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(Sharecast News) - Scientific instrument sector investor Judges Scientific lifted its earnings expectations for 2020 on Thursday, as its explained that following the outbreak of Covid-19 and the "difficult" trading conditions associated with lockdowns globally, the main impact it had experienced had been on order intake.
The AIM-traded firm said order intake was a "fundamental" driver of all of its key performance metrics.
For 2020, year-on-year organic order intake receded by 13, although it noted that it had started 2021 with a "comfortable" organic order book, equivalent to 14 weeks of budgeted sales, compared to 13.2 weeks at the beginning of 2020.
Strong bookings by its recent acquisitions added to the total order book, bringing it to 15.5 weeks.
Judges Scientific said it delivered "significant" profit in each month of 2020, as cash generation remained healthy throughout the year.
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 European Union, the board explained.
At the same time, 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," the board said in its statement.
"As a result, the board anticipates that adjusted earnings per share for the full year ended 31 December will be ahead of market expectations."
Judges Scientific said it would announce its full year results for the year ended 31 December on 23 March.
At 0818 GMT, shares in Judges Scientific were up 3.49% at 6,520p.
1 Feb 2023 11:05
IN BRIEF: Judges Scientific adds ex-Renishaw divisional CEO to board
Judges Scientific PLC - London-based acquirer of scientific-instrument companies - Hires Tim Prestidge to board as group business development director with immediate effect. Most recently, Prestidge was divisional chief executive officer with safety equipment manufacturer Halma PLC, where he "chaired portfolios of technology companies based in the UK, Europe, USA, and China, operating in a diverse range of scientific and industrial sectors", Judges says. Before this, Prestidge was divisional CEO and later on the executive committee director of engineering & scientific technology firm Renishaw PLC.
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