Judges Scientific (JDG) Q2 2026 TU earnings summary

Executive summary

• Trading in H1 2026 was significantly weaker than the prior year due to the absence of a Geotek coring expedition and uncertainties around US federal funding for scientific research, as well as delays in offshore wind projects and China's R&D tax exemption processes.

• Eight businesses achieved growth, supported by internal initiatives and positive market dynamics in battery development and semiconductors.

• Cost reduction actions were implemented, and progress was made at businesses facing product-specific challenges.

Financial highlights

• Order intake declined 11% compared to H1 2025, with the drop concentrated in Q1; Q2 order intake was broadly in line with the prior year.

• Order book stood at 17.3 weeks, compared to 15.7 weeks at FY 2025 and 17.4 weeks at H1 2025.

• Revenue decreased by 21% year-over-year, with all regions declining except the UK (flat); Rest of World revenue grew 9% when adjusted for the coring expedition.

• Cost base of underperforming businesses reduced by £2m in H1.

• Adjusted earnings per share for H1 expected in the range of 38p–42p.

Outlook and guidance

• Near-term focus is on booking shippable orders in Q3 and fulfilling the order book.

• Board anticipates delivering adjusted EPS in line with current market expectations for FY2026 (202.8p).

• Healthy order book and solid financial position support confidence in long-term shareholder returns and continued acquisition strategy.

• 2027 market expectations (231.4p adjusted EPS) do not include any Geotek coring revenue, as the next expedition is now expected no earlier than 2028.