http://www.judges.uk.com/


Judges Scientific plc (formerly Judges Capital plc)

Judges Scientific is an AIM-listed company specialising in the design and production of scientific instruments. Rapid expansion is being pursued, both through organic growth within its subsidiary companies and through the acquisition of top-quality businesses with established reputations in world-wide markets.
Judges Scientific is a mini-conglomerate focused on scientific instruments. It owns seven specialised businesses, such as Fire Testing Technology, which measures the way materials react to fire and Global Digital Systems, which tests soil and rock ahead of large civil engineering projects.
These businesses are diverse, but they are all based in Britain and they all sell their products and services worldwide.


http://www.aitcheeengineering.co.uk/
http://www.fire-testing.com/

Trading Statement
RNS
RNS Number : 5707C
Judges Scientific PLC
20 January 2015



Judges Scientific plc

20 January 2015



Judges Scientific plc (the "Group" or "Judges")



Trading statement



The Board of Judges is updating shareholders on the Group's trading performance for the financial year ended 31 December 2014.



Judges had a challenging year in 2014. Worldwide demand for the Group's products was subdued and this affected order intake, sales and margins. The Board had identified for several years the potential impact on its business from public spending restrictions in mature economies, to slower growth in China and to the strength of Sterling. Most of the Group's businesses were affected to some degree in 2014 by these factors.



In the first half, Judges produced a reasonable financial performance in spite of the weak orders but at the expense of the order book which contracted from 10.6 weeks to 7.8 weeks. Order intake remained depressed in the third quarter, as noted at the time of publication of the interim accounts, but recovered in the fourth quarter to a weekly level in line with the Group's original target. The outcome is a second-half intake which is much improved from the first half but still below the second half of 2013 and an order book of 9.7 week, substantially repaired from the June trough.



The Board anticipates the final results for 2014, due to be published in the last week of March, to show sales, profits and earnings per share in line with market expectations. Cash generation has been strong and the Group, after a difficult year, remains in a strong financial position.



The order recovery recorded in the fourth quarter is a positive but fragile encouragement for 2015; the readjustment of Sterling against the US Dollar is also helpful albeit mitigated by a weakening Euro. Despite the disappointments of 2014, the Group is in a healthy condition, fully able to pursue its acquisition strategy and to continue dividend growth.



Ends.

Acquisition
RNS
RNS Number : 8414C
Judges Scientific PLC
22 January 2015

Judges Scientific plc



ACQUISITION OF ARMFIELD LIMITED



22 January 2015







JUDGES SCIENTIFIC plc

("Judges Scientific", "Judges" or the "Group")



ACQUISITION OF ARMFIELD LIMITED





Judges Scientific, the parent company of a group engaged in the design, manufacture and sale of scientific instruments, announces that it has today acquired 100% of the issued share capital of Armfield Limited ("Armfield"), a Hampshire-based instrument maker. Armfield designs and markets engineering equipment and research instruments for educational applications, together with research and development systems focused on the food, beverage, dairy, vegetable oils and pharmaceutical industries.



The acquisition, which is expected to be earnings enhancing with immediate effect, was completed for a cash consideration of £8.28 million and an earn-out capped at £1.51 million (the "Acquisition"). An additional payment will be made to reflect any excess working capital over and above the ongoing requirements of the business; Judges expects such payment to be covered by the cash inherited at the completion date. A further payment capped at £360,000 may become due if the triennial actuarial valuation of Armfield's defined benefit pension fund as at 31 March 2017 shows a reduction in the yearly contribution required to eliminate its funding deficit. The defined benefit scheme closed to new members with effect from 2001 and closed to new accrual in 2006.



Information on Armfield



Armfield specialises in the design, production and sale of engineering equipment and teaching instruments used by universities and technical colleges for educational and research projects. Products encompass an extensive range of disciplines including food technology, chemical, mechanical, environmental and civil engineering. Armfield also designs and manufactures R&D systems used in various industries including the food and drink and pharmaceutical sectors. The educational segment of the business accounts for approximately three quarters of total sales.



All products are designed by Armfield, manufactured in the UK and sold worldwide directly, through agents or through Armfield's US subsidiary, Armfield Inc., based in Clarksburg, New Jersey.



Armfield was established in Ringwood, Hampshire, in 1875 and started making educational instruments in 1963. The company has been the subject of two management buy-outs, initially in 1981 and subsequently in 1994 when it was purchased by Chris Addis, currently Managing Director, and Simon Farrow, currently Finance Director. Both Mr Addis and Mr Farrow have agreed to continue in their respective roles following completion.



Armfield's audited accounts for the financial year to 31 December 2013 show revenues of £12.2 million and pre-tax profits of £1.3 million. Operating profit for the same period, adjusted to eliminate non-recurring items and to reflect Armfield's ongoing cost base within the Judges group, would have totalled £1.66 million. The accounts show net tangible assets of £3 million, including cash of £2.56 million. The earn-out will amount to £1.51 million if Armfield has generated adjusted operating profits of £1.96 million or more in respect of the twelve month period to 31 December 2014, reducing by five times any shortfall below £1.96 million. Half of the earn-out will be paid in cash and half through the issue of new Ordinary shares ("Ordinary Shares") in Judges at a price of 2055p per Ordinary Share, based on the prevailing price of Judges' Ordinary Shares on the day the headline terms of the Acquisition were agreed. For accounting purposes, fluctuations in the share price will have a commensurate impact on the book value of the earn-out cap.



Financing of the Acquisition



The Acquisition and associated transaction costs are being financed from existing cash resources and an additional £4 million drawn down from the £10 million acquisition facility recently agreed with Lloyds Bank Corporate Markets. As explained in the announcement of 23 December 2014 in respect of that facility, the new debt structure avoids the need to maintain large unproductive cash balances and this transaction will result in a reduction of cash in hand.



The Board believes that Armfield is an excellent business with a strong global brand, a powerful international distribution network and an excellent reputation for quality and service.



Alex Hambro, Chairman of Judges, commented:



"Armfield is a world class company, with an acknowledged reputation for excellence in the educational sector, and its impact on the Group's financial performance should be significant. We are delighted to welcome Chris Addis and Simon Farrow to Judges' expanding management team."

Final results



Highlights:


· Record revenues of £40.6 million (2013: £36.0 million) but a 3.0% decrease on a like-for-like basis

· Pre-tax profit before exceptional items and non-controlling interests down 11.8% to £6.5 million (2013: £7.3 million)

· Basic earnings per share, excluding exceptional items, down 17.7% to 82.7p (2013: 100.5p); corresponding figures including exceptional items: 35.7p (2013: 23.4p)

· Fully diluted earnings per share, excluding exceptional items, down 16.5% to 80.5p (2013: 96.4p)

· Proposed final dividend of 14.7p (2013: 13.4p), making a total distribution for the year of 22.0p (2013: 20.0p), a 10.0% increase

· Cash generated from operations of £7.5 million (2013: £5.0 million)

· Cash in hand of £11.1 million as at 31 December 2014; adjusted net debt of £1.3 million (2013: £5.2 million)

· New £10 million acquisition facility arranged in December

· Acquisition of Armfield Limited post year end

Ex-Dividend
11 Jun 15 Judges Scientific PLC [JDG] (14.7 p)

Judges in £1.4m earn-out payment for Armfield
StockMarketWire.com
Judges Scientific has issued 36,738 new ordinary shares as part of a £1.4m earn-out payment for Armfield which was acquired in January.

The consideration payable on completion amounted to £8.28m in cash. In addition, there was provision for the payment of an earn-out capped at £1.51m, based upon achievement of a profit threshold of £1.96m in respect of the year to 31 December 2014.

Half of the earn-out was payable in cash and half through the issue of new ordinary shares in Judges at a price of £20.55 per ordinary share, based on the prevailing price of Judges' ordinary shares on the day the headline terms of the acquisition were agreed.

Accounts for the earn-out period have now been agreed and the directors of Judges are pleased to announce that the profit threshold was attained.

Accordingly, the additional cash consideration relating to the deferred consideration has been paid and the company has today issued 36,738 new Ordinary Shares to the vendors of Armfield.

Application has been made for these new Ordinary Shares to be admitted to AIM and dealings are expected to commence on 29 May 2015. The closing mid-market price of £16.825 per ordinary share on 21 May values the earn-out shares at £618,117.

This gives a total earn-out value of £1,373,117 and takes the total consideration paid for Armfield to £9,653,117.

Preliminary Results
RNS
RNS Number : 2060I
Judges Scientific PLC
20 March 2018

20 March 2018
Judges Scientific plc
("Judges Scientific", "Judges", the "Company" or the "Group")
PRELIMINARY STATEMENT OF RESULTS

Judges Scientific, a group involved in the buy and build of scientific instrument businesses, is pleased to announce its Preliminary Results for the year ended 31 December 2017.

Financial Highlights:

· Revenues up 24.6% to a record £71.4 million (2016: £57.3 million), including 17.7% Organic* growth;
· Adjusted** operating profit up 52% to £10.9 million (2016: £7.1 million);
o Statutory operating profit of £5.7 million (2016: £1.0 million);
· Adjusted** basic earnings per share up 56% to 131.9p (2016: 84.8p);
o Statutory basic earnings per share of 65.6p (2016: 1.0p);
· Final dividend of 22p, totalling 32p for the year, an increase of 16%; covered 4 times by adjusted earnings;
· Organic* order intake up 16% compared with 2016;
· Organic* order book at 16.6 weeks (1 January 2017: 14.8 weeks);
· Cash generated from operations of £10.9 million (2016: £6.2 million);
· Adjusted** net debt of £8.0 million as at 31 December 2017 (31 December 2016: £9.9 million);
o Statutory net debt of £7.6 million at 31 December 2017 (31 December 2016: £8.6 million);
· Cash balances of £10.7 million as at 31 December 2017 (31 December 2016: £7.9 million).

Strategic Highlights
· Acquisition of Oxford Cryosystems by Bordeaux on 18 July 2017 for £5.1m cash (including earn-out);
· Increase in Judges' shareholding in Bordeaux to 75.5%.

* Organic describes the performance of the Group including businesses acquired prior to 1 January 2016.
** Adjusted earnings figures exclude adjusting items relating to amortisation of intangible assets, acquisition-related costs, share based payments and hedging of risks materialising after the end of the year. Adjusted net debt includes acquisition-related liabilities and excludes subordinated debt owed by subsidiaries to minority shareholders.

Alex Hambro, Chairman of Judges Scientific, commented:

"2017 was a record year for order intake, sales, adjusted profits and earnings per share; this was driven by good demand for our products and very favourable foreign exchange rates."

Trading Update
RNS
RNS Number : 9628H
Judges Scientific PLC
21 November 2018


21 November 2018

Judges Scientific plc (the "Group" or "Judges")
Trading Update
EPS expected to be ahead of current market expectations
The Board of Judges Scientific, a group involved in the buy and build of scientific instrument businesses, updates shareholders and the market on the Group's trading performance in the financial year ending 31 December 2018.
Trading has remained strong since the publication of the interim results and the healthy order intake communicated at the time of the results has continued since the beginning of the second half. As a result, the Board expects Earnings per Share for the full year ending 31 December 2018 to exceed current market expectations as increased in September.