditor	0.2	—	—
Retirement benefit obligation net finance income	—	—	—
Tax (credit)/expense recognised in the Consolidated Statement of Comprehensive Income	(0.4)	1.5	2.9
(Increase)/decrease in inventories	(1.1)	(1.8)	3.3
Decrease in trade and other receivables	0.3	2.0	2.5
Decrease in trade and other payables and provisions	(2.3)	(4.6)	(5.3)
Cash generated from operations	4.3	12.3	33.0
Tax paid	(1.9)	(1.5)	(3.4)
Net cash from operating activities	2.4	10.8	29.6
Cashflows from investing activities
Acquisition of subsidiaries, net of cash acquired	—	—	—
Purchase of property, plant and equipment	(2.0)	(2.4)	(5.4)
Capitalised development costs	(0.7)	(0.5)	(1.8)
Proceeds on disposal of property, plant and equipment	—	—	—
Interest received	0.3	0.3	0.6
Net cash used in investing activities	(2.4)	(2.6)	(6.6)
Cashflows from financing activities
Proceeds from issue of share capital	0.1	0.1	0.2
Purchase of non-controlling interest in subsidiary	(0.3)	—	(0.2)
Purchase of own shares for Company reward scheme	—	(0.1)	(0.1)
Tax on shares awarded under Company scheme	—	(0.1)	(0.1)
Finance costs paid	(1.7)	(1.8)	(3.8)
Repayments of borrowings*	(1.0)	(4.0)	(8.0)
Repayments of right-of-use lease liabilities	(0.9)	(0.9)	(1.8)
Equity dividends paid	—	—	(7.1)
Dividends paid to non-controlling interest	—	(0.4)	(0.5)
Net cash used in financing activities	(3.8)	(7.2)	(21.4)
Net change in cash and cash equivalents	(3.8)	1.0	1.6
Cash and cash equivalents at the start of the year	19.4	17.9	17.9
Exchange movements	—	—	(0.1)
Cash and cash equivalents at the end of the year	15.6	18.9	19.4
Comprised of:
Cash and cash equivalents as per the Consolidated Balance Sheet	15.6	18.9	19.4
Bank overdrafts as per the Consolidated Balance Sheet	—	—	—
	15.6	18.9	19.4

Notes to the interim results

1. General information and basis of preparation

The Judges Scientific plc Group’s principal activities comprise the design, manufacture and sale of scientific instruments. The subsidiaries are grouped into two segments: Materials Sciences and Vacuum.

The financial information set out in this Interim Report for the six months ended 30 June 2026 and the comparative figures for the six months ended 30 June 2025 are unaudited. The Interim Report has been prepared in accordance with IAS 34 ”Interim Financial Reporting”. The Interim Report does not contain all the information required for full annual financial statements and should be read in conjunction with the consolidated financial statements of the Group for the year ended 31 December 2025, which have been prepared in accordance with international accounting standards in conformity with the requirements of the Companies Act 2006 (IFRS).

The financial information for the year ended 31 December 2025 set out in this Interim Report does not constitute statutory accounts as defined in section 434 of the Companies Act 2006. The Group’s statutory financial statements for the year ended 31 December 2025 have been filed with the Registrar of Companies. The Auditor’s Report in respect of those financial statements was unqualified and did not contain statements under section 498 of the Companies Act 2006.

Judges Scientific plc is the Group’s ultimate parent company. The Company is a public limited company incorporated and domiciled in the United Kingdom. Its registered office and principal place of business is 52c Borough High Street, London SE1 1XN, and the Company’s shares are quoted on the Alternative Investment Market. The Interim Report is presented in Sterling, which is the functional currency of the parent company. The Interim Report has been approved for issue by the Board of Directors on 22 September 2026.

Going concern

The consolidated financial statements have been prepared on a going concern basis. The Group ended the first half of 2025 with adjusted net debt of £45.3m compared to adjusted net debt of £42.6m at 31 December 2025. The Group uses Adjusted net debt rather than statutory net debt for this comparison, as this figure includes future acquisition-related liabilities. As explained in Note 10 Changes in net debt, the Group’s financial covenants in relation to its banking facilities are (1) leverage (net debt/adjusted EBITDA) of not more than three times and (2) interest cover of not less than three times adjusted operating profit. The increased net debt figure resulted primarily from cash generated from operations (£4.3m) being more than offset by tax payments (£1.9m), ongoing investment into capital expenditure (including development of new products) for the businesses (£2.7m) and interest payments on borrowings (£1.7m).

The Directors have considered the potential impact on trading of ongoing geopolitical uncertainty, and of continuing higher levels of inflation than desired. The Group is in a strong financial position with high cash balances, moderate leverage, reasonable order intake and a solid future order book enabling it to navigate the continued uncertain global economic environment. The Directors have planned for reasonably foreseeable worsening scenarios including a repetition of the same 13% reduction in orders in 2025 as happened after the first outbreak of Covid-19 in 2020, which would not cause any significant challenges to the Group’s continued existence.

Neither the base case nor severe but plausible downside scenarios result in a breach of the Group’s bank covenants and, accordingly, the Directors therefore have a reasonable expectation that the Group has adequate resources to continue in operational existence for the foreseeable future. They therefore continue to adopt the going concern basis in preparing the Interim Report.

2. Significant accounting policies

The Interim Report has been prepared in accordance with the accounting policies adopted in the last annual financial statements for the year ended 31 December 2025, except for the taxation policy where, for the purposes of the interim results, the tax charge on adjusted business performance is calculated by reference to the estimated effective rate for the full year.

3. Segmental analysis

For the period ended 30 June 2025	Note	Materials Sciences £m	Vacuum £m	Head office £m	Total £m
Revenue		25.1	30.6	—	55.7
Operating costs		(23.6)	(24.6)	(2.7)	(50.9)
Adjusted operating profit/(loss)		1.5	6.0	(2.7)	4.8
Adjusting items	4				(5.2)
Operating loss					(0.4)
Net interest expense					(1.3)
Loss before tax					(1.7)
Income tax credit					0.4
Loss for the period					(1.3)

For the period ended 30 June 2025	Note	Materials Sciences £m	Vacuum £m	Head office £m	Total £m
Revenue		35.7	34.5	—	70.2
Operating costs		(27.0)	(26.4)	(2.5)	(55.9)
Adjusted operating profit		8.7	8.1	(2.5)	14.3
Adjusting items	4				(5.9)
Operating profit					8.4
Net interest expense					(1.8)
Profit before tax					6.6
Income tax charge					(1.5)
Profit for the period					5.1

For the year ended 31 December 2025	Note	Materials Sciences £m	Vacuum £m	Head office £m	Total £m
Revenue		71.9	73.9	—	145.8
Operating costs		(56.4)	(55.1)	(6.3)	(117.8)
Adjusted operating profit		15.5	18.8	(6.3)	28.0
Adjusting items	4				(14.1)
Operating profit					13.9
Net interest expense					(5.0)
Profit before tax					8.9
Income tax charge					(2.9)
Profit for the year					6.0

Unallocated items relate to the Group’s head office costs.

Segment assets and liabilities

At 30 June 2026	Materials Sciences £m	Vacuum £m	Head office £m	Total £m
Assets	47.7	55.1	78.1	180.9
Liabilities	(9.1)	(13.8)	(74.8)	(97.7)
Net assets	38.6	41.3	3.3	83.2
Capital expenditure	0.5	1.5	—	2.0
Depreciation of property, plant and equipment	0.8	0.8	—	1.6
Depreciation of right-of-use leased assets	0.6	0.1	—	0.7
Amortisation of acquired intangible assets	3.9	0.6	—	4.5
Amortisation of internally generated intangible assets	0.2	0.1	—	0.3

At 30 June 2025	Materials Sciences £m	Vacuum £m	Head office £m	Total £m
Assets	54.3	53.2	92.8	200.3
Liabilities	(25.0)	(15.5)	(67.1)	(107.6)
Net assets	29.3	37.7	25.7	92.7
Capital expenditure	0.8	1.5	0.1	2.4
Depreciation of property, plant and equipment	0.7	0.7	—	1.4
Depreciation of right-of-use leased assets	0.6	0.1	—	0.7
Amortisation of acquired intangible assets	4.6	0.8	—	5.4
Amortisation of internally generated intangible assets	0.2	0.1	—	0.3

At 31 December 2025	Materials Sciences £m	Vacuum £m	Head office £m	Total £m
Assets	52.3	55.8	80.0	188.1
Liabilities	(9.6)	(14.7)	(80.1)	(104.4)
Net assets	42.7	41.1	(0.1)	83.7
Capital expenditure	1.4	3.9	0.1	5.4
Depreciation of property, plant and equipment	1.4	1.5	—	2.9
Depreciation of right-of-use leased assets	1.1	0.3	—	1.4
Amortisation of acquired intangible assets	12.7	1.2	—	13.9
Amortisation of internally generated intangible assets	0.6	0.6	—	1.2

Head office items are borrowings, intangible assets and goodwill arising on acquisition, deferred tax, defined benefit obligations and parent company net assets.

Geographic analysis	Six months to 30 June 2026 £m	Six months to 30 June 2025 £m	Year to 31 December 2025 £m
UK (domicile)	9.1	9.6	20.8
Rest of Europe	16.9	18.7	40.6
North America	9.2	14.2	26.2
China/Hong Kong	4.0	7.6	15.1
Rest of the World	16.5	20.1	43.1
Revenue	55.7	70.2	145.8

4. Adjusting items

	Note	Six months  to 30 June 2026 £m	Six months to 30 June 2025 £m	Year to 31 December 2025 £m
Amortisation and impairment of acquired intangible assets and goodwill	6	4.5	5.4	13.9
Reversal of payable relating to acquisition		—	—	(2.0)
Financial instruments measured at fair value: hedging contracts		—	(0.4)	(0.2)
Share-based payments		0.7	0.9	1.4
Retirement benefits obligation costs		—	—	—
Employment taxes arising from share-based payments		—	—	—
Payment in respect of prior year foreign taxes		—	—	0.3
Acquisition costs		—	—	0.7
Total adjusting items within operating profit		5.2	5.9	14.1
Fair value movement on contingent consideration		—	(1.0)	—
Interest payable on acquisition creditor		0.2	—	—
Retirement benefits obligation net interest credit		—	—	—
Financial instruments measured at fair value: interest rate swaps		(0.5)	1.1	1.4
Total adjusting items		4.9	6.0	15.5
Taxation		(1.0)	(1.4)	(2.7)
Total adjusting items net of tax		3.9	4.6	12.8
Attributable to:
Owners of the parent		3.9	4.6	12.8
Non-controlling interests		—	—	—
		3.9	4.6	12.8

5. Earnings per share

	Note	Six months to 30 June 2026 £m	Six months to 30 June 2025 £m	Year to 31 December 2025 £m
Profit for the period attributable to owners of the parent
Adjusted profit		2.6	9.4	18.3
Adjusting items	4	(3.9)	(4.6)	(12.8)
(Loss)/profit for the period		(1.3)	4.8	5.5

	Pence	Pence restated	Pence
Earnings per share – adjusted
Basic	39.0	141.4	275.3
Diluted	38.9	139.2	271.0
Earnings per share – total
Basic	(19.5)	72.2	82.7
Diluted	(19.5)	71.1	81.4

	Note	Six months to 30 June 2026 Number	Six months to 30 June 2025 Number	Year to 31 December 2025 Number
Issued Ordinary shares at start of the period	8	6,651,052	6,642,484	6,642,484
Movement in Ordinary shares during the period	8	9,643	5,468	8,568
Issued Ordinary shares at end of the period	8	6,660,695	6,647,952	6,651,052
Weighted average number of shares in issue		6,659,083	6,645,110	6,647,457
Dilutive effect of share options		17,369	105,595	105,595
Weighted average shares in issue on a diluted basis		6,676,452	6,750,705	6,753,052

Adjusted basic earnings per share is calculated on the adjusted profit, which excludes any adjusting items, attributable to the Company’s shareholders divided by the weighted average number of shares in issue during the period.

Adjusted diluted earnings per share is calculated on the adjusted basic earnings per share, adjusted to allow for the issue of Ordinary shares on the assumed conversion of all dilutive share options and any other dilutive potential Ordinary shares. The calculation is based on the treasury method prescribed in IAS 33. This calculates the theoretical number of shares that could be purchased at the average middle market price in the period out of the proceeds of the notional exercise of outstanding options. The difference between this theoretical number and the actual number of shares under option is deemed liable to be issued at nil value and represents the dilution.

Total earnings per share is calculated as above whilst substituting total profit for adjusted profit.

6. Goodwill

The following tables show the movements in goodwill:

	Total £m
Carrying amount at 1 January 2026 and 30 June 2026	57.2

	Total £m
Carrying amount at 1 January 2025	60.4
Impairment	(0.5)
Carrying amount at 30 June 2025	59.9

	Total £m
Carrying amount at 1 January 2025	60.4
Impairment	(3.2)
Carrying amount at 31 December 2025	57.2

7. Other intangible assets

The following tables show the additions to, and amortisation of, intangible assets:

	Internally generated development  costs £m	Acquired technology £m	Acquired sales order backlog £m	Acquired  brand and domain names £m	Acquired customer relationships £m	Total £m
Carrying amount at 1 January 2026	4.0	16.2	—	1.1	5.3	26.6
Additions	0.7	—	—	—	—	0.7
Amortisation	(0.3)	(2.2)	—	(0.3)	(2.0)	(4.8)
Carrying amount at 30 June 2026	4.4	14.0	—	0.8	3.3	22.5

	Internally generated development  costs £m	Acquired technology £m	Acquired sales order backlog £m	Acquired  brand and domain names £m	Acquired customer relationships £m	Total £m
Carrying amount at 1 January 2025	3.4	21.7	0.1	1.9	9.6	36.7
Additions	0.5	—	—	—	—	0.5
Amortisation	(0.3)	(2.4)	(0.1)	(0.4)	(2.0)	(5.2)
Carrying amount at 30 June 2025	3.6	19.3	—	1.5	7.6	32.0

	Internally generated development  costs £m	Acquired technology £m	Acquired sales order backlog £m	Acquired  brand and domain names £m	Acquired customer relationships £m	Total £m
Carrying amount at 1 January 2025	3.4	21.7	0.1	1.9	9.6	36.7
Acquisitions	—	6.8	0.3	1.1	1.6	9.8
Additions	1.4	—	—	—	—	1.4
Amortisation	(0.9)	(4.5)	(0.2)	(0.7)	(3.8)	(10.1)
Carrying amount at 31 December 2025	4.0	16.2	—	1.1	5.3	26.6

8. Share capital

Movements in the Group’s Ordinary shares in issue are summarised as follows:

Ordinary shares of 5p each	2026 £m	2025 £m
Allotted, called up and fully paid – Ordinary shares of 5p each
1 January: 6,651,052 shares (2025: 6,642,484 shares)	0.3	0.3
Exercise of share options: 9,643 shares (2025: 5,468 shares)	—	—
30 June: 6,660,695 shares (2025: 6,647,952 shares)	0.3	0.3

9. Acquisitions

Acquisition of the minority shareholding in Geotek do Brasil

On 3 December 2025, Geotek Limited, a Judges subsidiary, acquired the remaining 18% share of its majority-owned subsidiary Geotek do Brasil ltda ("GdB"). GdB operates Geotek's core digitalisation business in Brazil. The 18% minority share in GdB was acquired for an initial consideration of BRL13m (£1.9m), plus excess cash and earn-out of up to £0.7m, payable in the first half of 2027. The initial consideration is payable in 60 monthly instalments of BRL324k (£0.045m) including interest.

The acquisition payable to the vendors at 30 June 2026, which is all due within five years, is as follows:

	30 June 2026 £m	31 December 2025 £m
Current	0.7	0.2
Non-current	1.6	2.2
	2.3	2.4

10. Changes in net debt

Changes in net debt for the six months ended 30 June 2026 were as follows:

	1 January 2026 £m	Cashflow £m	Non-cash items £m	30 June 2026 £m
Cash at bank and in hand	19.4	(3.8)	—	15.6
Bank debt	(59.6)	1.0	—	(58.6)
IFRS 16 right-of-use lease liabilities	(5.6)	0.9	(0.5)	(5.2)
Statutory net debt	(45.8)	(1.9)	(0.5)	(48.2)
Less: IFRS 16 right-of-use lease liabilities	5.6	(0.9)	0.5	5.2
Accrued acquisition consideration payable in cash (note 9)	(2.4)	0.3	(0.2)	(2.3)
Adjusted net debt	(42.6)	(2.5)	(0.2)	(45.3)

Non-cash items primarily represent foreign exchange differences on foreign currency bank balances.

The movement in borrowings over the period was as follows:

	2026 £m	2025 £m
At 1 January	59.6	67.6
Repayment of loans	(1.0)	(4.0)
Interest payable	1.7	1.8
Interest paid	(1.7)	(1.8)
At 30 June	58.6	63.6

	2026 £m	2025 £m
Current	—	—
Non-current	58.6	63.6
Total borrowings at 30 June	58.6	63.6

As at 30 June 2026 the revolving credit facility (“RCF”) was £58.6m drawn (31 December 2025: £59.6m drawn), with £31.4m undrawn, alongside the uncommitted £50m accordion.

The Group's facilities are as follows:

• £90m RCF alongside a £50m uncommitted accordion facility, which can be drawn with the agreement of the Banks.

• The facilities mature on 1 July 2028.

• Covenants are (1) gearing no greater than three times Adjusted EBITDA*; and (2) interest cover no less than three times.

* Adjusted EBITDA (earnings before interest, tax, depreciation and amortisation) excludes adjusting items relating to amortisation of acquired intangible assets, acquisition-related costs, share-based payments and hedging of risks materialising after the end of the year.

Post-balance sheet event

The Group confirms effective from 23 September 2026 that the facilities were extended by 2 years such that they now mature on 1 July 2030.

11. Dividends

During the period, the Company paid £nil dividends (period to 30 June 2025: £nil).

The Company paid a final dividend of 82.3p per share totalling £5.5m to shareholders on 11 July 2026 relating to the financial year ended 31 December 2025.

The Company will pay an interim dividend for 2026 of 36.0p per share (2025: interim dividend of 32.7p per share) on 6 November 2026 to shareholders on the register on 9 October 2026. The shares will go ex-dividend on 8 October 2026.

 

END