Judges Scientific (JDG) H2 2025 earnings summary

Executive summary

• Revenue grew 9% year-over-year to £145.8m, with organic revenue up 6% but only 2% excluding a major Geotek coring expedition.

• Adjusted operating profit was flat at £28.0m (+0.4%), while adjusted EPS declined 2.9% to 275.3p.

• Statutory operating profit and EPS fell sharply due to higher adjusting items, with statutory EPS at 82.7p (down from 156.7p).

• Cash conversion remained strong at 118%, supporting a 10% dividend increase to 115p per share, covered 2.4x by adjusted earnings.

• US order intake dropped 23% due to federal research funding uncertainty, impacting overall order book and profits.

Financial highlights

• Revenue: £145.8m (+9.1% YoY); organic revenue up 6% (2% ex. Geotek coring).

• Adjusted operating profit: £28.0m (+0.4% YoY); adjusted operating margin fell to 19.2% (from 20.9%).

• Statutory operating profit: £13.9m (down from £16.7m); statutory profit before tax: £8.9m (down from £13.0m).

• Adjusted EPS: 275.3p (down 2.9%); statutory EPS: 82.7p (down from 156.7p).

• Cash generated from operations: £33.0m; cash conversion: 118%.

• Adjusted net debt reduced to £42.6m (from £51.7m); year-end cash balances at £19.4m.

• R&D investment increased to £10.2m (7.0% of revenue).

Outlook and guidance

• 2026 began with a lower order book; YTD order intake is 17% below 2025 YTD.

• US research funding restored by Congress, but timing of recovery remains uncertain.

• Board expects 2026 adjusted EPS in the range of 200p–250p, assuming no coring expedition and no US recovery.

• Macro environment remains challenging, with continued cost control and operational improvements targeted.