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(Sharecast News) - Scientific instruments firm Judges Scientific warned on Thursday that H1 trading had been materially impacted by its performance in the US.
Judges Scientific said H125 trading would show progress versus H124, primarily driven by the completion of a coring expedition in Japan, but said that, excluding its Geotek business, the recovery expected from its businesses "did not materialise" in H1, principally due to reductions in US federal government research funding.
Additionally, Judges said there were "several unrelated market and product-specific challenges" at a handful of its businesses that impacted performance.
The AIM-listed group said H1 organic revenues were up 7%, with order intake rising 4% year-on-year, while organic businesses, excluding the contribution from Geotek, declined by 7% and EBIT contribution reduced by a third. As a result, H1 adjusted earnings per share were expected to have "progressed by approximately 15%" for the half.
Judges Scientific added that its business "relies heavily on public spending" and noted that the environment "remains difficult", particularly in the US.
"As a result of these headwinds, coupled with the aforementioned business specific issues, the board now anticipates delivering adjusted basic earnings per share of between 285.0p and 330.0p per ordinary share in FY25, which is below market expectations," said Judges Scientific.
As of 1000 BST, Judges Scientific shares had slumped 14.43% to 6,760.00p.
Reporting by Iain Gilbert at Sharecast.com
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