Last checked at 22 Jul 2021 07:00
Judges Scientific Plc
("Judges Scientific" or "the Group")
Half Year Trading Update and Notice of Interim Results
Judges Scientific (AIM: JDG), the group focused on acquiring and developing companies in the scientific instrument sector, provides the following update regarding the Group's trading performance for the six-month period ended 30 June 2021.
The period has been one of recovery for our Group, reflecting a strong economic improvement in much of the world and the continued challenges of the pandemic, principally travel restrictions which remain prevalent throughout our markets.
Order intake
Despite the sustained impact of COVID-19 on the Group's commercial activities, order intake has shown a strong recovery. Across the Group, Organic* order intake for the 6 months to 30 June was up 25.1% compared to the same period last year which was down 17.3% on H1 2019. Progress was strongest in areas which were affected most in 2020 with North America up 41%, the Rest of Europe up 34%, the UK up 26%, China/Hong Kong up 2% and the Rest of the World up 8%. Order intake still varied considerably from business to business.
Order book
The improved order intake restored the Organic order book to a robust 16.1 weeks of budgeted revenue as at 30 June 2021, compared to 10.8 weeks as at 30 June 2020 and 14.0 weeks as at 31 December 2020. The total order book, including Heath Scientific and Korvus Technology, stood at 17.6 weeks at 30 June 2021.
Revenue
Organic sales in the first half were up 5% compared to H1 2020, which were themselves down by 12% year-on-year. This is a reflection of two factors; H1 2020 performance was enhanced by a significant compression of the order book whereas H1 2021 performance saw growth in the order book which mitigated the recovery in sales.
First Half Performance and Outlook
The Group delivered strong profitability in each of the first six months of this year and generated positive operating cash-flow for the period. As a result, the Group has maintained a robust balance sheet with solid liquidity and in the absence of an unforeseen worsening of the pandemic, the board is confident that market expectations for the full year will be met.
Notice of Results
The Company intends to announce its interim results for the six months to 30 June 2021 on Friday 24 September 2021.
* Heath Scientific was acquired on 29 May 2020 and Korvus Technology on 19 October 2020; references to "Organic" information in this update exclude any contribution from these two businesses.
For further information please contact:
Judges Scientific | ||||||
David Cicurel, CEO Brad Ormsby, Group FD | Tel: +44 (0) 20 3829 6970 | |||||
Shore Capital (Nominated Adviser & Joint Broker) | ||||||
Stephane Auton Edward Mansfield Sarah Mather | Tel: +44 (0) 20 7408 4090 | |||||
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Tel: +44 (0) 20 3100 2222 | |||||
Media enquiries: Alma PR (Financial Public Relations) | ||||||
Sam Modlin Justine James Joe Pederzolli
| Tel: +44 (0) 20 3405 0205 judges@almapr.co.uk | |||||
Notes to editors:
Judges Scientific plc (AIM: JDG), is a group focused on acquiring and developing companies in the scientific instrument sector. The Group consists of 19 businesses acquired since it was re-admitted to AIM in 2005.
The acquired companies are primarily UK-based with products sold worldwide to a diverse range of markets including: higher education institutions, the scientific communities, manufacturers and regulatory authorities. The UK is a recognised centre of excellence for scientific instruments. The Group companies have 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 repayment of debt, organic growth and dividends.
For further information, please visit www.judges.uk.com