LONDON (ShareCast) - (Sharecast News) - Scientific instruments conglomerate Judges Scientific said it is trading in line with market expectations for the full year despite a subdued first half, though trading conditions continue to be challenging, particularly in the US.
Chair Ralph Elman said that, despite results showing year-on-year growth across all major metrics in the six months to 30 June, the company's performance was "disappointing".

Judges Scientific, which relies heavily on public spending, delivered a profit warning in July, pointing to full-year adjusted earnings per share of 285-330p, well below the 367.2p expected by the market at the time. On Thursday, the company said it was on track to hit current consensus forecasts for adjusted basic EPS of 288.7p - more or less flat on last year's 283.4p.

"While the period included a coring expedition in Japan and the recognition of deferred orders from 2024, we have also been impacted by a material reduction in US federal government research funding as well as trading challenges at certain group businesses," Elman said.

He added that the priority of the company going forward was to "restore the performance of those of our businesses that are experiencing weaker trading".

Nevertheless, revenues were still up 15% at a record £70.2m in the first half, with organic revenues up 7%, as flagged in July's trading update. Organic revenues in North America sank 18% while the UK market was subdued with just a 1% increase; but that was offset by 5% and 12% growth in Europe, and China and Hong Kong, respectively, along with a 41% surge in all other markets.

Adjusted pre-tax profit increased 17% to £12.6m, with adjusted EPS share up 14% at 141.4p.

The interim dividend was raised by 10% to 32.7p.

Shares were 1.3% higher at 6,360p by 0948 BST, following a 27% plunge over the year to date (as of Wednesday's close).

Email this article to a friend

or share it with one of these popular networks:

• DIGG
• FACEBOOK
• STUMBLEUPON
• MIXX
• YAHOO BUZZ
• DELICIOUS
• REDDIT
• NEWSVINE