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16 Jul 2010 07:00
16 July 2010
Judges Scientific plc ('Judges Scientific', the 'Company' or the 'Group')
Trading Update
The Directors of Judges Scientific, the parent company of a group engaged in the design, manufacture and sale of scientific instruments, are pleased to update the market in respect of the Company's trading performance during the first half of the current financial year to 31 December 2010.
Trading activity during the six-month period ended 30 June 2010 remained robust and benefited from a healthy opening order book, strong order intake and favourable exchange rates. Order intake during the half-year was much stronger than in the comparable period of 2009, enabling the June 2010 order book to exceed the level reached in June 2009.
The half-year results will include a six-month contribution from Quorum (acquired in June 2009) and a three-month contribution from Sircal; the Board expects that the adjusted results will show significant year-on-year progress. Due to the strong performance of the Company's share price and as a result of recent changes in accounting rules, the unadjusted figures will reflect a substantial non-cash charge relating to the increased value of the Convertible Redeemable shares.
Sircal, acquired on 18 March 2010, has since been integrated within FTT and is trading in line with expectations.
The Group's interim balance sheet will duly reflect the impact of the strong cash generation implicit in the aforementioned trading performance. In view of its increased size, the Group will now start to be affected by the need to make quarterly advance payments of corporation tax.
The Directors are pleased with the underlying trading performance and the fact that the second half of the year has commenced with a solid order book, all of which will help the Group meet prevailing challenges in the global economy, particularly those relating to European budget cuts and the tentative recovery in Sterling.
Enquiries:
Judges Scientific plc
David Cicurel, CEO
01342 323 600
Shore Capital
Pascal Keane
020 7408 4090
Cardew Group
Melvyn Marckus
07775 896491
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