REG - Judges ScientificPLC - Interim Results
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RNS Number : 7643Z Judges Scientific PLC 18 September 2025
Judges Scientific plc
("Judges Scientific", "the Company", or "the Group")
Interim results for the six months ended 30 June 2025
Challenging trading environment, in line with market expectations and
10% increase to interim dividend
Judges Scientific, the group focused on acquiring and developing companies in
the scientific instrument sector, announces its unaudited interim results for
the six months ended 30 June 2025.
Key financials
Period ended 30 June H1 2025 H1 2024 Change
Revenue £70.2m £60.8m 15%
Adjusted* pre-tax profit £12.6m £10.8m 17%
Adjusted* basic earnings per share 141.4p 123.7p 14%
Cash generated from operations £12.3m £7.8m 59%
Interim dividend per share 32.7p 29.7p 10%
Statutory pre-tax profit £6.6m £5.8m
Statutory basic earnings per share 72.2p 63.3p
As at: 30 Jun 2025 31 Dec 2024
Adjusted* net debt £45.7m £51.7m
Cash balances £18.9m £17.9m
Statutory net debt £50.4m £55.7m
Other financial and operational highlights
· Subdued trading set against a backdrop of difficult market conditions in the
USA;
· Geotek performed strongly, including coring expedition, offset by reduced
profitability in the wider Organic group; management working to address
trading challenges;
· Organic** revenue increased 7% against H1 2024;
· Organic** order intake up 4% compared with H1 2024;
· Organic** order book at 17.4 weeks (H1 2024: 17.2 weeks).
Board and management highlights:
· Alex Hambro retired as Chair at the AGM on 22 May 2025 with Ralph Elman
assuming the role of Non-Executive Chair;
· Mark Lavelle, Chief Operating Officer, advised the Board of his intention to
retire by September 2026, and stepped down from the Board at the AGM;
· Formation of Executive Committee which is responsible for the management of
the Group and will include the Executive Directors and further key members of
the Company's senior leadership team as required.
Post period highlights:
· Strengthening of Judges Executive Committee following the recruitment of Rik
Armitage as Group Acquisitions Executive.
Outlook
· Trading remains in line with market expectations***.
· Continued challenging environment, particularly in the USA;
· Timing for next Geotek coring expedition yet to be confirmed;
· Second half started with a solid order book, but poor US order intake over the
summer; YTD Organic intake (excluding coring) now flat vs 2024;
* 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.
** Organic denotes Group performance excluding the businesses which were not
part of the Group on 1 January 2024.
*** Current consensus market expectations for the year ending 31 December 2025
are Adjusted basic earnings per share of 288.7p.
Ralph Elman, Chairman of Judges Scientific, commented:
"Performance in the first half of the year, despite showing growth against the
comparative period, is disappointing and reflects the mixed operating
environment. While the period included a coring expedition in Japan and the
recognition of deferred orders from 2024, we have also been impacted by a
material reduction in US federal government research funding as well as
trading challenges at certain Group businesses.
Our priority is to restore the performance of those of our businesses that are
experiencing weaker trading. While the long-term secular growth drivers
supporting scientific research remain intact, a period of turbulence is
affecting this environment. Crucially, the fundamentals of our compounding
business model, including our financial strength and cash generation, remain
robust despite a period of turbulence which is lasting longer than past
episodes.
While remaining vigilant to the ongoing market challenges and the short-term
sensitivity to order timing and revenue, trading remains in line with market
expectations for the full year."
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 2025, on 18 September at 16:30 UK time. Investors can register for the
webinar here: https://engageinvestor.news/JDG_IP0925
(https://url.avanan.click/v2/r02/___https:/engageinvestor.news/JDG_IP0925___.YXAxZTpzaG9yZWNhcDphOm86YzZmNjU0NDM0OTQ1MmM3YzQzYWI2ZDNmOGFlNDcwN2E6NzpjOWU5OmFkYzFiNjQ2ZTQzMTIzMTA5MTI4YzQ2OTI4NzMyOGVlOTVlYTk4Nzc2MmRjNmMzNjcwNmNjMWFjYTRjYmNkYTM6cDpUOk4)
For further information please contact:
Judges Scientific plc Shore Capital (Nominated Adviser & Joint Broker)
David Cicurel, CEO Stephane Auton
Brad Ormsby, CFO Harry Davies-Ball
Tel: +44 (0) 20 3829 6970 Tel: +44 (0) 20 7408 4090
Panmure Liberum (Joint Broker) Investec Bank plc (Joint Broker)
Edward Mansfield Virginia Bull
William King Carlton Nelson
Tel : +44 (0) 20 3100 2222 Tel: +44 (0) 20 7597 4000
Alma (Financial Public Relations)
Sam Modlin
Joe Pederzolli
Rebecca Sanders-Hewett
Sarah Peters
Tel: +44 (0) 20 3405 0205
judges@almastrategic.com (mailto:judges@almastrategic.com)
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
(https://url.avanan.click/v2/r02/___http:/www.judges.uk.com___.YXAxZTpzaG9yZWNhcDphOm86MDY5OTEyNDM3ZjdiZTFkYTdjNzE1OGVmZDVmMTJjM2Y6Nzo1NzBiOjc4ZGE4NzQ5NDlhZTVkYjVlYjI5NGVmOGYzMmE0MDEzZmE1YzllZjFiZGZiNjIwYTkxMzg4MThmZTJmZDUwNjc6cDpUOk4)
Chairman's statement
This is my first period as Non-Executive Chair of our Group following Alex
Hambro's retirement at the AGM in May. Alex was one of our four founding
directors when the Company originally quoted on the London Stock Exchange in
2003. On behalf of all the Board, I would like to thank Alex. We are extremely
grateful for his substantial contribution.
The first half of 2025 shows a mixed picture: some progress against the
difficult first half of 2024 but a disappointing performance because this half
benefited from the inclusion of a Geotek coring expedition in Japan and, to a
lesser degree, that some large deliveries delayed from 2024 were finally
recognised. The main adverse influences on performance were the previously
highlighted risk of threatened, and subsequent actual, reductions in US
federal government research funding, and unrelated trading challenges at
certain Group businesses. In contrast, order intake and trading in China/Hong
Kong recovered from a difficult first half of 2024 and we are pleased that
Geotek has performed well after a challenging prior year.
Management remains focussed on supporting the Group businesses, and sharing
best practice, to drive organic growth and rapidly address specific trading
challenges.
Order intake
Organic* order intake was up 4% against the first half of 2024, with the
stronger trend observed since July 2024 losing momentum after the first
quarter of 2025.
Organic intake increased in most of our trading regions but was down 18% in
North America, a critical market for scientific instruments. The only other
receding region was the UK (down 7%). China/Hong Kong was up by 120% from an
abysmal first half of 2024 with the Rest of Europe up by 7%; the Rest of the
World increased by 2%. The best absolute Organic performances were India,
France and Italy. The weakest absolute performances were recorded in USA,
Czech Republic and Brazil.
The Organic order book was maintained at 17.4 weeks from its June 2024
position (17.2 weeks). The year-end 2024 level was 19.2 weeks (including the
Geotek coring expedition).
Revenues
Total Group revenues reached a record £70.2m (H1 2024: £60.8m). Organic
revenues were up 7% to £64.7m (H1 2024: £60.2m); this included the Geotek
coring expedition.
Organic revenues in North America receded by 18% from H1 2024, the Rest of
Europe up 5%, China/HK up 12%, the Rest of the World up 41% and the UK was
marginally ahead by 1%. In absolute terms, the negative impact of the US is
half the magnitude of the positive impact of the growth in the Rest of the
World, which included the coring expedition in Japan. The best Organic
performance was seen in Japan, Hong Kong and Brazil, while the worst
performances were in the USA, Czech Republic and Malaysia.
Profits
The EBITA contribution of the Organic businesses progressed 10% versus the
first half of 2024. This was driven primarily by the solid performance across
Geotek, including its coring expedition. However this was significantly offset
by reduced profitability across the rest of the Organic businesses, where the
EBITA contribution was down by a third, despite strong growth at a few
businesses. The main driver was the impact of political decisions in the US;
other businesses suffered an adverse environment in China in spite of general
progress in that region and, as every year, some businesses experienced
negative pressures in their markets. A few businesses have yet to fully
recover to their pre-Covid performance and are receiving accentuated scrutiny
and support from Group management.
In the last few years, efforts have been made to equip all our businesses with
stronger senior management teams, this necessary evolution has a cost which is
more noticeable in the years when sales fail to grow at the typical 7%
experienced by the Group historically. This is also true of central costs,
which have increased to strengthen the Group management team for the future.
Adjusted Operating Profits increased 16% from £12.3m to £14.3m; Adjusted
pre-tax profit grew 17% to £12.6m (H1 2024: £10.8m). Return on Total
Invested Capital ("ROTIC") increased to 17.9% compared with 16.8% at 31
December 2024 although still remains lower than the 30 June 2024 figure of
20.7%.
Adjusted basic earnings per share increased by 14% to 141.4p (H1 2024: 123.7p)
and Adjusted diluted earnings per share progressed similarly from 121.6p to
139.2p.
The Directors continue to publish Adjusted figures alongside the statutory
results, prepared consistently with past reports, in order to communicate to
shareholders what is, in the Directors' opinion, the true operating
performance of the Group. The total pre-tax adjustments of £6.0m (H1
2024: £5.0m) consists primarily of a £4.9m charge for amortisation (H1
2024: £4.2m) of acquired intangible assets arising through acquisition.
These adjusting items reduce profit before tax from £12.6m to £6.6m (H1
2024: £10.8 to £5.8m) and result in earnings per share of 72.2p basic and
71.1p diluted (H1 2024: 63.3p per share basic and 62.3p per share diluted).
Corporate activity
No businesses were acquired during the first half of 2025. The Group continues
to apply its strict acquisition criteria, and will only consider businesses
that generate sustainable profits and cash and that it is able to acquire at
the right price.
Cashflow and net debt
The Group has made some progress in generating cash and cash generated from
operations amounted to £12.3m (H1 2024: £7.8m) representing 86% of Adjusted
operating profit (H1 2024: 63%). As noted at the prior year end, cash
conversion was boosted by advance receipts for the Geotek coring expedition.
Without the unwinding of this advance payment, cash conversion would have been
greater than 100% in the period. Cash conversion is an essential element of
our business model and we continue to focus on restoring working capital as a
percentage of revenue towards pre-Covid levels. Adjusted net debt thereby
reduced to £45.7m from £51.7m on 31 December 2024 and gearing to 1.5 times
(31 December 2024: 1.7 times).
Dividend
In accordance with the Company's policy of increasing dividends by no less
than 10% per annum, the Board is declaring an interim dividend of 32.7p (2024:
29.7p), which will be paid on Friday 7 November 2025 to shareholders on the
register on Friday 10 October 2025. The shares will go ex-dividend on
Thursday 9 October 2025. The interim dividend is covered 4.3 times by
Adjusted earnings (2024: 4.2 times).
Management
In April, the Company announced that Mark Lavelle, Chief Operating Officer,
had advised the Board of his intention to retire by September 2026, when he
will be 68. Mark stepped down from the Board at the Annual General Meeting on
22 May 2025. He continues to focus on supporting the Group's companies in
strengthening their operational, analytical, talent development and
international capabilities.
In July, the Company announced the appointment of Rik Armitage as Group
Acquisitions Executive to enhance the Group's deal-making capabilities. He
brings over thirty years of experience in strategy and M&A in
manufacturing and technology businesses, most recently as Head of Corporate
Development at Oxford Instruments plc, where he completed three acquisitions
in scientific instrumentation. Prior to this, Rik spent 14 years with Chemring
Group plc, where he implemented an acquisition-based growth and
diversification strategy, completing twelve acquisitions in energetic
materials and defence electronics across the UK, Europe and the US.
The Group is also evolving its internal structure through the formation of an
Executive Committee, reporting to the Board. The Executive Committee is
responsible for the management of the Group and includes the Executive
Directors together with other senior members of the leadership team as
required. Both Mark (until his retirement) and Rik are members of the
Executive Committee.
Outlook
As shareholders will know, our sector is sensitive to spending on scientific
research, much of which has historically come from governments. While the
long-term secular growth drivers supporting scientific research remain intact,
a period of turbulence is affecting this environment. The deterioration of
sovereign finances because of Covid and efforts to contain public expenditure,
together with political decisions, are exercising a negative influence. Apart
from demand, the post-Covid adjustments in the UK including increases in
Corporation Tax and Employers National Insurance, are costing our Group a
burden of some 10% of our operating profits. Exchange rates remain favourable
even if Sterling is above its recent historic lows.
The second half started with a solid order book but order intake has been poor
over the summer with year-to-date Organic intake (excluding coring) now flat
vs 2024, predominantly due to reductions in US federal government research
funding.
The main uncertainties affecting the Company are the decisions around US
research funding and the timing of the Geotek next coring expedition.
Notwithstanding these uncertainties, a priority is to restore the performance
of those of our businesses that are experiencing trading challenges and
product-specific issues. While remaining vigilant to the ongoing market
challenges and the short-term sensitivity to order timing and revenue, trading
remains in line with market expectations for the full year.
The fundamentals of our compounding business model, including its financial
strength and cash generation, remain robust despite a period of turbulence
which is lasting longer than past episodes. Whilst these fundamentals are
unaffected by short-term performance, shareholder value is, and your Board is
focused on restoring it.
Ralph Elman
Chairman
17 September 2025
Condensed consolidated interim statement of comprehensive income
Note Adjusted Adjusting Adjusted Adjusting Year to
£m items 30 June £m items 31 December
£m 2025 £m 30 June 2024
£m 2024 £m
£m
Revenue 3 70.2 - 70.2 60.8 - 60.8 133.6
Operating costs 3,4 (55.9) (5.9) (61.8) (48.5) (5.1) (53.6) (116.9)
Operating profit/(loss) 14.3 (5.9) 8.4 12.3 (5.1) 7.2 16.7
Interest income 0.3 1.0 1.3 0.2 - 0.2 0.4
Interest expense 4 (2.0) (1.1) (3.1) (1.7) 0.1 (1.6) (4.1)
Profit/(loss) before tax 12.6 (6.0) 6.6 10.8 (5.0) 5.8 13.0
Taxation (charge)/credit (2.9) 1.4 (1.5) (2.5) 1.0 (1.5) (2.2)
Profit/(loss) for the period 9.7 (4.6) 5.1 8.3 (4.0) 4.3 10.8
Attributable to:
Owners of the parent 9.4 (4.6) 4.8 8.2 (4.0) 4.2 10.4
Non-controlling interests 0.3 - 0.3 0.1 - 0.1 0.4
Profit/(loss) for the period 9.7 (4.6) 5.1 8.3 (4.0) 4.3 10.8
Other comprehensive income
Items that will not be reclassified subsequently to profit or loss
Retirement benefits actuarial (loss)/gain - (1.4) (1.4)
Deferred tax on retirement benefits actuarial (loss)/gain - 0.3 0.4
Items that may be reclassified subsequently to profit or loss
Exchange loss on translation of foreign subsidiaries - - (0.5)
Other comprehensive (loss)/income for the period, net of tax - (1.1) (1.5)
Total comprehensive income for the period 5.1 3.2 9.3
Attributable to:
Owners of the parent 4.8 3.1 9.0
Non-controlling interests 0.3 0.1 0.3
Pence Pence Pence Pence Pence
restated
Earnings per share - adjusted
Basic 5 141.4 123.7 283.4
Diluted 5 139.2 121.6 278.7
Earnings per share - total
Basic 5 72.2 63.3 156.7
Diluted 5 71.1 62.3 154.2
Condensed consolidated interim balance sheet
Note 30 June 30 June 31 December
2025 2024 2024
£m restated £m
£m
ASSETS
Non-current assets
Goodwill 6 59.9 56.6 60.4
Other intangible assets 7 32.0 35.4 36.7
Property, plant and equipment 26.9 22.2 26.2
Right-of-use leased assets 5.3 6.1 5.6
Retirement benefit surplus - - -
124.1 120.3 128.9
Current assets
Inventories 29.9 27.9 28.1
Trade and other receivables 27.4 27.5 30.2
Cash and cash equivalents 18.9 6.9 17.9
76.2 62.3 76.2
Total assets 200.3 182.6 205.1
LIABILITIES
Current liabilities
Trade and other payables (25.0) (21.0) (29.9)
Provisions (1.5) - (1.5)
Payables relating to acquisitions 9 (1.0) (1.2) -
Borrowings 10 - (6.3) -
Right-of-use lease liabilities (1.2) (1.2) (1.2)
Current tax liabilities (2.0) (1.9) (0.9)
(30.7) (31.6) (33.5)
Non-current liabilities
Payables relating to acquisitions 9 - (1.7) (2.0)
Borrowings 10 (63.6) (49.0) (67.6)
Right-of-use lease liabilities (4.5) (5.3) (4.8)
Deferred tax liabilities (8.8) (7.6) (10.0)
(76.9) (63.6) (84.4)
Total liabilities (107.6) (95.2) (117.9)
Net assets 92.7 87.4 87.2
EQUITY
Share capital 8 0.3 0.3 0.3
Share premium 19.3 19.1 19.2
Other reserves 26.5 26.9 26.5
Retained earnings 46.4 41.0 40.9
Equity attributable to owners of the parent 92.5 87.3 86.9
Non-controlling interests 0.2 0.1 0.3
Total equity 92.7 87.4 87.2
The Condensed consolidated interim balance sheet for the period to 30 June
2024 was restated to adjust the initial goodwill and contingent consideration
payable which was recognised in the Rockwash acquisition to align with final
accounting in the 2024 Annual Report and Accounts. See note 12 for further
details.
Condensed consolidated interim statement of changes in equity
Share Share Other Retained Total Non- Total
capital premium reserves earnings attributable controlling equity
£m £m £m £m to owners interests £m
of parent £m
£m
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 2024 0.3 17.7 26.9 37.5 82.4 0.2 82.6
Dividends - - - - - (0.2) (0.2)
Issue of share capital - 1.4 - - 1.4 - 1.4
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 - - - 0.6 0.6 - 0.6
Transactions with owners - 1.4 - 0.4 1.8 (0.2) 1.6
Profit for the period restated - - - 4.2 4.2 0.1 4.3
Retirement benefit actuarial loss - - - (1.1) (1.1) - (1.1)
Foreign exchange differences - - - - - - -
Total comprehensive income for the period - - - 3.1 3.1 0.1 3.2
At 30 June 2024 0.3 19.1 26.9 41.0 87.3 0.1 87.4
At 1 January 2024 0.3 17.7 26.9 37.5 82.4 0.2 82.6
Dividends - - - (6.5) (6.5) (0.2) (6.7)
Issue of share capital - 1.5 - - 1.5 - 1.5
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)
Deferred tax on share-based payments - - - (0.6) (0.6) - (0.6)
Share-based payments - - - 1.3 1.3 - 1.3
Transactions with owners - 1.5 - (6.0) (4.5) (0.2) (4.7)
Profit for the year - - - 10.4 10.4 0.4 10.8
Retirement benefit actuarial loss - - - (1.0) (1.0) - (1.0)
Foreign exchange differences - - (0.4) - (0.4) (0.1) (0.5)
Total comprehensive income for the period - - (0.4) 9.4 9.0 0.3 9.3
At 31 December 2024 0.3 19.2 26.5 40.9 86.9 0.3 87.2
Condensed consolidated interim cashflow statement
Six months Six months Year to
to 30 June to 30 June 31 December
2025 2024 2024
£m £m £m
Cashflows from operating activities
Profit after tax 5.1 4.3 10.8
Adjustments for:
Financial instruments measured at fair value: interest rate swaps 1.1 (0.1) 0.1
Financial instruments measured at fair value: hedging contracts (0.4) - 0.1
Share-based payments 0.9 0.6 1.3
Depreciation of property, plant and equipment 1.4 1.0 2.4
Depreciation of right-of-use leased assets 0.7 0.7 1.3
Amortisation of acquired intangible assets 4.9 4.2 9.2
Amortisation of internally generated intangible assets 0.3 0.3 0.9
Impairment of goodwill 0.5 - -
Interest income (0.3) (0.2) (0.3)
Interest expense 1.8 1.5 3.5
Interest payable on right-of-use lease liabilities 0.2 0.2 0.4
Fair value movement on contingent consideration (1.0) - 0.1
Retirement benefit obligation net interest cost - - (0.1)
Tax recognised in the Consolidated Statement of Comprehensive Income 1.5 1.5 2.2
Increase in inventories (1.8) (1.0) 1.8
(Increase)/decrease in trade and other receivables 2.0 (1.2) (2.8)
(Decrease)/increase in trade and other payables (4.6) (4.0) 3.1
Cash generated from operations 12.3 7.8 34.0
Tax paid (1.5) (3.2) (5.5)
Net cash from operating activities 10.8 4.6 28.5
Cashflows from investing activities
Paid on acquisition of subsidiaries - (4.0) (16.4)
Paid in respect of surplus working capital - (0.7) (3.9)
Paid in respect of earn out - (0.2) (0.7)
Gross cash inherited on acquisition - 1.4 4.5
Acquisition of subsidiaries, net of cash acquired - (3.5) (16.5)
Purchase of property, plant and equipment (2.4) (3.0) (5.0)
Capitalised development costs (0.5) (0.6) (1.4)
Interest received 0.3 0.2 0.3
Net cash used in investing activities (2.6) (6.9) (22.6)
Cashflows from financing activities
Proceeds from issue of share capital 0.1 1.4 1.5
Purchase of own shares for Company reward scheme (0.1) (0.1) (0.1)
Tax on shares awarded under Company reward scheme (0.1) (0.1) (0.1)
Finance costs paid (1.8) (1.5) (3.5)
Repayments of borrowings (4.0) (3.1) (8.1)
Repayments of right-of-use lease liabilities (0.9) (0.9) (1.7)
Proceeds from bank loans - - 17.3
Equity dividends paid - - (6.5)
Dividends paid to non-controlling interest (0.4) (0.2) (0.2)
Net cash from financing activities (7.2) (4.5) (1.4)
Net change in cash and cash equivalents 1.0 (6.8) 4.5
Cash and cash equivalents at the start of the period 17.9 13.7 13.7
Exchange movements - - (0.3)
Cash and cash equivalents at the end of the period 18.9 6.9 17.9
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 2025 and the comparative figures for the six months ended 30
June 2024 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 2024, 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 2024 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 2024 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 18 September 2025.
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
£45.7m compared to adjusted net debt of £51.7m at 31 December 2024. The
Group uses adjusted net debt rather than statutory net debt for this
comparison, as this figure includes actual cash liabilities arising from
acquisitions. The decrease in net debt resulted from cash generated from
operations (£12.3m), along with a reduction in expected earnout payments
(£1.0m) offset by payment of our fair share of tax (£1.5m) and ongoing
investment into capital expenditure (including property refurbishment) for the
businesses (£2.4m).
The Directors have considered the potential ongoing impact of the heightened
political tensions globally and of continuing higher levels of interest rates
and inflation. The Group is in a strong financial position with solid cash
balances, low gearing and a robust future order book enabling it to face the
challenge of the continued uncertain global economic environment. The
Directors have planned for reasonably foreseeable worsening scenarios
including a repetition of the same level of 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.
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 2024, 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 Vacuum Head office Total
Sciences £m £m £m
£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 period ended 30 June 2024 Note Materials Vacuum Head office Total
Sciences £m £m restated
£m £m
Revenue 28.7 32.1 - 60.8
Operating costs (23.8) (23.2) (1.5) (48.5)
Adjusted operating profit 4.9 8.9 (1.5) 12.3
Adjusting items 4 (5.1)
Operating profit 7.2
Net interest expense (1.4)
Profit before tax 5.8
Income tax charge (1.5)
Profit for the period 4.3
For the year ended 31 December 2024 Note Materials Vacuum Head office Total
Sciences £m £m £m
£m
Revenue 64.6 69.0 - 133.6
Operating costs (51.6) (50.5) (3.6) (105.7)
Adjusted operating profit 13.0 18.5 (3.6) 27.9
Adjusting items 4 (11.2)
Operating profit 16.7
Net interest expense (3.7)
Profit before tax 13.0
Income tax charge (2.2)
Profit for the year 10.8
Unallocated items relate to the Group's head office costs.
Segment assets and liabilities
At 30 June 2025 Materials Vacuum Head office Total
Sciences £m £m £m
£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 4.1 0.8 - 4.9
Amortisation of internally generated intangible assets 0.2 0.1 - 0.3
At 30 June 2024 Materials Vacuum Head office Total
Sciences £m restated restated
£m £m £m
Assets 56.9 43.3 82.4 182.6
Liabilities (32.8) (11.3) (51.1) (95.2)
Net assets 24.1 32.0 31.3 87.4
Capital expenditure 1.3 1.7 - 3.0
Depreciation of property, plant and equipment 0.6 0.4 - 1.0
Depreciation of right-of-use leased assets 0.4 0.3 - 0.7
Amortisation of acquired intangible assets 4.0 0.2 - 4.2
Amortisation of internally generated intangible assets 0.2 0.1 - 0.3
At 31 December 2024 Materials Vacuum Head office Total
Sciences £m £m £m
£m
Assets 57.0 52.1 96.0 205.1
Liabilities (28.7) (13.9) (75.3) (117.9)
Net assets 28.3 38.2 20.7 87.2
Capital expenditure 1.9 3.1 - 5.0
Depreciation of property, plant and equipment 1.3 1.1 - 2.4
Depreciation of right-of-use leased assets 0.9 0.3 0.1 1.3
Amortisation of acquired intangible assets 8.0 1.2 - 9.2
Amortisation of internally generated intangible assets 0.3 0.6 - 0.9
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 Six months Year to
to to 31 December
30 June 30 June 2024
2025 2024 £m
£m £m
UK (domicile) 9.6 7.8 17.8
Rest of Europe 18.7 17.3 36.5
North America 14.2 15.5 32.9
China/Hong Kong 7.6 6.4 13.6
Rest of the World 20.1 13.8 32.8
Revenue 70.2 60.8 133.6
4. Adjusting items
Note Six months Six months Year to
to to 31 December
30 June 30 June 2024
2025 2024 £m
£m £m
Amortisation of acquired intangible assets 4.9 4.2 9.2
Impairment of goodwill 0.5 - -
Financial instruments measured at fair value: hedging contracts (0.4) - 0.1
Share-based payments 0.9 0.6 1.3
Retirement benefits obligation costs - 0.1 0.3
Employment taxes arising from share-based payments - - -
Acquisition costs 9 - 0.2 0.3
Total adjusting items within operating profit 5.9 5.1 11.2
Fair value movement on contingent consideration (1.0) - 0.1
Retirement benefits obligation net interest credit - - (0.1)
Financial instruments measured at fair value: interest rate swaps 1.1 (0.1) 0.1
Total adjusting items 6.0 5.0 11.3
Taxation (1.4) (1.0) (2.9)
Total adjusting items net of tax 4.6 4.0 8.4
Attributable to:
Owners of the parent 4.6 4.0 8.4
Non-controlling interests - - -
4.6 4.0 8.4
5. Earnings per share
Note Six months Six months Year to
to 30 June to 30 June 31 December
2025 2024 2024
£m £m £m
Profit for the period attributable to owners of the parent
Adjusted profit 9.4 8.2 18.8
Adjusting items 4 (4.6) (4.0) (8.4)
Profit for the period 4.8 4.2 10.4
Pence Pence Pence
restated
Earnings per share - adjusted
Basic 141.4 123.7 283.4
Diluted 139.2 121.6 278.7
Earnings per share - total
Basic 72.2 63.3 156.7
Diluted 71.1 62.3 154.2
Note Six months Six months Year to
to 30 June to 30 June 31 December
2025 2024 2024
Number Number Number
Issued Ordinary shares at start of the period 8 6,642,484 6,615,717 6,615,717
Movement in Ordinary shares during the period 8 5,468 25,617 26,767
Issued Ordinary shares at end of the period 8 6,647,952 6,641,334 6,642,484
Weighted average number of shares in issue 6,645,110 6,629,848 6,634,863
Dilutive effect of share options 105,595 111,490 111,655
Weighted average shares in issue on a diluted basis 6,750,705 6,741,338 6,746,518
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 2025 60.4
Impairment (0.5)
Carrying amount at 30 June 2025 59.9
The impairment relates directly to the reduction in the expected amount
payable in relation to the Rockwash earnout.
Total
restated
£m
Carrying amount at 1 January 2024 54.8
Acquisitions 1.8
Carrying amount at 30 June 2024 56.6
Total
£m
Carrying amount at 1 January 2024 54.8
Acquisitions 5.6
Carrying amount at 31 December 2024 60.4
7. Other intangible assets
The following tables show the additions to, and amortisation of, intangible
assets:
Internally Acquired Acquired Acquired Acquired Total
generated technology sales order brand customer £m
development £m backlog and relationships
costs £m domain £m
£m names
£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 Acquired Acquired Acquired Acquired Total
generated technology sales order brand customer £m
development £m backlog and relationships
costs £m domain £m
£m names
£m
Carrying amount at 1 January 2024 2.9 19.4 - 1.5 11.8 35.6
Acquisitions 0.1 2.2 0.1 0.3 1.0 3.7
Additions 0.6 - - - - 0.6
Amortisation (0.3) (2.0) - (0.3) (1.9) (4.5)
Carrying amount at 30 June 2024 3.3 19.6 0.1 1.5 10.9 35.4
Internally Acquired Acquired Acquired Acquired Total
generated technology sales order brand customer £m
development £m backlog and relationships
costs £m domain £m
£m names
£m
Carrying amount at 1 January 2024 2.9 19.4 - 1.5 11.8 35.6
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 2024 3.4 21.7 0.1 1.9 9.6 36.7
8. Share capital
Movements in the Group's Ordinary shares in issue are summarised as follows:
Ordinary shares of 5p each 2025 2024
£m £m
Allotted, called up and fully paid - Ordinary shares of 5p each
1 January: 6,642,484 shares (2024: 6,615,717 shares) 0.3 0.3
Exercise of share options: 5,468 shares (2024: 25,617 shares) - -
30 June: 6,647,952 shares (2024: 6,641,334 shares) 0.3 0.3
9. Acquisitions
Acquisition of Luciol Instruments SA
A final nominal payment in respect of the earnout was settled in March 2025.
Acquisition of Rockwash Geodata
At 30 June 2025, the Group expected to pay a partial earnout of £1.0m.
10. Changes in net debt
Changes in net debt for the six months ended 30 June 2025 were as follows:
1 January Cashflow Non-cash 30 June
2025 £m items 2025
£m £m £m
Cash at bank and in hand 17.9 1.0 - 18.9
Bank debt (67.6) 4.0 - (63.6)
IFRS 16 right-of-use lease liabilities (6.0) 0.9 (0.6) (5.7)
Statutory net debt (55.7) 5.9 (0.6) (50.4)
Less: IFRS 16 right-of-use lease liabilities 6.0 (0.9) 0.6 5.7
Accrued acquisition consideration payable in cash (note 9) (2.0) - 1.0 (1.0)
Adjusted net debt (51.7) 5.0 1.0 (45.7)
Non-cash items primarily represent foreign exchange differences on foreign
currency bank balances.
The movement in borrowings over the period was as follows:
2025 2024
£m £m
At 1 January 67.6 58.4
Net proceeds from drawdown of loans - -
Repayment of loans (4.0) (3.1)
Interest payable 1.8 1.7
Interest paid (1.8) (1.7)
At 30 June 63.6 55.3
2025 2024
£m £m
Current - 6.3
Non-current 63.6 49.0
Total borrowings at 30 June 63.6 55.3
As at 30 June 2025 the revolving credit facility ("RCF") was £63.6m drawn (31
December 2024: £67.6m drawn), with £26.4m 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.
11. Dividends
During the period, the Company paid £nil dividends (period to 30 June 2024:
£nil).
The Company paid a final dividend of 74.8p per share totalling £5.0m to
shareholders on 11 July 2025 relating to the financial year ended 31 December
2024.
The Company will pay an interim dividend for 2025 of 32.7p per share (2024:
interim dividend of 29.7p per share) on 7 November 2025 to shareholders on the
register on 10 October 2025. The shares will go ex-dividend on 9 October 2025.
12. Restatement of 2024 half-year balance sheet
Due to the timing of the Rockwash acquisition, management provisionally
recorded goodwill and intangible assets based upon achievement of a full
earnout. However, following a detailed review of Rockwash's forecasts a
reduced liability for the earnout together with reduced goodwill was recorded
in the report and accounts for the year ended 31 December 2024. The 30 June
2024 comparative balance sheet has therefore been restated to align with these
figures with no effect on profit.
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