TIDMJDG

RNS Number : 8214M

Judges Scientific PLC

24 September 2021

Judges Scientific plc

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

Interim results for the six months ended 30 June 2021

Performance recovering, order book restored to pre-pandemic levels, and strong cash generation.

15% increase to interim dividend.

Judges Scientific, the group focused on acquiring and developing companies in the scientific instrument sector, announces its Interim Results for the six months ended 30 June 2021.

Key financials

 
Period ended 30 June                 H1 2021      H1 2020  Change 
Revenue                             GBP43.0m     GBP37.4m   14.7% 
                                 -----------  -----------  ------ 
Adjusted* pre-tax profit             GBP8.5m      GBP6.4m   31.5% 
                                 -----------  -----------  ------ 
Adjusted* basic earnings per 
 share                                111.0p        84.2p   31.8% 
                                 -----------  -----------  ------ 
Cash generated from operations       GBP8.0m      GBP5.1m   56.5% 
                                 -----------  -----------  ------ 
Interim dividend per share             19.0p        16.5p   15.2% 
                                 -----------  -----------  ------ 
Statutory pre-tax profit             GBP6.7m      GBP4.3m   55.4% 
                                 -----------  -----------  ------ 
Statutory basic earnings per 
 share                                 88.4p        57.8p   52.9% 
                                 -----------  -----------  ------ 
 
As at:                           30 Jun 2021  31 Dec 2020 
                                 -----------  ----------- 
Adjusted* net debt (excl. IFRS 
 16)                                 GBP1.7m      GBP5.7m 
                                 -----------  ----------- 
Cash balances                       GBP17.6m     GBP15.5m 
                                 -----------  ----------- 
Statutory net debt (excl. IFRS 
 16)                                 GBP1.7m      GBP5.7m 
                                 -----------  ----------- 
 

Other financials

   --      Organic** revenue increased 5% against H1 2020. 

-- Organic** order intake up 25% compared with H1 2020; and 3% up compared with record H1 2019.

   --      Organic** order book at 16.1 weeks (H1 2020: 10.8 weeks); total order book at 17.6 weeks. 
   --      New GBP60m five-year bank facility to provide greater acquisition financing capability. 

Outlook

   --      Business recovering from the initial impact of Covid-19. 

-- Environment still challenging, with marked differences between local markets and between the various scientific disciplines we serve.

-- Organic orders remain positive and to the end of August are 23% up compared to the same period in 2020.

   --      Organic order book at the end of August was 18.8 weeks and total order book 20.1 weeks. 

-- The Board is confident that the Group will exceed existing market expectations for the current year.

* Adjusted earnings figures are stated before adjusting items relating to hedging of risks materialising after the end of the period, amortisation of acquired intangible assets, share based payments and acquisition-related costs. Adjusted net debt notionally includes acquisition-related payments which had yet to be settled at the balance sheet date and excludes IFRS 16 debt.

** Organic designates group performance excluding the businesses which were not part of the group on 1 January 2020.

Alex Hambro, Chairman of Judges Scientific, commented:

"Pleasingly, the Group's performance has started to recover from the initial impact of the pandemic. Whilst there are further obstacles to overcome, the Group's resilience and adaptability and the contribution of the recent acquisitions have enabled the first half performance to reach the record established in 2019."

The information contained within this announcement is deemed by the Company to constitute inside information as stipulated under the Market Abuse Regulation (EU) No. 596/2014 as amended by The Market Abuse (Amendment) (EU Exit) Regulations 2019. Upon the publication of this announcement via the Regulatory Information Service, this inside information is now considered to be in the public domain.

For further information please contact:

 
Judges Scientific plc                  Tel: +44 (0) 20 3829 6970 
 David Cicurel, CEO 
  Brad Ormsby, Group FD 
 
  Shore Capital (Nominated Adviser & 
  Joint Broker) 
 Stephane Auton                         Tel: +44 (0) 20 7408 4090 
  Edward Mansfield 
  Iain Sexton 
 
  Liberum (Joint Broker)                 Tel: +44 (0) 20 3100 2222 
  Bidhi Bhoma 
  Euan Brown 
  W illiam Hall 
 
  Alma PR (Financial Public Relations)   Tel: +44 (0) 20 3405 0205 
  Sam Modlin 
  Justine James 
  Joe Pederzolli 
 

Chairman's statement

The first half of 2021 marked a significant improvement in the Group's performance after the global difficulties caused by Covid-19 in 2020. Although daily life has returned to some normality in those countries with the benefit of a full vaccination programme, the pandemic is still ongoing across the world; our markets are, of course, global and are still affected by the ups-and-downs of the pandemic in various regions. Our markets and customers have managed to adapt to this new environment to a degree, but it is not "business as usual" yet. Our performance should be evaluated in this new context: reaching the adjusted EPS of H1 2019 (108.7p) demonstrates a significant recovery but we would have preferred to have already been able to add the two missing years of organic growth and the full contribution from our recent acquisitions to that result.

Order intake

Travel restrictions, university closures and the cancellation of scientific conferences have continued to thwart our commercial activities but order intake has strongly rebounded and Organic** order intake for the 6 months to 30 June was up 25% compared to the same period last year which was itself down 17% on H1 2019; this leaves us 3% ahead of our record H1 2019 intake but well below pre-Covid growth levels.

Progress was strongest in geographies which were affected most in 2020 with North America up 41%, the Rest of Europe up 34%, the UK up 26%, China/Hong Kong up 2% and the Rest of the World up 8%. The most notable absolute increases were the US (up GBP2.5 million), the UK (up GBP1.4 million), France (up GBP1.2m), Germany (up GBP1.1 million), the Czech Republic (up GBP0.7 million) and Japan (up GBP0.6 million); the worst absolute decline was Brazil (down GBP0.3 million).

Order intake still varied considerably from business to business, between various scientific disciplines, and with bookings from large corporate customers being the slowest to revive.

Revenues

Group revenues for the period increased to GBP43.0 million (H1 2020: GBP37.4 million). This included a 5% increase in Organic revenues plus the contribution of the businesses acquired in 2020. Organic revenue expanded less than Organic order intake as the Organic order book was refilled to a robust level. Whilst there is a gap before a recovery in orders translates into sales growth, another factor has been the divergence between the Group's businesses slowest to rebound and those working hard to satisfy a large order book; a further feature has been a change in the way China produces tax exemption certificates on academic imports, deferring sales, profits and cash-flow throughout the period.

Organic sales were strong in the UK (up 39%) and the rest of Europe (up 27%) but were weak in China/Hong Kong (down 33%) and North America (down 16%).

Profits

Adjusted operating profit improved 31% to GBP8.8 million (H1 2020: GBP6.7 million) and adjusted pre-tax profit progressed 32% to GBP8.5 million (H1 2020: GBP6.4 million).

The main driver of improved profitability has been the increase in Organic revenue reflecting the operational gearing within the Group: the EBITA contribution of the Organic businesses progressed 14% versus H1 2020. In addition, the non-Organic businesses added a GBP0.7m EBITA contribution. Natural savings related to Covid-19 (travel and scientific conferences) continued to benefit our costs but our use of the UK Government's Coronavirus Job Retention Scheme was reduced by 75% versus H1 2020. It should be noted that order book fluctuations have a significant impact on profitability; H1 profits were flattered in 2020 by the compression of the order book and were dampened in 2021 by its rebuilding.

A further impact on our results for the six-month period to 30 June 2021 is that, in accordance with IAS 38, we were required to capitalise GBP0.4 million of our total R&D expense relating to development of new or significantly improved products. This has had the effect of artificially improving our result for this half year by 5 pence of EPS. Once these products are completed, their development costs will be amortised through the income statement over the next three years. We are likely to have a materially similar run rate of capitalisation over the second half of this year and also in the coming years, so whilst there will be a performance-enhancing effect on the results this year, the effect on the bottom line will diminish over the next two to three years.

Return on Total Invested Capital ("ROTIC") recovered to 25.0% for the trailing 12 months ended 30 June 2021 (31 December 2020: 23.5%; 30 June 2020: 26.6%). The ROTIC calculation excludes any effect of the aforementioned capitalisation of development costs.

Adjusted basic earnings per share grew 32% to 111.0p (H1 2020: 84.2p) and adjusted diluted earnings per share progressed similarly to 109.5p from 82.5p.

Your 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 adjustments of GBP1.7 million (H1 2020: GBP2.1 million) consist primarily of a GBP1.4 million charge for amortisation of acquired intangible assets arising through acquisition. The adjusting items reduce profit before tax from GBP8.5 million to GBP6.7 million (H1 2020: GBP4.3 million) and earnings per share to 88.4p basic and 87.1p diluted (H1 2020: 57.8p basic and 56.6p diluted).

Cashflow and net debt

The Group once again saw strong cash conversion: cash generated from operations grew to GBP8.0 million (H1 2020: GBP5.1 million) representing 91% of adjusted operating profit (H1 2020: 76%). Cash generation was still affected by increased working capital requirements from stockpiling of components to counteract potential supply channel difficulties and by payment delays due to our inability to travel and perform installations; the aforementioned issue of Chinese tax certificates has also impacted H1 cash-flow.

The interim balance sheet includes cash balances of GBP17.6 million and adjusted net debt of GBP1.7 million, from GBP5.7 million at the beginning of 2021.

On 26 May 2021 the Group entered into new banking facilities ("Facility") with Lloyds Banking Group plc (the "Bank") for an aggregate GBP60.0 million, which replaced its previous GBP35.0 million banking arrangements. The new Facility will provide the Group, in support of its buy and build strategy, with greater acquisition financing capacity, both in terms of higher frequency and/or larger deals.

The Facility consists of a GBP19.0 million term loan ("Term Loan"), a committed GBP35.0 million revolving credit facility plus a GBP6.0 million accordion facility, which can be drawn at the discretion of the Bank. The Facility has a five year term with covenants and interest consistent with the previous bank facilities. The accordion facility increases by the amount paid off the Term Loan, keeping the overall Facility at GBP60.0 million throughout the five year period (see note 10 for further details).

The existing lending facilities via Bordeaux Acquisition Limited remain unchanged.

Corporate activity

On 16 February 2021, the Group purchased 12.5% of the outstanding shares in Bordeaux Acquisition Limited for a cash consideration of GBP1.8 million, bringing its shareholding to 88%. Bordeaux owns 100% of Deben UK Limited and Oxford Cryosystems Limited and holds significant net cash.

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 19p (2020: 16.5p), which will be paid on Friday 5 November 2021 to shareholders on the register on Friday 8 October 2021. The shares will go ex-dividend on Thursday 7 October 2021. The interim dividend is covered 5.5 times by adjusted earnings (2020: 5 times).

Outlook

As the Group emerges from the worst of the pandemic, it is still faced by many challenges; whilst traveling restrictions and university closures are progressively alleviated, capital expenditure freezes are still affecting some of our operations and supply chain issues, which were benign in 2020, are now generating much unproductive management effort. Nevertheless, the Company is consolidating its recovery: Organic order intake remains positive and for the eight months to the end of August was 23% up on 2020, when the total order book stood at 20.1 weeks. Our financial position is robust and the Board has confidence that the performance for the year as a whole will be ahead of consensus expectations.

The Hon. Alexander Hambro

Chairman

23 September 2021

Condensed consolidated interim statement of comprehensive income

 
                                                                                                             Year 
                                                                                                               to 
                                                   Adjusting    30 June            Adjusting    30 June    31 Dec 
                                         Adjusted      items       2021  Adjusted      items       2020      2020 
                                   Note    GBP000     GBP000     GBP000    GBP000     GBP000     GBP000    GBP000 
---------------------------------  ----  --------  ---------  ---------  --------  ---------  ---------  -------- 
Revenue                               3    42,955          -     42,955    37,449          -     37,449    79,865 
Operating costs                     3,4  (34,147)    (1,698)   (35,845)  (30,746)    (2,080)   (32,826)  (69,699) 
---------------------------------  ----  --------  ---------  ---------  --------  ---------  ---------  -------- 
Operating profit/(loss)                     8,808    (1,698)      7,110     6,703    (2,080)      4,623    10,166 
Interest income                                 1          -          1        13          -         13        14 
Interest expense                      4     (350)       (27)      (377)     (281)       (22)      (303)     (707) 
---------------------------------  ----  --------  ---------  ---------  --------  ---------  ---------  -------- 
Profit/(loss) before tax                    8,459    (1,725)      6,734     6,435    (2,102)      4,333     9,473 
Taxation (charge)/credit                  (1,318)        258    (1,060)     (940)        363      (577)     (825) 
---------------------------------  ----  --------  ---------  ---------  --------  ---------  ---------  -------- 
Profit/(loss) for the period                7,141    (1,467)      5,674     5,495    (1,739)      3,756     8,648 
---------------------------------  ----  --------  ---------  ---------  --------  ---------  ---------  -------- 
Attributable to: 
Owners of the parent                        7,001    (1,431)      5,570     5,268    (1,654)      3,614     8,220 
Non-controlling interests                     140       (36)        104       227       (85)        142       428 
---------------------------------  ----  --------  ---------  ---------  --------  ---------  ---------  -------- 
Profit/(loss) for the period                7,141    (1,467)      5,674     5,495    (1,739)      3,756     8,648 
---------------------------------  ----  --------  ---------  ---------  --------  ---------  ---------  -------- 
Other comprehensive income 
Items that will not be reclassified 
 subsequently to profit or loss 
Retirement benefits actuarial 
 gain/(loss)                                                        938                           (740)   (1,092) 
Items that may be reclassified 
 subsequently to profit or loss 
Exchange (loss)/gain on translation 
 of foreign subsidiaries                                           (21)                             144      (82) 
---------------------------------------  --------  ---------  ---------  --------  ---------  ---------  -------- 
Other comprehensive income/(expense) 
 for the period, net of tax                                         917                           (596)   (1,174) 
---------------------------------------  --------  ---------  ---------  --------  ---------  ---------  -------- 
Total comprehensive income 
 for the period                                                   6,591                           3,160     7,474 
---------------------------------  ----  --------  ---------  ---------  --------  ---------  ---------  -------- 
Attributable to: 
Owners of the parent                                              6,487                           3,018     7,046 
Non-controlling interests                                           104                             142       428 
---------------------------------  ----  --------  ---------  ---------  --------  ---------  ---------  -------- 
 
 
                                 Pence  Pence  Pence 
------------------------------   -----  -----  ----- 
Earnings per share - adjusted 
Basic                           5111.0   84.2  177.2 
Diluted                         5109.5   82.5  173.9 
------------------------------   -----  -----  ----- 
Earnings per share - total 
Basic                           5 88.4   57.8  131.1 
Diluted                         5 87.1   56.6  128.7 
------------------------------   -----  -----  ----- 
 

Condensed consolidated interim balance sheet

 
                                                             30 June   30 June  31 December 
                                                                2021      2020         2020 
                                                      Note    GBP000    GBP000       GBP000 
--------------------------------------------------  ------  --------  --------  ----------- 
ASSETS 
Non-current assets 
Goodwill                                                      18,713    18,196       18,713 
Other intangible assets                                  6     5,963     7,098        6,909 
Property, plant and equipment                                  6,702     6,583        6,678 
Right-of-use leased assets                                     4,646     4,295        5,125 
Deferred tax assets                                            1,899     2,131        2,153 
--------------------------------------------------  ------  --------  --------  ----------- 
                                                              37,923    38,303       39,578 
--------------------------------------------------  ------  --------  --------  ----------- 
Current assets 
Inventories                                                   13,175    14,040       12,585 
Trade and other receivables                                   16,312    12,666       14,340 
Cash and cash equivalents                                     17,612    19,422       15,523 
--------------------------------------------------  ------  --------  --------  ----------- 
                                                              47,099    46,128       42,448 
--------------------------------------------------  ------  --------  --------  ----------- 
Total assets                                                  85,022    84,431       82,026 
--------------------------------------------------  ------  --------  --------  ----------- 
LIABILITIES 
Current liabilities 
Trade and other payables                                    (16,774)  (15,069)     (15,828) 
Trade and other payables relating to acquisitions                  -   (2,769)            - 
Borrowings                                                   (4,657)   (3,047)      (3,857) 
Right-of-use lease liabilities                                 (938)     (854)        (947) 
Current tax liabilities                                      (2,216)   (2,512)      (1,539) 
--------------------------------------------------  ------  --------  --------  ----------- 
                                                            (24,585)  (24,251)     (22,171) 
--------------------------------------------------  ------  --------  --------  ----------- 
Non-current liabilities 
Borrowings                                                  (14,679)  (20,244)     (17,358) 
Right-of-use lease liabilities                               (3,836)   (3,468)      (4,209) 
Deferred tax liabilities                                     (1,767)   (1,819)      (1,945) 
Retirement benefit obligations                          11   (1,962)   (3,088)      (3,295) 
--------------------------------------------------  ------  --------  --------  ----------- 
                                                            (22,244)  (28,619)     (26,807) 
--------------------------------------------------  ------  --------  --------  ----------- 
Total liabilities                                           (46,829)  (52,870)     (48,978) 
--------------------------------------------------  ------  --------  --------  ----------- 
Net assets                                                    38,193    31,561       33,048 
--------------------------------------------------  ------  --------  --------  ----------- 
EQUITY 
Share capital                                            7       316       314          315 
Share premium                                                 16,562    16,068       16,429 
Other reserves                                                 1,903     2,203        1,977 
Retained earnings                                             18,912    12,404       13,469 
--------------------------------------------------  ------  --------  --------  ----------- 
Equity attributable to owners of the parent                   37,693    30,989       32,190 
Non-controlling interests                                        500       572          858 
--------------------------------------------------  ------  --------  --------  ----------- 
Total equity                                                  38,193    31,561       33,048 
--------------------------------------------------  ------  --------  --------  ----------- 
 

Condensed consolidated interim statement of changes in equity

 
                                                                                        Total 
                                                                                 attributable          Non- 
                                         Share     Share      Other   Retained      to owners   controlling    Total 
                                       capital   premium   reserves   earnings      of parent     interests   equity 
                                        GBP000    GBP000     GBP000     GBP000         GBP000        GBP000   GBP000 
 -----------------------------------  --------  --------  ---------  ---------  -------------  ------------  ------- 
 At 1 January 2021                         315    16,429      1,977     13,469         32,190           858   33,048 
 -----------------------------------  --------  --------  ---------  ---------  -------------  ------------  ------- 
 Adjustment arising from change in 
  non-controlling interest                   -         -          -    (1,371)        (1,371)         (462)  (1,833) 
 Issue of share capital                      1       133          -          -            134             -      134 
 Purchase of own shares for Company 
  reward scheme                              -         -       (53)          -           (53)             -     (53) 
 Share-based payments                        -         -          -        306            306             -      306 
 -----------------------------------  --------  --------  ---------  ---------  -------------  ------------  ------- 
 Transactions with owners                    1       133       (53)    (1,065)          (984)         (462)  (1,446) 
 -----------------------------------  --------  --------  ---------  ---------  -------------  ------------  ------- 
 Profit for the period                       -         -          -      5,570          5,570           104    5,674 
 Retirement benefit actuarial gain           -         -          -        938            938             -      938 
 Foreign exchange differences                -         -       (21)          -           (21)             -     (21) 
 -----------------------------------  --------  --------  ---------  ---------  -------------  ------------  ------- 
 Total comprehensive income for the 
  period                                     -         -       (21)      6,508          6,487           104    6,591 
 -----------------------------------  --------  --------  ---------  ---------  -------------  ------------  ------- 
 At 30 June 2021                           316    16,562      1,903     18,912         37,693           500   38,193 
 -----------------------------------  --------  --------  ---------  ---------  -------------  ------------  ------- 
 
 
                                                                                        Total 
                                                                                 attributable          Non- 
                                         Share     Share      Other   Retained      to owners   controlling    Total 
                                       capital   premium   reserves   earnings      of parent     interests   equity 
                                        GBP000    GBP000     GBP000     GBP000         GBP000        GBP000   GBP000 
 -----------------------------------  --------  --------  ---------  ---------  -------------  ------------  ------- 
 At 1 January 2020                         311    15,453      2,059     10,048         27,871           821   28,692 
 -----------------------------------  --------  --------  ---------  ---------  -------------  ------------  ------- 
 Adjustment arising from change in 
  non-controlling interest                   -         -          -      (680)          (680)         (391)  (1,071) 
 Issue of share capital                      3       615          -          -            618             -      618 
 Share-based payments                        -         -          -        162            162             -      162 
 -----------------------------------  --------  --------  ---------  ---------  -------------  ------------  ------- 
 Transactions with owners                    3       615          -      (518)            100         (391)    (291) 
 -----------------------------------  --------  --------  ---------  ---------  -------------  ------------  ------- 
 Profit for the period                       -         -          -      3,614          3,614           142    3,756 
 Retirement benefit actuarial loss           -         -          -      (740)          (740)             -    (740) 
 Foreign exchange differences                -         -        144          -            144             -      144 
 -----------------------------------  --------  --------  ---------  ---------  -------------  ------------  ------- 
 Total comprehensive income for the 
  period                                     -         -        144      2,874          3,018           142    3,160 
 -----------------------------------  --------  --------  ---------  ---------  -------------  ------------  ------- 
 At 30 June 2020                           314    16,068      2,203     12,404         30,989           572   31,561 
 -----------------------------------  --------  --------  ---------  ---------  -------------  ------------  ------- 
 
 
                                                                                         Total 
                                                                                  attributable          Non- 
                                          Share     Share      Other   Retained      to owners   controlling    Total 
                                        capital   premium   reserves   earnings      of parent     interests   equity 
                                         GBP000    GBP000     GBP000     GBP000         GBP000        GBP000   GBP000 
-------------------------------------  --------  --------  ---------  ---------  -------------  ------------  ------- 
At 1 January 2020                           311    15,453      2,059     10,048         27,871           821   28,692 
-------------------------------------  --------  --------  ---------  ---------  -------------  ------------  ------- 
Dividends                                     -         -          -    (3,231)        (3,231)             -  (3,231) 
Adjustment arising from change in 
 non-controlling interest                     -         -          -      (680)          (680)         (391)  (1,071) 
Issue of share capital                        4       976          -          -            980             -      980 
Deferred tax on share based payments          -         -          -      (113)          (113)             -    (113) 
-------------------------------------  --------  --------  ---------  ---------  -------------  ------------  ------- 
Share-based payments                          -         -          -        317            317             -      317 
-------------------------------------  --------  --------  ---------  ---------  -------------  ------------  ------- 
Transactions with owners                      4       976          -    (3,707)        (2,727)         (391)  (3,118) 
-------------------------------------  --------  --------  ---------  ---------  -------------  ------------  ------- 
Profit for the period                         -         -          -      8,220          8,220           428    8,648 
Retirement benefit actuarial loss             -         -          -    (1,092)        (1,092)             -  (1,092) 
Foreign exchange differences                  -         -       (82)          -           (82)             -     (82) 
-------------------------------------  --------  --------  ---------  ---------  -------------  ------------  ------- 
Total comprehensive income for the 
 period                                       -         -       (82)      7,128          7,046           428    7,474 
-------------------------------------  --------  --------  ---------  ---------  -------------  ------------  ------- 
At 31 December 2020                         315    16,429      1,977     13,469         32,190           858   33,048 
-------------------------------------  --------  --------  ---------  ---------  -------------  ------------  ------- 
 

Condensed consolidated interim cashflow statement

 
                                                 Six months  Six months 
                                                         to          to       Year to 
                                                    30 June     30 June   31 December 
                                                       2021        2020          2020 
                                                     GBP000      GBP000        GBP000 
 ----------------------------------------------  ----------  ----------  ------------ 
 Cashflows from operating activities 
 Profit after tax                                     5,674       3,756         8,648 
 Adjustments for: 
 Financial instruments measured at fair 
  value: hedging contracts                             (34)         146            72 
 Share-based payments                                   306         162           317 
 Depreciation of property, plant and equipment          512         431           926 
 Depreciation of right-of-use leased assets             510         436           935 
 Amortisation of intangible assets                    1,355       1,360         3,179 
 Profit on disposal of property, plant 
  and equipment                                        (29)         (3)           (4) 
 Interest income                                        (1)        (13)          (14) 
 Interest expense                                       245         196           464 
 Interest payable on right-of-use lease 
  liabilities                                           105          85           190 
 Retirement benefit obligation net interest 
  cost                                                   27          22            53 
 Contributions to defined benefit plans               (164)           -         (236) 
 Tax recognised in the Consolidated Statement 
  of Comprehensive Income                             1,060         577           825 
 (Increase)/decrease in inventories                   (590)       (716)         1,099 
 Increase in trade and other receivables            (1,972)        (39)       (1,232) 
 Increase/(decrease) in trade and other 
  payables                                              983     (1,296)         (598) 
 ----------------------------------------------  ----------  ----------  ------------ 
 Cash generated from operations                       7,987       5,104        14,624 
 Tax paid                                             (565)       (749)       (2,377) 
 ----------------------------------------------  ----------  ----------  ------------ 
 Net cash from operating activities                   7,422       4,355        12,247 
 ----------------------------------------------  ----------  ----------  ------------ 
 Cashflows from investing activities 
 ----------------------------------------------  ----------  ----------  ------------ 
 Paid on acquisition of subsidiaries                      -     (5,274)       (8,857) 
 Payment of deferred consideration                        -     (1,896)       (3,922) 
 Gross cash inherited on acquisition                      -         969         1,363 
 ----------------------------------------------  ----------  ----------  ------------ 
 Acquisition of subsidiaries, net of cash 
  acquired                                                -     (6,201)      (11,416) 
 Purchase of property, plant and equipment            (544)       (675)       (1,268) 
 Capitalised development costs                        (409)           -             - 
 Proceeds from the sale of property, plant 
  and equipment                                          36           3            14 
 Interest received                                        1          13            14 
 ----------------------------------------------  ----------  ----------  ------------ 
 Net cash used in investing activities                (916)     (6,860)      (12,656) 
 ----------------------------------------------  ----------  ----------  ------------ 
 Cashflows from financing activities 
 Proceeds from issue of share capital                   134         618           980 
 Purchase of own shares for Company reward 
  scheme                                               (53)           -             - 
 Finance costs paid                                   (245)       (200)         (468) 
 Repayments of borrowings*                          (1,879)     (1,429)       (7,857) 
 Repayment of subordinated loan notes                     -           -         (190) 
 Repayments of right-of-use lease liabilities         (520)       (527)       (1,108) 
 Proceeds from bank loans*                                -      10,274        14,816 
 Equity dividends paid                                    -           -       (3,231) 
 Paid on acquisition of non-controlling 
  interest in subsidiary                            (1,833)     (1,071)       (1,071) 
 ----------------------------------------------  ----------  ----------  ------------ 
 Net cash (used in)/from financing activities       (4,396)       7,665         1,871 
 ----------------------------------------------  ----------  ----------  ------------ 
 Net change in cash and cash equivalents              2,110       5,160         1,462 
 Cash and cash equivalents at the start 
  of the period                                      15,523      14,123        14,123 
 Exchange movements                                    (21)         139          (62) 
 ----------------------------------------------  ----------  ----------  ------------ 
 Cash and cash equivalents at the end of 
  the period                                         17,612      19,422        15,523 
 ----------------------------------------------  ----------  ----------  ------------ 
 

* On 25 May 2021, GBP19.0 million of outstanding loans were repaid and simultaneously reborrowed as the Group renewed its banking facilities (see note 10). On 29 June 2020, GBP5.0 million was borrowed as a working capital buffer, and was subsequently repaid in December 2020.

Notes to the interim report

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 2021 and the comparative figures for the six months ended 30 June 2020 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 2020, 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 2020 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 2020 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 23 September 2021.

Going concern

The consolidated financial statements have been prepared on a going concern basis. The Group ended the first half of 2021 with total net debt of GBP1.8 million (equal to 5% of equity) compared to adjusted net debt of GBP5.7 million at 31 December 2020. This reduction in net debt arose through profitable and cash generative trading of the Group's principal operating companies throughout the first half of 2021, driven by the 25% growth in Organic order intake, partially offset by GBP1.9 million allocated to increase the Group's shareholding in one of its majority-owned businesses (see Note 9). Further outlays were also made, paying instalments towards our fair share of tax (GBP0.6 million) and ongoing investment into capital expenditure (GBP0.5 million).

The Directors have considered the ongoing impact of the COVID-19 pandemic, and a summary of the implications is included in the Chairman's Statement. The Group is in a robust financial position, with high cash balances, low gearing and a strong future order book enabling it to face the challenge of the continued uncertain global economic environment due to COVID-19. The Directors have also performed reasonably possible stress testing on forecast cashflows, considering potential scenarios from the pandemic and, as a result, consider that the Group is appropriately placed to manage its business risks.

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 2020, 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

 
                                  Materials            Unallocated 
For the period ended 30            Sciences    Vacuum        items     Total 
 June 2021                  Note     GBP000    GBP000       GBP000    GBP000 
--------------------------  ----  ---------  --------  -----------  -------- 
Revenue                              19,019    23,936            -    42,955 
Operating costs                    (15,926)  (16,908)      (1,313)  (34,147) 
--------------------------  ----  ---------  --------  -----------  -------- 
Adjusted operating profit             3,093     7,028      (1,313)     8,808 
Adjusting items                4                                     (1,698) 
--------------------------  ----  ---------  --------  -----------  -------- 
Operating profit                                                       7,110 
Net interest expense                                                   (376) 
--------------------------  ----  ---------  --------  -----------  -------- 
Profit before tax                                                      6,734 
Income tax charge                                                    (1,060) 
--------------------------  ----  ---------  --------  -----------  -------- 
Profit for the period                                                  5,674 
--------------------------  ----  ---------  --------  -----------  -------- 
 

3. Segmental analysis (continued)

 
                                     Materials            Unallocated 
For the period ended 30 June          Sciences    Vacuum        items     Total 
 2020                          Note     GBP000    GBP000       GBP000    GBP000 
-----------------------------  ----  ---------  --------  -----------  -------- 
Revenue                                 14,675    22,774            -    37,449 
Operating costs                       (12,274)  (17,110)      (1,362)  (30,746) 
-----------------------------  ----  ---------  --------  -----------  -------- 
Adjusted operating profit                2,401     5,664      (1,362)     6,703 
Adjusting items                   4                                     (2,080) 
-----------------------------  ----  ---------  --------  -----------  -------- 
Operating profit                                                          4,623 
Net interest expense                                                      (290) 
-----------------------------  ----  ---------  --------  -----------  -------- 
Profit before tax                                                         4,333 
Income tax charge                                                         (577) 
-----------------------------  ----  ---------  --------  -----------  -------- 
Profit for the period                                                     3,756 
-----------------------------  ----  ---------  --------  -----------  -------- 
 
 
                                       Materials            Unallocated 
For the year ended 31 December          Sciences    Vacuum        items     Total 
 2020                            Note     GBP000    GBP000       GBP000    GBP000 
-------------------------------  ----  ---------  --------  -----------  -------- 
Revenue                                   33,210    46,655            -    79,865 
Operating costs                         (28,341)  (34,564)      (2,603)  (65,508) 
-------------------------------  ----  ---------  --------  -----------  -------- 
Adjusted operating profit                  4,869    12,091      (2,603)    14,357 
Adjusting items                     4                                     (4,191) 
-------------------------------  ----  ---------  --------  -----------  -------- 
Operating profit                                                           10,166 
Net interest expense                                                        (693) 
-------------------------------  ----  ---------  --------  -----------  -------- 
Profit before tax                                                           9,473 
Income tax charge                                                           (825) 
-------------------------------  ----  ---------  --------  -----------  -------- 
Profit for the year                                                         8,648 
-------------------------------  ----  ---------  --------  -----------  -------- 
 

Unallocated items relate to the Group's head office costs.

Segment assets and liabilities

 
                                            Materials            Unallocated 
                                             Sciences    Vacuum        items     Total 
At 30 June 2021                                GBP000    GBP000       GBP000    GBP000 
------------------------------------------  ---------  --------  -----------  -------- 
Assets                                         25,374    34,492       25,156    85,022 
Liabilities                                  (12,390)  (11,724)     (22,715)  (46,829) 
------------------------------------------  ---------  --------  -----------  -------- 
Net assets                                     12,984    22,768        2,441    38,193 
------------------------------------------  ---------  --------  -----------  -------- 
Purchase of property, plant and equipment         198       343            3       544 
Capitalised development costs                      77       332            -       409 
Depreciation of property, plant and 
 equipment                                        177       309           26       512 
Depreciation of right-of-use leased 
 assets                                           261       219           30       510 
Amortisation                                      530       825            -     1,355 
------------------------------------------  ---------  --------  -----------  -------- 
 
 
                                            Materials            Unallocated 
                                             Sciences    Vacuum        items     Total 
At 30 June 2020                                GBP000    GBP000       GBP000    GBP000 
------------------------------------------  ---------  --------  -----------  -------- 
Assets                                         24,155    30,222       30,054    84,431 
Liabilities                                  (10,970)  (11,216)     (30,684)  (52,870) 
------------------------------------------  ---------  --------  -----------  -------- 
Net assets                                     13,185    19,006        (630)    31,561 
------------------------------------------  ---------  --------  -----------  -------- 
Purchase of property, plant and equipment         121       544           10       675 
Depreciation of property, plant and 
 equipment                                        113       295           23       431 
Depreciation of right-of-use leased 
 assets                                           203       205           28       436 
Amortisation                                      392       968            -     1,360 
------------------------------------------  ---------  --------  -----------  -------- 
 

3. Segmental analysis (continued)

 
                                            Materials            Unallocated 
                                             Sciences    Vacuum        items     Total 
At 31 December 2020                            GBP000    GBP000       GBP000    GBP000 
------------------------------------------  ---------  --------  -----------  -------- 
Assets                                         23,566    31,713       26,747    82,026 
Liabilities                                  (11,468)  (11,702)     (25,808)  (48,978) 
------------------------------------------  ---------  --------  -----------  -------- 
Net assets                                     12,098    20,011          939    33,048 
------------------------------------------  ---------  --------  -----------  -------- 
Purchase of property, plant and equipment         355       902           11     1,268 
Depreciation of property, plant and 
 equipment                                        285       591           50       926 
Depreciation of right-of-use leased 
 assets                                           465       413           57       935 
Amortisation                                    1,345     1,834            -     3,179 
------------------------------------------  ---------  --------  -----------  -------- 
 

Unallocated items are borrowings, intangible assets and goodwill arising on acquisition, deferred tax, defined benefit obligations and parent company net assets.

 
                      Six months  Six months 
                              to          to       Year to 
                         30 June     30 June   31 December 
                            2021        2020          2020 
Geographic analysis       GBP000      GBP000        GBP000 
--------------------  ----------  ----------  ------------ 
UK (domicile)              7,743       5,153        10,167 
Rest of Europe            14,354      10,847        24,784 
North America              8,382       9,241        17,289 
China/Hong Kong            4,720       5,286        13,721 
Rest of the World          7,756       6,922        13,904 
--------------------  ----------  ----------  ------------ 
Revenue                   42,955      37,449        79,865 
--------------------  ----------  ----------  ------------ 
 

4. Adjusting items

 
                                                Six months  Six months 
                                                        to          to       Year to 
                                                   30 June     30 June   31 December 
                                                      2021        2020          2020 
                                                    GBP000      GBP000        GBP000 
----------------------------------------------  ----------  ----------  ------------ 
Amortisation of intangible assets                    1,355       1,360         3,179 
Financial instruments measured at fair value: 
 hedging contracts                                    (34)         146            72 
Share-based payments                                   306         162           317 
Employment taxes arising from share-based 
 payments                                               39          28            64 
Acquisition costs                                       32         384           559 
----------------------------------------------  ----------  ----------  ------------ 
Total adjusting items within operating profit        1,698       2,080         4,191 
Retirement benefits obligation net interest 
 cost                                                   27          22            53 
----------------------------------------------  ----------  ----------  ------------ 
Total adjusting items                                1,725       2,102         4,244 
Taxation                                             (258)       (363)       (1,204) 
----------------------------------------------  ----------  ----------  ------------ 
Total adjusting items net of tax                     1,467       1,739         3,040 
----------------------------------------------  ----------  ----------  ------------ 
Attributable to: 
Owners of the parent                                 1,431       1,654         2,888 
Non-controlling interests                               36          85           152 
----------------------------------------------  ----------  ----------  ------------ 
                                                     1,467       1,739         3,040 
----------------------------------------------  ----------  ----------  ------------ 
 

5. Earnings per share

 
                                                     Six months  Six months 
                                                             to          to       Year to 
                                                        30 June     30 June   31 December 
                                                           2021        2020          2020 
                                               Note      GBP000      GBP000        GBP000 
---------------------------------------------  ----  ----------  ----------  ------------ 
Profit for the period attributable to owners 
 of the parent 
Adjusted profit                                           7,001       5,268        11,108 
Adjusting items                                   4     (1,431)     (1,654)       (2,888) 
---------------------------------------------  ----  ----------  ----------  ------------ 
Profit for the period                                     5,570       3,614         8,220 
---------------------------------------------  ----  ----------  ----------  ------------ 
 
 
                                 Pence  Pence  Pence 
------------------------------   -----  -----  ----- 
Earnings per share - adjusted 
Basic                            111.0   84.2  177.2 
Diluted                          109.5   82.5  173.9 
-------------------------------  -----  -----  ----- 
Earnings per share - total 
Basic                             88.4   57.8  131.1 
Diluted                           87.1   56.6  128.7 
-------------------------------  -----  -----  ----- 
 
 
                                           Number     Number     Number 
-------------------------------------   ---------  ---------  --------- 
Issued Ordinary shares at start of 
 the period                            76,299,163  6,226,291  6,226,291 
Movement in Ordinary shares during 
 the period                            7   12,676     48,650     72,872 
-------------------------------------   ---------  ---------  --------- 
Issued Ordinary shares at end of the 
 period                                76,311,839  6,274,941  6,299,163 
-------------------------------------   ---------  ---------  --------- 
Weighted average number of shares in 
 issue                                  6,306,177  6,254,512  6,269,437 
Dilutive effect of share options           90,467    128,861    117,551 
-------------------------------------   ---------  ---------  --------- 
Weighted average shares in issue on 
 a diluted basis                        6,396,644  6,383,373  6,386,988 
-------------------------------------   ---------  ---------  --------- 
 

Adjusted basic earnings per share is calculated on the adjusted profit, which is presented before 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 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. Other intangible assets

The following tables show the significant additions to and amortisation of intangible assets:

 
                                                                        Acquired 
                                                              Acquired     brand 
                                       Acquired                  sales       and        Acquired 
                     Development   distribution     Acquired     order    domain        customer 
                           costs     agreements   technology   backlog     names   relationships    Total 
                          GBP000         GBP000       GBP000    GBP000    GBP000          GBP000   GBP000 
-------------------  -----------  -------------  -----------  --------  --------  --------------  ------- 
Carrying amount at 
 1 January 2021                -            192        2,970        33     1,566           2,148    6,909 
Additions                    409              -            -         -         -               -      409 
Amortisation                   -           (50)        (519)      (33)     (348)           (405)  (1,355) 
-------------------  -----------  -------------  -----------  --------  --------  --------------  ------- 
Carrying amount at 
 30 June 2021                409            142        2,451         -     1,218           1,743    5,963 
-------------------  -----------  -------------  -----------  --------  --------  --------------  ------- 
 
 
                                                                        Acquired 
                                                              Acquired     brand 
                                       Acquired                  sales       and        Acquired 
                     Development   distribution     Acquired     order    domain        customer 
                           costs     agreements   technology   backlog     names   relationships    Total 
                          GBP000         GBP000       GBP000    GBP000    GBP000          GBP000   GBP000 
-------------------  -----------  -------------  -----------  --------  --------  --------------  ------- 
Carrying amount at 
 1 January 2020                -            400        1,927       119     1,508             504    4,458 
Acquisitions                   -              -        1,400       400       750           1,450    4,000 
Amortisation                   -          (143)        (474)     (219)     (372)           (152)  (1,360) 
-------------------  -----------  -------------  -----------  --------  --------  --------------  ------- 
Carrying amount at 
 30 June 2020                  -            257        2,853       300     1,886           1,802    7,098 
-------------------  -----------  -------------  -----------  --------  --------  --------------  ------- 
 
 
                                                                        Acquired 
                                                              Acquired     brand 
                                       Acquired                  sales       and        Acquired 
                     Development   distribution     Acquired     order    domain        customer 
                           costs     agreements   technology   backlog     names   relationships    Total 
                          GBP000         GBP000       GBP000    GBP000    GBP000          GBP000   GBP000 
-------------------  -----------  -------------  -----------  --------  --------  --------------  ------- 
Carrying amount at 
 1 January 2020                -            400        1,927       119     1,508             504    4,458 
Acquisitions                   -              -        2,100       500       830           2,200    5,630 
Amortisation                   -          (208)      (1,057)     (586)     (772)           (556)  (3,179) 
-------------------  -----------  -------------  -----------  --------  --------  --------------  ------- 
Carrying amount at 
 31 December 2020              -            192        2,970        33     1,566           2,148    6,909 
-------------------  -----------  -------------  -----------  --------  --------  --------------  ------- 
 

7. Share capital

Movements in the Group's Ordinary shares in issue are summarised as follows:

 
                                                         30 June  30 June 
                                                            2021     2020 
Ordinary shares of 5p each                                GBP000   GBP000 
-------------------------------------------------------  -------  ------- 
Allotted, called up and fully paid - Ordinary shares 
 of 5p each 
1 January: 6,299,163 shares (2020: 6,226,291 shares)         315      311 
Exercise of share options: 12,676 shares (2020: 48,650 
 shares)                                                       1        3 
-------------------------------------------------------  -------  ------- 
30 June: 6,311,839 shares (2020: 6,274,941 shares)           316      314 
-------------------------------------------------------  -------  ------- 
 

Allotments of Ordinary shares in the first six months of 2021 were made to satisfy the exercise of 12,676 share options in aggregate on 16 occasions during the period when the share price was within the range of 5800p to 6408p (2020: exercise of 48,650 share options when the share price was within the range of 4300p to 5680p).

8. Changes in net debt

Changes in net debt for the six months ended 30 June 2021 were as follows:

 
                           1 January            Non-cash   30 June 
                                2021  Cashflow     items      2021 
                              GBP000    GBP000    GBP000    GBP000 
-------------------------  ---------  --------  --------  -------- 
Cash at bank and in hand      15,523     2,110      (21)    17,612 
Bank debt                   (21,215)     1,879         -  (19,336) 
-------------------------  ---------  --------  --------  -------- 
Total net debt               (5,692)     3,989      (21)   (1,724) 
-------------------------  ---------  --------  --------  -------- 
 

Non-cash items primarily represent foreign exchange differences on foreign currency bank balances.

The movement in borrowings over the period was as follows:

 
                                                       2021     2020 
                                                     GBP000   GBP000 
--------------------------------------------------  -------  ------- 
At 1 January                                         21,215   14,260 
Proceeds from drawdown of loans                           -   10,274 
Repayment of loans                                  (1,879)  (1,429) 
Interest payable                                        245      196 
Interest paid                                         (245)    (200) 
--------------------------------------------------  -------  ------- 
At 30 June                                           19,336   23,101 
--------------------------------------------------  -------  ------- 
Subordinated debt to non-controlling shareholders         -      190 
--------------------------------------------------  -------  ------- 
Total borrowings at 30 June                          19,336   23,291 
--------------------------------------------------  -------  ------- 
 

On 25 May 2021, GBP19.0 million of outstanding loans were repaid and simultaneously reborrowed as the Group renewed its banking facilities (see note 10).

 
                                 2021     2020 
                               GBP000   GBP000 
----------------------------  -------  ------- 
Current                         4,657    3,047 
Non-current                    14,679   20,244 
----------------------------  -------  ------- 
Total borrowings at 30 June    19,336   23,291 
----------------------------  -------  ------- 
 

9. Acquisitions

Increased shareholding in Bordeaux Acquisition Limited

On 16 February 2021, Judges acquired 12.5% of the shares in Bordeaux Acquisition Limited for a cash consideration of GBP1.8 million, increasing its shareholding from 75.5% to 88%. The transaction was financed from Judges' existing cash resources.

10. Banking arrangements

On 25 May 2021, the Group entered into new banking facilities ("Facility") with Lloyds Banking Group plc (the "Bank") replacing its existing banking arrangements. The Facility was for an aggregate GBP60.0 million consisting of a GBP19.0 million term loan ("Term Loan"), a committed GBP35.0 million revolving credit facility ("RCF") plus a GBP6.0 million accordion facility, which can be drawn at the discretion of the Bank. The Facility replaced the previous facilities for which the Group had a total of GBP19.0 million outstanding. The Facility has a five year term ("Borrowing Term") with covenants and interest consistent with the previous bank facilities. The Term Loan shall amortise on a straight line basis over the Borrowing Term by quarterly instalments. The RCF is repayable in a bullet at the end of the Borrowing Term. The accordion facility increases by the amount paid off the Term Loan, keeping the overall Facility at GBP60.0 million throughout the Borrowing Term.

The existing lending facilities via Bordeaux Acquisition Limited ("Bordeaux"), the Group's 88% owned subsidiary, remain unchanged. Bordeaux was set up as a vehicle to acquire Deben UK Limited and was used in 2017 to acquire Crystallon, the parent of Oxford Cryosystems Limited.

11. Defined benefit scheme

The Group's defined benefit pension scheme net liability has decreased to GBP2.0 million, compared to GBP3.3 million at 31 December 2020, primarily due to an increase of 0.5% in the discount rate to 1.85% from 1.35% at 31 December 2020.

12. Dividends

During the period, the Company paid no dividends (period to 30 June 2020: GBPnil).

The Company paid a final dividend of 38.5p per share totalling GBP2.4 million to shareholders on 9 July 2021 relating to the financial year ended 31 December 2020 (35.0p per share totalling GBP2.2 million relating to the financial year ended 31 December 2019).

The Company will pay an interim dividend for 2021 of 19.0p per share (2020: interim dividend of 16.5p per share) on 5 November 2021 to shareholders on the register on 8 October 2021. The shares will go ex-dividend on 7 October 2021.

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END

IR QXLFLFKLFBBB

(END) Dow Jones Newswires

September 24, 2021 01:59 ET (05:59 GMT)

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