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(Alliance News) - Judges Scientific PLC on Thursday said it continued to deliver organic and inorganic growth, despite the wider macro-economic environment remaining uncertain.
The London-based acquirer of scientific-instrument companies issued a trading update on its 2023 performance.
"Throughout the year, the group has continued to demonstrate its resilience and has delivered both organic and inorganic growth. Whilst the wider macro-economic environment remained uncertain throughout 2023, the main supply chain challenges that previously impacted the Group alleviated during the year," Judges Scientific said.
It explained that this helped the company "crystallise" a portion of its opening order book. As a result, with organic order intake up 7%, Judges Scientific said it was able to grow organic revenues by 15% on-year.
Judges Scientific added that this increased profitability at the operating level.
However, it said that an increase in UK headline corporation tax to 25% from 19% in April 2023, tempered post tax growth.
The board said it expects adjusted operating profit and adjusted earnings per share for 2023 to be in line with current market expectations. Current consensus market expectations for 2023 are adjusted operating profit of GBP34.5 million and adjusted basic earnings per share of 361.6 pence.
For 2022, Judges Scientific reported an adjusted operating profit of GBP30.1 million and adjusted basic EPS of 363.8p.
Judges Scientific intends to announce its full year results on March 21.
Shares in Judges Scientific were up 1.1% to 9,400.00 pence each in London on Thursday around midday.
By Sophie Rose, Alliance News senior reporter
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