Judges Scientific PLC Trading Update and Notice of Interim Results (5604L)
20 July 2017 - 4:00PM
UK Regulatory
TIDMJDG
RNS Number : 5604L
Judges Scientific PLC
20 July 2017
Judges Scientific PLC
Press Release 20 July 2017
Judges Scientific Plc
("Judges Scientific" or "the Group")
Trading Update and Notice of Interim Results
The Directors of Judges Scientific, a group involved in the buy
and build of scientific instrument businesses, update shareholders
and the market regarding the Group's trading performance during the
first half of the current financial year.
The Group's results for the six-month period to 30 June 2017
will include a full contribution from CoolLED Limited and Dia-Stron
Limited, which were acquired in the first quarter of 2016, and a
first time contribution from EWB Solutions Limited which was
acquired in November 2016. "Organic" in this statement excludes the
performance of these businesses.
Order intake
Order intake in the first quarter was very strong, reversing the
trend seen since 2014. This was followed by a good second quarter.
Consequently, for the first half as a whole, the Group experienced
28.1% Organic growth in order intake from the same period last
year. The Organic order book finished the first half at 16.5 weeks
of sales against 11.2 weeks at 30 June 2016 and 14.9 weeks at the
beginning of the period. Most Group businesses participated in this
progress, including the two companies that had underperformed in
2016 due to low demand. The recent acquisitions also enjoyed
satisfactory demand and booked orders in line with their annual
budgets. As at 30 June 2017, the Group's total order book, which
includes recently acquired companies, stood at 15.4 weeks.
First Half Performance
The healthy order book available at the end of 2016 and the
continuing strength in order inflow since then, have enabled
virtually all Organic businesses to increase their sales revenue in
the first half compared to the same period in 2016. As a
consequence, the Group experienced double digit percentage Organic
sales growth on a like for like basis from the prior year. The
production issues affecting one of the companies in our vacuum
segment have necessitated an extensive change in its management
team early this year; the company managed to deliver marginal sales
growth in the first half but much remains to be done.
The Board expects the interim results to show solid progress in
revenues, EBIT and earnings per share.
Full Year Outlook
The sustained strength in order intake in the last twelve months
and the continued weakness of Sterling provide the Board with
confidence that the Group can deliver a full year performance in
line with market expectations. The recently announced acquisition
of Oxford Cryosystems reinforces that confidence and reaffirms the
strategic role of acquisitions in the Group's pursuit of
shareholder value.
Notice of Results
The Company expects to announce its interim results for the six
months to 30 June 2017 on 20 September 2017.
- Ends -
For further information please contact:
Judges Scientific
David Cicurel, CEO Tel: +44 (0) 203 829 6970
Brad Ormsby, Group FD
Shore Capital (Nominated Adviser & Broker)
Stephane Auton Tel: +44 (0) 20 7408 4090
Edward Mansfield
Media enquiries:
Abchurch (Financial Public Relations)
Julian Bosdet Tel: +44 (0) 20 7398 7714
Dylan Mark www.abchurch-group.com
Alejandra Campuzano
Notes to editors:
Judges Scientific plc (AIM: JDG), is a group involved in the buy
and build of scientific instrument businesses. The Group currently
consists of 16 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 been awarded five Queen's Awards for innovation and
export.
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.
The Group's companies predominantly operate in niche end
markets, with long term growth fundamentals and resilient
margins.
For further information, please visit www.judges.uk.com
This information is provided by RNS
The company news service from the London Stock Exchange
END
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