Judges Scientific (JDG) Trading Update summary

Trading performance and challenges

• H1 2025 trading was impacted by weak US performance and unmet recovery expectations outside Geotek, mainly due to reduced US federal research funding and specific market challenges.

• Improvement actions are underway to address business-specific issues.

Order intake and revenue

• Organic order intake rose 4% year-on-year, with declines in North America (down 18%) and the UK (down 7%).

• Organic revenue increased 7% versus H1 2024, driven by a major coring contract and growth outside North America.

• Organic order book stood at 17.4 weeks, slightly down from FY 2024 but up from H1 2024.

Profitability and outlook

• Geotek's profitability recovered, but other organic businesses saw a 7% decline and EBIT contribution fell by a third.

• Adjusted earnings per share for H1 2025 are expected to be up about 15% year-on-year.

• FY25 adjusted basic EPS is now forecast between 285p and 330p, below consensus expectations of 367.2p.

• The group maintains a healthy order book and strong cash generation, supporting its long-term strategy.