REG - Judges ScientificPLC - Half Year Trading Update and Notice of Results

Judges ScientificAnnouncement

18/07/2023 07:00

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RNS Number : 2782G  Judges Scientific PLC  18 July 2023

Judges Scientific Plc

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

Half Year Trading Update and Notice of Interim Results

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 2023.

The period has been one of generally favourable markets and of moderate
progress in dealing with supply chain challenges, thus allowing the delivery
of solid growth in both Organic order intake and Organic sales. Two small
acquisitions, Henniker Scientific Limited ("Henniker") and Bossa Nova Vision
LLC ("Bossa Nova"), were completed during the half-year.

References to "Organic" information in this update exclude any contribution
from Geotek, Henniker and Bossa Nova.

Order intake

Across the Group, Organic order intake was up 14% when compared against H1
2022; Organic order intake achieved in the first half showed 23% growth
compared to H1 2019 (pre-Covid) and a CAGR of 5.3%, pointing to the resilience
of the business sector amidst a prolonged period of macroeconomic challenges.

Organic orders were up in all major regions, signalling improving prospects
across markets, with the most notable being China/Hong Kong (up 77.7% after
two years of stagnation). North America was up 6.6%, the UK up 9.0%, the rest
of Europe up 7.5% and the rest of the World up 3.5%.

Order book

The Organic order book reached a mid-year record of 22.4 weeks (21.3 weeks
at 30 June 2022 and 21.1 weeks at 1 January 2023).

Revenue

Organic revenue in the first half was up 17% compared with H1 2022,
illustrating some progress with supply chain issues. This enabled the Group to
benefit from the increase in order intake which still remained above revenue.

Total sales include a significant contribution from Geotek and as in 2022,
Geotek's revenue will be H2 weighted due to the timing of its coring activity.

First Half Performance

The board expects the growth in Organic revenues to have produced double digit
profit growth in H1, albeit at a slower rate than revenue growth as measures
taken to compensate for the inflationary pressures observed in 2022 Q4 are
progressively having an impact.

Outlook

The strong order book, and the general resilience of Judges' business give the
board confidence that the current market expectations for the full year will
be met.

Notice of Results

The Company intends to announce its interim results for the six months to 30
June 2023 on Wednesday 20 September 2023.

 

For further information please contact:

 Judges Scientific plc                              Shore Capital (Nominated Adviser & Joint Broker)

 David Cicurel, CEO                                 Stephane Auton

 Brad Ormsby, Group FD                              Iain Sexton

 Tel: +44 (0) 20 3829 6970                          Tel: +44 (0) 20 7408 4090

 Liberum (Joint Broker)                             Investec Bank plc (Joint Broker)

 Edward Mansfield                                   Virginia Bull

 William Hall                                       Carlton Nelson

 Tel : +44 (0) 20 3100 2222                         Tel: +44 (0) 207 597 4000

 Alma PR (Financial Public Relations)

 Sam Modlin

 Justine James

 Joe Pederzolli

 Tel: +44 (0) 20 3405 0205

 judges@almapr.co.uk (mailto:judges@almapr.co.uk)

 

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 22 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.

 

 

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