JDG Judges Scientific Plc

TIDMJDG

RNS Number : 5214T

Judges Scientific PLC

25 July 2022

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 2022.

The period has been one of continued resilience and progress as our Group recovers from the challenges of the pandemic, with much improved travel across most of the Group's markets, whilst still having to navigate worsening supply chain disruptions.

On 23 May 2022, the Group acquired Geotek Holding Limited and Geotek Coring Limited ('Geotek') for a consideration of up to GBP80m, funded by a new GBP100m multi-bank facility, which provides the Group with additional capacity to support the Group's buy and build strategy.

References to "Organic" information in this update exclude any contribution from Geotek.

Order intake

Across the Group, Organic order intake was up 4.2% after a 25.1% gain in H1 2021; this shows 7.8% progress compared to H1 2019 although cannot be considered a full recovery to the pre-Covid growth trajectory. The Group saw growth in North America, up 15.4% (after 41% growth in H1 2021) and the Rest of the World, up 13.1% (after 8% improvement in H1 2021). The Rest of Europe was flat (after 34% growth in H1 last year) reflecting varied performances across the region. China/Hong Kong, which continued to be affected by strict lockdowns over the period, receded 5.1% (after 2% growth in H1 2021). The UK, which had progressed 26% in H1 2021, was down 9.4%. Order intake still varied considerably from business to business, although less so than in H1 2021.

Order book

The Organic order book reached a mid-year record of 21.3 weeks (17.6 weeks at 30 June 2021 and 23 weeks at 1 January 2022), aided by the modest increase in order intake and by the ongoing supply chain difficulties.

Revenue

Organic sales in the first half were up 7% compared with H1 2021. Further progress was hindered by supply chain issues, by staff shortages caused both by recruitment difficulties and by numerous colleagues having to isolate.

First Half Performance and Outlook

The board expects the growth in Organic revenues to have driven improved profitability in H1. Whilst general market conditions remain challenging, our resilient business model, backed up by a strong order book, gives the board confidence that the current market expectations for the full year (revised to include Geotek) will be met.

Notice of Results

The Company intends to announce its interim results for the six months to 30 June 2022 on Thursday 22 September 2022.

For further information please contact:

 
   Judges Scientific 
   David Cicurel, CEO                       Tel: +44 (0) 20 3829 
    Brad Ormsby, Group FD                    6970 
 
     Shore Capital (Nominated Adviser 
     & Broker) 
   Stephane Auton                           Tel: +44 (0) 20 7408 4090 
    Iain Sexton 
 
     Liberum (Joint Broker)                   Tel: +44 (0) 20 3100 2222 
     Edward Mansfield 
     William Hall 
 
     Media enquiries: 
     Alma PR (Financial Public Relations) 
   Sam Modlin                               Tel: +44 (0) 20 3405 0205 
    Justine James                            judges@almapr.co.uk 
    Joe Pederzolli 
 

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 20 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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