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(Alliance News) - Judges Scientific PLC hiked its dividend by a quarter on Wednesday as profit climbed higher, driven predominantly by organic growth.
The firm, which buys and builds scientific instrument businesses, reported a GBP13.6 million pretax profit for 2019, a 33% rise from GBP10.2 million in 2018 as revenue climbed 5.9% to GBP82.5 million from GBP77.9 million.
Although the company did undertake an acquisition in 2019, buying Moorfield Nanotechnology Ltd, this did not complete until December. As such, of the overall 5.9% revenue growth, 5.6% was organic.
In declaring a final 35 pence per share dividend for 2019, Judges Scientific lifted its total dividend by 25% to 50p per share from 40p per share.
Chair Alex Hambro said: "In 2019 the group achieved new records for order intake, sales, adjusted profits, cash generation and earnings per share; this was driven by strong demand for our products, continued operational improvements and very favourable foreign exchange rates. The uncertainty of Covid-19 is clouding the immediate future but the group's strong financial position ensures it is able to continue pursuing its business model."
Shares in Judges Scientific were up 0.2% at 3,407.10p in London on Wednesday afternoon.
By Anna Farley; annafarley@alliancenews.com
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