TIDMJDG

RNS Number : 8389K

Judges Scientific PLC

07 January 2021

 
  Press Release    7 January 2021 
 

Judges Scientific plc (the "Group" or "Judges")

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 2020.

As previously disclosed, following the outbreak of Covid-19 and the subsequent difficult trading conditions associated with lockdowns across the globe, the main impact on the Group has been on order intake which fundamentally drives all other Group key performance metrics. For 2020, year-on-year Organic(1) order intake receded by 13%. Notwithstanding this, the Group starts 2021 with a comfortable Organic order book, equivalent to 14.0 weeks of budgeted sales(2) (31 December 2019: 13.2 weeks). Strong bookings by the recent acquisitions brings the total order book to 15.5 weeks.

The Group delivered significant profit in each month of 2020 and cash generation remained healthy throughout the period. Exchange rates remained favourable throughout the year in spite of Sterling strengthening in the run-up to the conclusion of a trade deal with the EU. In parallel, the Group continued to deliver on its acquisition strategy with the completion of two acquisitions.

The Group continues to prioritise the safety of its colleagues, and despite the numerous challenges posed by the pandemic, the Group's performance has remained resilient with the second half of the financial year showing a gradual improvement in our trading environment. As a result, the Board anticipates that Adjusted(3) Earnings Per Share for the full year ended 31 December 2020 will be ahead of market expectations(4) .

Notice of Final Results

Judges expects to announce its full year results for the year ended 31 December 2020 on 23 March 2021.

Notes:

   1.     Organic includes those businesses owned by the Group prior to 1 January 2019. 

2. The 31 December 2020 Organic order book is approximately GBP1.8m lower than December 2019 but shows an increase in the number of weeks of budgeted sales as a result of a more prudent FY2021 budget to reflect COVID uncertainty.

3. 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.

   4.     Market consensus Adjusted Earnings Per Share of 151.8p. 

This announcement contains inside information as defined in Article 7 of the Market Abuse Regulation (EU) 596/2014. The person responsible for making this announcement on behalf of the Company is Brad Ormsby.

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 
    Edward Mansfield 
    Sarah Mather 
                                         Tel : +44 (0) 20 3100 2222 
     Liberum (Joint Broker) 
     Bidhi Bhoma 
     Euan Brown 
 
     Media enquiries : 
     Alma PR (Financial Public 
     Relations) 
   Rebecca Sanders-Hewett               Tel: +44 (0) 20 3405 0205 
    Justine James                        judges@almapr.co.uk 
    Sam Modlin 
 

Notes to editors:

Judges Scientific plc (AIM: JDG), is a group involved in the buy and build of scientific instrument businesses. The Group currently consists of 19 businesses acquired since it was re-admitted to AIM in 2005.

The acquired companies are primarily UK-based with products sold worldwide to a diverse range of markets including: higher education institutions, the scientific communities, 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 repayment of debt, organic growth and dividends.

For further information, please visit www.judges.uk.com

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END

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January 07, 2021 02:00 ET (07:00 GMT)

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