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(Sharecast News) - Scientific instrument specialist Judges Scientific reported revenue growth of 24% in its final results on Wednesday, to £113.2m, while its adjusted operating profit increased 60% to £30.1m.
The AIM-traded company said adjusted basic earnings per share increased 53% in 2022 to 363.8p, and cash generated from operations rose 22% to £24m.
It declared a final dividend per share for the year of 59p, up from 47p in 2021.
Adjusted net debt as at 31 December totalled £52m, swinging from adjusted net cash of £1.4m at the end of the prior year.
Cash balances increased to £20.8m from £18.4m in the previous year.
Organic revenue increased 8%, while organic order intake was up 0.5%, and the organic order book stood at 21.1 weeks, compared to 19.8 weeks in the previous year.
The proposed final dividend of 59p took the total for the year to 81p, an increase of 23% and covered 4.5x by adjusted earnings.
Judges said it started 2023 with a record organic order book and solid growth in organic order intake for the first two months of the year.
However, it cautioned that supply chain disruptions were continuing to persist.
"I am pleased to report that your Group has achieved new records in organic order intake, revenue and adjusted operating profit, despite contending with a challenging environment," said chairman Alex Hambro.
"In May, the group completed its largest ever acquisition, Geotek, which delivered a strong contribution in the second half of the financial year.
"The resilience of the group's businesses and the validity of its model have once again come to the fore and are reflected in these results."
At 1408 GMT, shares in Judges Scientific were down 1.88% at 8,752p.
Reporting by Josh White for Sharecast.com.
