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(Alliance News) - Judges Scientific PLC on Wednesday increased its dividend despite reporting a decline in earnings for 2024.
The London-based investor in the scientific instrument sector said pretax profit fell 3.0% to GBP13.0 million in 2024 from GBP13.4 million in 2023.
Revenue was down 1.9% to GBP133.6 million from GBP136.1 million.
Judges Scientific declared a final dividend of 74.8 pence per share. The total dividend for 2024 was up 10% to 104.5p from 95.0p in 2023.
The company said it was a "disappointing" year, with a decline in financial performance due to the timing of the latest expedition for its Geotek coring business.
The challenges were accentuated by "wider market headwinds" across the group including weaker order intake.
Organic order intake was up 7% compared to 2023, but only 2% if the Geotek coring contract order is excluded. Judges Scientific said this was "disappointing in the context of the group's long-term compound organic revenue growth".
The firm notes it will pay around GBP3 million more per year in costs from UK national insurance and corporation tax, starting from April.
Looking ahead, the firm said the threat of trade wars and disruption to US research funding makes the near future for order intake less certain.
Nevertheless, it expects 2025 performance to be in line with market expectations, though it "remains mindful of the potential impact of the aforementioned macroeconomic uncertainty".
Judges Scientific said organic order intake for the first 11 weeks of the year was slightly ahead of the start of 2024.
Chair Alex Hambro said: "As previously announced, the group had a difficult trading year in 2024, driven by the delay of a Geotek coring expedition and general weakness in order intake, particularly in China. M&A activity however was buoyant, with three acquisitions completed, and it was pleasing to see our cash conversion restored to normal levels.
"2025 starts under better auspices with Geotek's coring expedition having commenced."
As previously announced, founding director Hambro is due to retire as chair at the firm's upcoming annual general meeting, to be replaced by Non-Executive Director Ralph Elman.
Shares in Judges Scientific were up 2.3% to 7,000.00 pence in London on Wednesday morning.
By Michael Hennessey, Alliance News reporter
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