Trading Statement

RNS Number : 5740J

Judges Scientific PLC

18 July 2013

 

Judges Scientific plc

Trading Statement

18 July 2013

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

Trading Update

The Directors of Judges Scientific, the parent company of a group specialising 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 interim Income Statement for the six months to 30 June 2013 will not include any results from Scientifica Ltd ("Scientifica"), which was acquired on 26 June 2013 and represents the Group's largest acquisition to date.  The interim Balance Sheet will reflect the acquisition.

The Group's businesses delivered a satisfactory trading performance during the period. The interim results, scheduled to be announced in September, are expected to show revenue growth of 14% compared with the six months to 30 June 2012; this includes organic growth of 4.4% and the effect of a full six-month contribution from Global Digital Systems ("GDS") and KE Developments ("KED") compared with a four-month contribution in the first half of 2012. The Board anticipates that interim profits before exceptional items will reflect this satisfactory sales performance. Adjusted basic earnings per share are also expected to advance, despite the 20% dilution resulting from the May 2012 share issue and the conversion of most of the convertible redeemable shares in the second half of 2012.

Order intake during the six-month period showed only slight organic growth, with a strong first quarter being followed by a weak second quarter. Had GDS and Scientifica been part of Judges throughout the first-half periods of both 2012 and 2013, the Group as presently constituted would have shown 13% growth in order intake for the period.  The order book at 30 June 2013 (excluding Scientifica) represented 10.6 weeks of sales, somewhat ahead of the 10-week level at 30 June 2012.

Operating cash flow was healthy during the period.  The interim Balance Sheet will show the impact of the Scientifica acquisition and of the majority of the building cost of the Stonecross property; net debt still rests at a prudent multiple of operating profit.

Several other companies in our sector have recently reported challenging conditions and our own markets have not been uniformly positive. However, the resilience of Judges' diversified business activities has enabled the Company to continue to pursue its objectives in a lacklustre environment.

For further information please contact:

Judges Scientific Plc

David Cicurel, CEO

Tel: [phone]

Shore Capital (Nominated Adviser & Broker)

Pascal Keane

Edward Mansfield

Tel: [phone]

Cardew Group (Financial Public Relations)

Melvyn Marckus

Tel: [phone] or 07775 896 491

Websites:

Judges Scientific: www.judges.uk.com 

Scientifica: http: www.scientifica.uk.com

 

END

 

 

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