Image source: © 2025 Krish Capital Pty. Ltd.

Highlights

  • Judges Scientific’s H1 FY25 revenue increased 15% YoY to GBP 70.2M.
  • Adjusted pre-tax profit increased 17% YoY to GBP 12.6M in H1 FY25.
  • Interim dividend per share raised 10% to 32.7p.

Judges Scientific plc (LSE: JDG) acquires and develops companies in the scientific instruments sector. The Group operates a portfolio of businesses serving research and industrial markets, with focus on long-term growth through acquisition and operational improvement.

Financial Performance

For the six months ended 30 June 2025 (FY25), revenue rose 15% to GBP 70.2M compared with GBP 60.8M in H1 2024. Adjusted pre-tax profit increased 17% to GBP 12.6M from GBP 10.8M, while statutory pre-tax profit was GBP 6.6M, up from GBP 5.8M. Adjusted basic earnings per share grew 14% to 141.4p versus 123.7p in H1 2024. Statutory basic earnings per share was 72.2p, compared with 63.3p last year.

Cash generation from operations rose to GBP 12.3M from GBP 7.8M, an increase of 59%. The interim dividend was raised 10% to 32.7p per share, up from 29.7p in H1 2024. Adjusted net debt on 30 June 2025 was GBP 45.7M, compared with GBP 51.7M at year-end 2024, while cash balances increased slightly to GBP 18.9M.

Operational Highlights

Trading remained subdued against difficult market conditions in the USA. Geotek performed strongly, including contribution from a coring expedition, though this was partly offset by reduced profitability in other Group businesses. Management is focused on addressing trading challenges.

On an organic basis, revenue increased 7% compared with H1 2024. Organic order intake rose 4%, while the organic order book stood at 17.4 weeks, broadly in line with 17.2 weeks a year earlier.

Board and Management Updates

At the AGM on 22 May 2025, Alex Hambro retired as Chair and was succeeded by Ralph Elman as Non-Executive Chair. Chief Operating Officer Mark Lavelle advised the Board of his plan to retire by September 2026 and stepped down from the Board at the AGM.

The Group established an Executive Committee comprising Executive Directors and senior leadership members, responsible for management of the Group. Post-period, Judges announced changes in its team with the recruitment of Rik Armitage as Group Acquisitions Executive.

Outlook

Trading remains in line with market expectations for the year ending 31 December 2025. Market conditions continue to be challenging, particularly in the USA, with the timing of the next Geotek coring expedition yet to be confirmed. The second half of the year began with a positive order book, but US order intake over the summer was weaker. Year-to-date organic intake, excluding coring, is flat compared with 2024.