REG - Judges ScientificPLC - Full Year Trading Statement and Notice of Results

Judges ScientificAnnouncement

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RNS Number : 8567P  Judges Scientific PLC  22 January 2026

The information contained within this announcement is deemed to constitute
inside information as stipulated under the retained EU law version of the
Market Abuse Regulation (EU) No. 596/2014 (the "UK MAR") which is part of UK
law by virtue of the European Union (Withdrawal) Act 2018. The information is
disclosed in accordance with the Company's obligations under Article 17 of the
UK MAR. Upon the publication of this announcement, this inside information is
now considered to be in the public domain.

 

22 January 2026

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 2025 and the continued headwinds impacting the outlook for
FY26.

Trading conditions

As announced in September 2025, FY25 was proving a difficult period for the
Group. Despite starting the year with a solid order book and delivering a
Geotek coring expedition in the first quarter, the subsequent market
challenges, in particular relating to uncertainties around US federal funding
for scientific research, resulted in the Group failing to deliver against its
original expectations for the year.

For the year as a whole, satisfactory performances in the Rest of Europe and
China have been more than offset by the USA, where there has been no recovery
since the September update.

Additionally, despite general resilience in industrial-focussed markets, H2
saw reduced investments in offshore wind which had been a strong growth driver
for the Group.

Order intake

Organic order intake (on a like-for-like basis, excluding Geotek's coring
expedition), saw progressive weakening throughout 2025. Order momentum reduced
after a positive Q1 resulting in H1 order intake being up only 4% against its
prior year comparative. This was flat by the end of August 2025 and finished
down 6% for the full year. The decline related principally to orders from the
USA (down 23%) and to a degree by weakness in offshore wind.

2025 financial performance

The Board now expects adjusted earnings per share for 2025 to be in the region
of 275p per share, 6% down on current market expectations(1).

Cash conversion, which remains an essential element in the long-term and
enduring success of the Group's business model, will be at least in line with
the Group's normal performance.

2026 outlook

The Group starts 2026 with a lower-than-desired order book. The reduction in
Organic order intake has meant that the opening Organic order book has reduced
to 15.7 weeks of sales (31 December 2024: 18.7 weeks; 16.9 weeks without
Geotek's coring expedition).

The delivery of Geotek's next coring expedition is now unlikely to be until
early 2027.

Additionally, despite reports of Congressional support for restoring US
federal funding of scientific research, uncertainty remains around the timing
of a return to normal trading in the USA.

The Group has already taken action to reduce its cost base, as well as to
improve its subsidiaries' geographic expansion, market penetration and new
product launches. Progress is also being made at those businesses experiencing
product-specific trading challenges.

However, given the above headwinds and wider macro uncertainties, the Board
considers it prudent to provide guidance for 2026 Adjusted earnings per share
of 200-250p, which assumes the absence of a coring expedition and no recovery
in trading in the USA.

Notice of Final Results

Further to the explanation provided at the last full year results
announcement, the Company will report its full year results for the year ended
31 December 2025 on 31 March 2026.

(1) Current consensus market expectations for the year ended 31 December 2025
are Adjusted basic earnings per share of 292p.

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

 Rebecca Sanders-Hewett

 Joe Pederzolli

 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
(http://www.judges.uk.com)

 

 

 

 

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