Full Year Trading Statement and Notice of Results

Judges Scientific PLC

20 January 2025

 

20 January 2025

Judges Scientific plc

(the "Group" or "Judges")

Full Year Trading Statement and Notice of Final Results

The Board of Judges Scientific plc, a group focused on acquiring and developing companies in the scientific instrument sector, provides the following update on the Group's trading performance for the financial year ended 31 December 2024. 

As previously announced, 2024 was a difficult year for the Group. The challenging trading environment resulted in mixed trading across our Group and, as the year developed, the prospect of a 2024 Geotek coring expedition evaporated, resulting in no recognisable revenue in the year. Other headwinds affected our businesses to varying degrees, including a large reduction in orders from China, together with a general weakness in order intake and some customers delaying orders and deliveries.

Organic order intake, including a Geotek coring contract, was up 7% versus 2023. Excluding this order, the Organic order intake finished up 2.2% versus 2023. The Organic order book at the year-end had grown to 18.7 weeks of sales (16.7 weeks at the end of 2023) but, without coring, this would have been 16.9 weeks.

Organic revenues were down 5.8% from 2023, and down 0.7% excluding coring. The operational leverage in the business means that the small decline in organic revenue has a large impact on profitability.

Cash conversion is an essential element of our business model and restoring it to the pre-Covid levels has been a priority - pleasingly, cash conversion for the full year will show a return to historical levels.

The current year is starting more encouragingly, with Geotek's coring expedition having commenced and a number of the deferred projects from 2024 are now anticipated to contribute to H1 earnings. The Board remains confident in the long-term growth drivers of the business and expects Adjusted earnings per share for 2024 to be in line with current market expectations¹ as updated in November 2024.

Notice of Final Results

The Company intends to announce its full year results for the year ended 31 December 2024 on 19 March 2025.

¹Current consensus market expectations for the year ended 31 December 2024 are Adjusted basic earnings per share of 276.8p.

For further information please contact: 

Judges Scientific plc David Cicurel, 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 Nikhil Varghese Joshua Borlant 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 companies in the scientific instrument sector.  The Group 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

 

END