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Judges Scientific (JDG) investor relations material
Judges Scientific H1 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.
Executive summary
Achieved 15.5% total revenue growth and 7% organic revenue growth year-over-year for H1 2025, with adjusted operating profit up 16% and adjusted EPS up 14% to 141.4p.
Management emphasizes disciplined M&A, organic growth, and shareholder value, with a strong dividend growth record and no acquisitions completed in the last 13 months.
Geotek segment outperformed, benefiting from a profitable coring contract, while other organic businesses saw reduced profitability.
Cash from operations reached £12.3m, up from £7.8m in H1 2024, and adjusted net debt reduced to £45.7m.
Board and management changes included a new Non-Executive Chair, formation of an Executive Committee, and recruitment of a new M&A executive.
Financial highlights
H1 revenue up 15.5% year-over-year to £70.2m, with 7% organic growth and 4% organic order intake growth.
Adjusted operating profit rose 16% to £14.3m; adjusted pre-tax profit up 17% to £12.6m; adjusted EPS increased 14% to 141.4p.
Cash from operations reached £12.3m, with 86-87% cash conversion; net debt reduced from £51.7m to £45.7m.
Interim dividend increased 10% to 32.7p per share, covered 4.3x by adjusted earnings.
Operating margin at 20.4%; statutory PAT increased to £5.1m; cash balances at £18.9m.
Outlook and guidance
Full-year performance expected to be in line with revised market expectations after a July trading statement.
H2 started with a solid order book, but U.S. research funding constraints and weak summer order intake remain challenges.
Main uncertainties are U.S. research funding decisions and timing of the next Geotek coring expedition.
Management remains confident in long-term growth drivers and expects to return to typical 7% sector growth post-turbulence.
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