Judges Scientific (JDG) Trading Update summary

Trading performance and market conditions

• Trading in H1 2024 was subdued due to difficult market conditions and strong prior year comparatives, resulting in mixed performance across the group.

• Two small acquisitions were completed: Luciol Instruments SA by PE Fiberoptics and Rockwash Geodata Limited by Geotek.

Order intake and regional trends

• Organic order intake declined 4% versus H1 2023, which itself was up 14% on H1 2022.

• China/Hong Kong orders fell 65%, North America dropped 9%, while Rest of World rose 34% and Europe improved 2%.

Revenue and earnings

• Organic revenue decreased 3% year-on-year, with China/Hong Kong most affected at a 9% drop.

• Lower organic revenues are expected to reduce earnings per share by 20% for the period.

• Cash conversion rate remained below traditional levels and is a focus area.