Last checked at 18 Jan 2024 07:00
18 January 2024
Judges Scientific plc
(the "Group" or "Judges")
Full Year Trading Statement and Notice of Final Results
The Board of Judges Scientific plc, a group focused on acquiring and developing companies in the scientific instrument sector, provides the following update on the Group's trading performance for the financial year ended 31 December 2023.
Throughout the year, the Group has continued to demonstrate its resilience and has delivered both Organic and inorganic growth. Whilst the wider macro-economic environment remained uncertain throughout 2023, the main supply chain challenges that previously impacted the Group alleviated during the year (although they still affected cash generation). This enabled the Group to crystallise a portion of its large opening order book. As a result, with Organic order intake up 7% the Group was able to grow Organic revenues by 15% compared to 2022 and hence reduce the Organic order book at 31 December 2023 to the more historically normal 17.0 weeks (31 December 2022: 21.1 weeks).
This Organic performance, allied with satisfactory full year trading at Geotek and the two small acquisitions completed in the first half (Henniker and Bossa Nova Vision), contributed to increased profitability at the operating level. However, the previously highlighted steep increase in UK headline corporation tax from 19% to 25% from April 2023 tempered post tax growth. The Board expects Adjusted operating profit and Adjusted earnings per share for 2023 to be in line with current market expectations1.
Notice of Final Results
The Company intends to announce its full year results for the year ended 31 December 2023 on 21 March 2024.
1Current consensus market expectations for the year ended 31 December 2023 are Adjusted operating profit of £34.5m and Adjusted basic earnings per share of 361.6p.
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For further information please contact:
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Judges Scientific plc David Cicurel, CEO Brad Ormsby, CFO Tel: +44 (0) 20 3829 6970
| Shore Capital (Nominated Adviser & Joint Broker) Stephane Auton Iain Sexton Tel: +44 (0) 20 7408 4090
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Liberum (Joint Broker) Edward Mansfield Nikhil Varghese Tel : +44 (0) 20 3100 2222
| Investec Bank plc (Joint Broker) Virginia Bull Carlton Nelson Tel: +44 (0) 207 597 4000 | ||
Alma (Financial Public Relations) Sam Modlin Rebecca Sanders-Hewett Joe Pederzolli Tel: +44 (0) 20 3405 0205 judges@almastrategic.com
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Notes to editors:
Judges Scientific plc (AIM: JDG), is a group focused on acquiring and developing companies in the scientific instrument sector. The Group now consists of 22 businesses acquired since 2005.
The acquired companies are primarily UK-based with products sold worldwide to a diverse range of markets including: higher education institutions, scientific research facilities, manufacturers and regulatory authorities. The UK is a recognised centre of excellence for scientific instruments. The Group has received five Queen's Awards for innovation and export.
The Group's companies predominantly operate in global niche markets, with long term growth fundamentals and resilient margins.
Judges Scientific maintains a policy of selectively acquiring businesses that generate sustainable profits and cash. Shareholder returns are created through the reduction of debt, organic growth and dividends.
For further information, please visit www.judges.uk.com