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Judges Scientific PLC

Judges ScientificPLC - Acquisition of Moorfield Nanotechnology Limited

RNS Number : 6183V
Judges Scientific PLC
04 December 2019
 

 

Press Release

4 December 2019

Judges Scientific plc

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

Acquisition of Moorfield Nanotechnology Limited

Judges Scientific, a group involved in the buy and build of scientific instrument businesses, announces that its wholly owned subsidiary Quorum Technologies Limited ("Quorum") has today acquired 100% of the issued share capital of Moorfield Nanotechnology Limited ("Moorfield" or the "Acquisition"), a maker of coating instruments based in Knutsford, Cheshire.  The Board expects the Acquisition to be immediately earnings enhancing. 

The purchase price of Moorfield, paid in cash at completion, amounts to £2.3 million. This includes an earn-out based on Moorfield's adjusted EBIT in the year to 30 June 2019, capped at £0.7 million. An additional payment will be made to reflect any excess cash balances over and above the ongoing requirements of the business.  The Board expects such payment to be covered by the cash inherited at the completion date. 

The consideration for the Acquisition has been financed from the Group's £35 million acquisition facility from Lloyds Bank Corporate Markets

Information on Moorfield

Moorfield specialises in the design and manufacture of physical and chemical vapour deposition instruments used to cover materials with thin films. Moorfield's systems are used for academic and industrial research, including semiconductors, photovoltaics, graphene and 2D materials.

Moorfield was established in 1989 by Jonathan and Vivienne Whitehead. Jonathan Whitehead will continue in his current role for a year to facilitate a smooth transition; Jonathan Edgeworth, the Managing Director, will continue to lead Moorfield as an autonomous business in close cooperation with Quorum.

Moorfield's accounts for the financial year to 30 June 2019 show revenues of £2.5 million and pre-tax profits of £0.6 million.  Net tangible assets amounted to £1.7 million, including cash of £1.5 million

Moorfield's operating profit for the year ended 30 June 2019, adjusted to eliminate non-recurring items and to reflect Moorfield's ongoing cost base within Judges, would have totalled £0.6 million

Information on Quorum

Quorum is a world leading manufacturer of instruments used to coat samples for electron microscopy; Quorum's main market is life sciences and the association with Moorfield will open new horizons into material science.

Alex Hambro, Chairman of Judges, said:

"Moorfield is an excellent company with quality products, which will complement Quorum's pre-eminent capabilities in the coating sector. This cash generative acquisition enhances our earnings and fits within the Judges disciplined growth model.  We are delighted to welcome Jonathan, Jonathan and their colleagues to Judges' family." 

 

For further information please contact:

Judges Scientific

 

 

David Cicurel, CEO

Brad Ormsby, Group FD

Tel: +44 (0) 20 3829 6970

 

 

Shore Capital (Nominated Adviser & Joint Broker)

 

Stephane Auton

Edward Mansfield

Sarah Mather

Tel: +44 (0) 20 7408 4090



Liberum (Joint Broker)

 

Bidhi Bhoma

Euan Brown


 

Tel:  +44 (0) 20 3100 2222

 

Media enquiries:

Alma PR (Financial Public Relations)

 

Rebecca Sanders-Hewett

Sam Modlin

 

Tel: +44 (0) 20 3865 4219

judges@almapr.co.uk

 

Notes to editors:

Judges Scientific plc (AIM: JDG), is a group involved in the buy and build of scientific instrument businesses.  The Group currently consists of 17 businesses acquired since it was re-admitted to AIM in 2005.

The acquired companies are primarily UK-based with products sold worldwide to a diverse range of markets including: higher education institutions, the scientific communities, manufacturers and regulatory authorities.  The UK is a recognised centre of excellence for scientific instruments.  The Group companies hold five Queen's Awards for innovation and export. 

The Group's companies predominantly operate in global niche markets, with long term growth fundamentals and resilient margins.

Judges Scientific maintains a policy of selectively acquiring businesses that generate sustainable profits and cash.  Shareholder returns are created through the repayment of debt, organic growth and dividends. 

For further information, please visit www.judges.uk.com

 

 


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