Judges Scientific (JDG) Trading Update summary

Trading performance and outlook

• H2 performance improved over H1, aided by late-signed agreements and a 2025 coring contract.

• Full-year expectations, already revised down in July, will not be met due to delayed order crystallisation and delivery.

• Organic order intake year-to-date rose 4.2% versus 2023, but excluding the Geotek coring contract, orders were down 1.6%.

• Adjusted basic earnings per share for 2024 are now expected between 270p and 300p.

• Long-term growth drivers and business fundamentals remain solid despite current trading challenges.

Business model and strategy

• Focuses on acquiring and developing scientific instrument companies, with 25 businesses acquired since 2005.

• Operates mainly in global niche markets with resilient margins and long-term growth fundamentals.

• Products are sold worldwide, targeting higher education, research, manufacturing, and regulatory sectors.

• Growth strategy includes selective acquisitions, organic growth, debt reduction, and dividends.

• Recognized for innovation and export, with five Queen's Awards received.