'Difficult' year dents sales, profits at Judges Scientific

(Sharecast News) - Buy and build specialist Judges Scientific posted weaker profits and revenues on Wednesday, following a challenging year for orders.

The firm, which acquires and develops businesses in the scientific instrument sector, said revenues in the year to 31 December fell 2% to £133.6m, while adjusted operating profits fell 20% to £27.9m.

Statutory operating profits were £16.9m, down on 2023's £21.6m.

Alex Hambro, outgoing chair, said: "The group had a difficult trading year in 2024, driven by the delay of Geotek coring expedition and general weakness in order intake, particularly in China."

Organic order intake was up 7% year-on-year, or by 2% once a coring contract was stripped out. The contract for an expedition in Japan was secured in August and got underway in January, but there was no comparative order in 2023.

Looking to the current year, Judges - which currently owns 25 businesses - said it was on track to meet full-year expectations, supported by the Japanese coring contract and a "healthy" order book.

However, chief executive and founder David Cicurel also noted: "Judges' business is very international and thrives on peace and free trade. The macro environment remains uncertain - a trend that is not ideal for the scientific community.

"The group remains mindful of the potential impact of the macroeconomic uncertainty."

As at 1015 GMT, shares in Judges were up 2% at 6,995.4p.

Shore Capital said: "Full-year results [were] in line with the board's expectations, but slightly ahead of ours.

"While 2024 was a challenging year, cash conversion exceeded historic levels - ahead of our estimates - and the group has made an encouraging start to the 23035 full year.

"We expect earnings to recover strongly."

Shore Capital is Judges' nominated adviser and joint broker.

Hambro announced in December he was retiring after 22 years with the firm. New chair Ralph Elman took up the role on 1 January.