Judges ScientificPLC - AGM Update
Update on Trading
Across the Group, organic order intake as of 15 May was down 18.5% compared to the same period in 2019, caused by the closure of universities, the cancellation of scientific conferences and our inability to travel. This reduction in order intake has not been evenly spread across our key geographies with
While the prohibition on travel has interfered with our ability to crystallise orders and perform installations, the crisis has also stimulated our businesses to make better use of online alternatives and has given some engineering teams additional time to progress their R&D projects uninterrupted.
The Group has operated profitably in each of the first four months of this year and has generated positive operating cash-flow for the period. As a result, the Group has maintained a robust balance sheet with solid liquidity.
Throughout these unprecedented times, the main priority for the Group has been to protect the safety of our colleagues. Whilst approximately half of our staff are working from home, thanks to the Group's decentralised structure, our businesses have been able to put in place highly tailored and specific logistical solutions to allow manufacturing to continue throughout the crisis, whilst continuing to adhere to the
Despite the challenges faced, the Group has only suffered minor supply chain issues, all of which have been mitigated and managed accordingly. As noted above customer closures have resulted in a minority of deliveries being postponed.
Management actions taken to mitigate the impact of COVID-19
· In parallel with its staff all Judges directors (including non-executives) reduced their fixed remuneration in proportion to the reduction suffered by the other employees;
· Approximately 20% of our workforce have been furloughed; and
· Lloyds Bank has agreed to repurpose
The Board continues to believe that the Group is in a robust position to weather the impact of the pandemic.
The COVID-19 crisis has created significant and open-ended global uncertainty, with an associated impact on economic activity. It remains to be seen where and when demand, deliveries and installations will return to normal levels as each jurisdiction in which the Group operates is working independently according to that country's needs. The Board will provide a further update to its trading, in the ordinary course, in its July trading update covering the period to
For further information please contact:
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Tel: +44 (0) 20 3829 6970
Shore Capital (Nominated Adviser & Joint Broker)
Tel: +44 (0) 20 7408 4090
Tel: +44 (0) 20 3100 2222
Alma PR (Financial Public Relations)
Tel: +44 (0) 20 3865 4219
Notes to editors:
The acquired companies are primarily
The Group's companies predominantly operate in global niche markets, with long term growth fundamentals and resilient margins.
For further information, please visit www.judges.uk.com
This information is provided by RNS, the news service of the
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