- Judges Scientific
- 31 March 2026 13:29:53
Source: Sharecast
The AIM-traded scientific instruments group said revenue rose 9.1% to £145.8m in the year ended 31 December, while adjusted operating profit edged up 0.4% to £28.0m.
Adjusted basic earnings per share fell 2.9% to 275.3p, and cash generated from operations declined 2.9% to £33.0m.
Statutory operating profit dropped to £13.9m from £16.7m, while statutory earnings per share more than halved to 82.7p from 156.7p.
The group reduced adjusted net debt to £42.6m from £51.7m, while cash balances increased to £19.4m.
Organic revenue grew 6% year-on-year, or 2% excluding the impact of a Geotek coring expedition, but organic order intake fell 10%, reflecting weaker demand, particularly in the US.
The order book also shortened to 15.7 weeks from 18.7 weeks a year earlier.
Despite the softer trading backdrop, Judges Scientific increased its total dividend by 10% to 115p per share, including a proposed final dividend of 82.3p, supported by cash conversion of 118%.
Deputy chair Ralph Elman said the group had faced a difficult year amid external pressures.
“2025 was another difficult year. Despite starting with a solid order book and delivering a Geotek coring expedition in the first quarter, the group subsequently experienced a stark reduction in order intake in the US, its largest market, as a result of uncertainties around federal funding for scientific research.
“Additionally, despite general resilience in industrial-focussed markets, the second half saw reduced investments in offshore wind which previously had been a strong growth driver.”
He added that management had taken steps to improve operational efficiency while positioning the business for recovery.
“Actions have been taken to improve those areas within our control, such as operational effectiveness and cost control, with management continuing to support the businesses to best position them for a return to growth as our end markets improve.”
Looking ahead, the company said it entered 2026 with a lower-than-desired order book, with year-to-date order intake down 17% compared with the prior year.
While US research funding had since been restored by Congress, uncertainty remained over the timing of its deployment.
Judges said the macroeconomic environment was expected to remain challenging in 2026, although it maintained that the “fundamentals of the group ... remain intact,” citing resilient profitability and strong cash generation.
At 1304 BST, shares in Judges Scientific were up 1.87% at 4,095p.
Reporting by Josh White for Sharecast.com.
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