Judges Scientific PLC Half Year Trading Update and Notice of Results (2782G)
July 18 2023 - 2:00AM
UK Regulatory
TIDMJDG
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
David Cicurel, CEO & Joint Broker)
Brad Ormsby, Group FD Stephane Auton
Tel: +44 (0) 20 3829 6970 Iain Sexton
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
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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