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Judges Scientific PLC on Thursday said it expects full-year earnings per shares ahead of expectations, despite facing headwinds.
The London-based acquirer of scientific-instrument companies said it continued to face headwinds throughout 2022. It noted increasing supply chain issues, the impact of the war in Ukraine and significant inflationary pressures, whilst also contending with Covid-19 recovery.
However, Judges Scientific said it displayed ‘resilience’ throughout the year.
In 2022, the company said organic order intake was up 0.5% year-on-year. It explained that order intake softened in the second half of the year, but picked up again in December with the relaxation of China’s Covid-19 restrictions
It added that organic revenue was up 8% annually.
Back in May 2022, Judges Scientific PLC acquired Geotek Holding Ltd and Geotek Coring Ltd. The company said Geotek has delivered a strong contribution in the second half of 2022, with the board expecting it to have generated the level of profits required to trigger the maximum earn-out.
Geotek Holding is a developer and manufacturer of instruments used to measure and log various characteristics of geological cores, while Geotek Coring is a supplier of related services. Judges Scientific said the acuquitition is its largest to date, with the company paying up to £80 million for it.
Based on the first year contribution from Geotek, Judges Scientific expects adjusted earnings per share for 2022 to be modestly ahead of current market expectations. In 2021, the company reported adjusted EPS of 238.1 pence.
The company plans on announcing its 2022 results on March 22.
Shares in Judges Scientific were up 1.3% to 8,050.00 pence each in London on Thursday morning.
By Sophie Rose, Alliance News reporter
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