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LONDON (Alliance News) - Judges Scientific PLC said Wednesday revenue is likely to be below market expectations following its weak first half, which ended June 30.
The scientific instrument business said order intake in the first quarter was weak for the third year in a row. While the company said this was followed by a "healthy rebound" in June, organic orders for the first half were 1.6% lower year-on-year.
Armfield Ltd, an engineering teaching equipment company acquired by Judges Scientific in 2015, also experienced low order intake throughout its first half, with orders "well below" the first half of 2015. Judges Scientific said the lower orders were likely to have been influenced by the "weak price of oil".
Overall, first half order intake was down 3.4% year-on-year for the company.
Consequently, revenue for the first half will be down on 2015, and earnings per share for the year will be "substantially below" market expectations, Judges Scientific said.
The company said the positive impact of a weaker pound post-Brexit gives it confidence of a stronger second half. However said it will be difficult to "claw back" the underperformance of the first half.
By Lucy Heming; lucyheming@alliancenews.com
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