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RNS Number : 6838M
Judges Scientific PLC
18 September 2019
 

 

 

 

 

18  September 2019

The information contained within this announcement is deemed by the Company to constitute inside information as stipulated under the Market Abuse Regulation (EU) No. 596/2014 ("MAR"). Upon publication of this announcement via a regulatory information service ("RIS"), the inside information contained in this document is now considered to be in the public domain.

 

Judges Scientific plc

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

Interim results for the six months ended 30 June 2019

  Key financials ** 

§ Revenues increased 9% to a record £40.2 million (H1 2018: £37.0 million);

§ Adjusted*pre-tax profit increased 27% to £8.4 million (H1 2018: £6.6 million);

-      Statutory pre-tax profit increased to £6.9 million (H1 2018: £4.2 million);

§ Adjusted* basic earnings per share increased 30% to 108.7p (H1 2018: 83.4p);

-      Statutory basic earnings per share increased to 90.1p (H1 2018: 53.3p);

§ Interim dividend of 15.0p (H1 2018: 12.0p), an increase of 25%; covered 7 times by adjusted earnings;

§ Order intake increased 4% compared with H1 2018;

§ Order book at 13.2 weeks (H1 2018: 15.0 weeks);

§ Cash generated from operations increased to £8.5 million (H1 2018: £6.3 million);

§ Adjusted* net cash increased to £7.4 million as at 30 June 2019 (31 December 2018: £0.9 million);

-      Statutory net cash increased to £7.2 million as at 30 June 2019 (31 December 2018: £0.7 million);

§ Cash balances increased to £20.8 million as at 30 June 2019 (31 December 2018: £15.7 million).

Outlook 

§ Adjusted profit before tax and earnings per share anticipated to be ahead of FY 2019 expectations***.

 

* Adjusted earnings figures are stated before adjusting items relating to hedging of risks materialising after the end of the period, amortisation of acquired intangible assets, share based payments and acquisition-related costs.  Adjusted net cash notionally includes acquisition-related payments which had yet to be settled at the balance sheet date and excludes subordinated debt owed by subsidiaries to non-controlling shareholders. 

** In the absence of any material acquisition since 1 January 2018, this statement shows no distinction between total and organic performance.

*** Judges Scientific's compiled analyst forecast range for adjusted profit before tax (year to 31 December 2019): £14.8m to £15.1m, with an average consensus of £15.0m. The forecast range for Adjusted earnings per share:  184.7p to 190.5p, with an average consensus of 188.4p.

 

Alex Hambro, Chairman of Judges Scientific, commented:  

"The delivery of record revenue, adjusted profit before tax, earnings per share, cash generation and dividends for the first half is testament to the Group's pursuit of operational excellence. Orders to date are in line with our expectations, despite a subdued second quarter. The strong first half financial performance and healthy order book give the Board confidence that full year adjusted profit before tax and EPS will exceed current consensus market expectations."

 

For further information please contact: 

 

Judges Scientific

 

 

David Cicurel, CEO

Brad Ormsby, Group FD

   Tel: +44 (0) 203 829 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

 

Alma (Financial Public Relations)

Rebecca Sanders-Hewett

Sam Modlin

 

 

Tel: +44 (0) 20 3100 2222 

 

 

 

 

Tel: +44 (0) 20 3405 0205

 

 

 

 

 

 

 

 

 

 

 

 

Chairman's Statement 

It is gratifying to be able to report record figures across revenues, adjusted profit before tax, adjusted earnings per share and dividends for the first half of 2019, maintaining the positive financial performance experienced since the second half of 2016.

The Group's results for the six-month period to 30 June 2019 omits any distinction between "total" and "organic" as no material acquisitions were completed in the period. 

Revenues 

Group revenues for the period increased 9% to a record £40.2 million (H1 2018: £37.0 million). Sales were particularly strong in North America (up 33%). After the pause observed in FY18, China/Hong Kong showed some improvement (up 5%) but the Rest of the World receded 8%. The UK was stable and the Rest of Europe up 2%. For followers of the status of Brexit and of the US/China trade tensions, the Rest of Europe (largely the EU27) represented 29% of the Group's revenue and North America plus China/HK represented 42%.

Sales were boosted by efforts throughout the Group to further pursue operational excellence; in particular, management strived to reduce customer delivery lead times. As a consequence, sales in the first half accelerated ahead of order intake, resulting in a small reduction of the order book.

Order intake 

As previously announced, order intake in the first half was consistent with the Group's expectations for the year, showing a progression of 4.2% on the same period last year.  Due to the aforementioned acceleration of sales, the order book stood at a healthy 13.2 weeks of sales at 30 June 2019 against 14.4 weeks at the beginning of 2019 and 15.0 weeks at 30 June 2018.

Order intake was weak in the UK (22% below H1 2018) and solid in the Rest of Europe (5% above H1 2018), with double digit increases in the other major trading zones. North America was up 10%, China/HK up 13% and the Rest of the World up 13% versus H1 2018. This illustrates both the time gap between receipt of orders and their subsequent delivery, and the volatility of orders by geography over short periods.

Profits

The increased profitability was driven by revenue growth, the continuing favourable foreign exchange environment and the aforementioned efforts to optimise all aspects of our businesses. Contribution to EBITA and central costs advanced by 22% which led to a 27% increase in adjusted pre-tax profit to £8.4 million (H1 2018: £6.6 million). Return on Total Invested Capital ("ROTIC") advanced to 31.0% for the trailing 12 months ended 30 June 2019 (30 June 2018: 24.2%).

The 1.2 week order book compression contributed around half of the increased performance, which is not of a recurring nature.

Adjusted basic earnings per share progressed 30% to 108.7p (H1 2018: 83.4p) and adjusted diluted earnings per share grew similarly from 82.1p to 107.0p.

Your Directors continue to show adjusted figures, prepared consistently with past reports, in order to communicate to shareholders what is, in the Directors' opinion, the true operating performance of the Group.  The total adjustments of £1.5 million (H1 2018: £2.4 million) consist primarily of a £1.4 million charge for amortisation of acquired intangible assets arising through acquisition. The adjusting items reduce profit before tax from £8.4 million to £6.9 million (H1 2018: £4.2 million) and earnings per share to 90.1p basic and 88.6p diluted (H1 2018: 53.3p basic and 52.4p diluted). 

Cashflow and net debt 

Cash flow during the first half of 2019 mirrored the trading accomplishment, with cash from operations of £8.5 million (H1 2018: £6.3 million) representing 98% of adjusted operating profit (H1 2018: 92%).  The interim balance sheet includes cash balances of £20.8 million and adjusted net cash of £7.4 million, from £0.9 million at the beginning of 2019. 

Dividend 

In accordance with the Company's dividend policy and in view of the positive performance in the period, the Board is declaring an interim dividend of 15.0p (2018: 12.0p), which will be paid on Friday 1 November 2019 to shareholders on the register on Friday 4 October 2019.  The shares will go ex-dividend on Thursday 3 October 2019.  The interim dividend is covered 7 times by adjusted earnings (2018: 7 times). 

Outlook

As noted in our trading update, the Group's order intake, whilst in line with expectations overall, experienced a small contraction in the second quarter. Since the period end order intake has recovered to a satisfactory level, maintaining a healthy order book. We continue to remain cautious about the ongoing macro-economic and political uncertainty and its potential impact on the future performance of the Group.

 

We do not expect a second half weighting similar to recent years, mostly in view of the aforementioned compression of the order book in the first half. Notwithstanding this - and concerns relating to the economic outlook - the strong financial performance in the first half and the healthy order book give the Board confidence that adjusted profit before tax and EPS will exceed current consensus market expectations for the year as a whole. 

 

 

The Hon. Alexander Hambro 

Chairman 

17 September 2019

 

 

 

Condensed consolidated interim statement of comprehensive income

 

 

Note

Adjusted

£000

Adjusting

 items

£000

Six months to

30 June

2019

£000

Six months to

30 June

2018

£000

Year to

 31 December

2018

£000

Revenue

3

40,169

-

40,169

36,962

77,868

Operating costs

 

(31,539)

-

(31,539)

(30,102)

(63,137)

Adjusted operating profit

3

8,630

-

8,630

6,860

14,731

Adjusting items

4

-

(1,480)

(1,480)

(2,350)

(4,045)

Operating profit/(loss)

 

8,630

(1,480)

7,150

4,510

10,686

Interest income

 

49

-

49

12

41

Interest expense

4

(257)

(25)

(282)

(290)

(539)

Profit/(loss) before tax

 

8,422

(1,505)

6,917

4,232

10,188

Taxation (charge)/credit

 

(1,316)

265

(1,051)

(556)

(1,053)

Profit/(loss) for the period

 

7,106

(1,240)

5,866

3,676

9,135

Attributable to:

 

 

 

 

 

 

Owners of the parent

 

6,750

(1,158)

5,592

3,283

8,495

Non-controlling interests

 

356

(82)

274

393

640

Profit/(loss) for the period

 

7,106

(1,240)

5,866

3,676

9,135

Other comprehensive income

 

 

 

 

 

 

Items that will not be reclassified subsequently to profit or loss

 

 

 

 

Retirement benefits actuarial (loss)/gain

 

 

 

(250)

128

168

Items that may be reclassified subsequently to profit or loss 

 

 

 

 

Exchange differences on translation of foreign subsidiaries  

 

16

20

66

Other comprehensive (expense)/income for the period, net of tax 

 

(234)

148

234

Total comprehensive income for the period  

 

5,632

3,824

9,369

Attributable to:

 

 

 

 

 

 

Owners of the parent

 

 

 

5,358

3,431

8,729

Non-controlling interests

 

 

 

274

393

640

 

 

 

 

 

Pence

Pence

Pence

Earnings per share - adjusted

 

 

 

 

 

 

Basic

5

 

 

108.7

83.4

183.4

Diluted

5

 

 

107.0

82.1

180.6

Earnings per share - total

 

 

 

 

 

 

Basic

5

 

 

90.1

53.3

137.5

Diluted

5

 

 

88.6

52.4

135.4

 

 

Condensed consolidated interim balance sheet

 

 

Note

30 June

2019

£000

30 June

2018

£000

31 December

2018

£000

ASSETS

 

 

 

 

Non-current assets

 

 

 

 

Goodwill

 

14,650

14,650

14,650

Other intangible assets

6

3,989

6,861

5,373

Property, plant and equipment

 

5,460

5,534

5,524

Right-of-use leased assets

2

2,610

-

-

Deferred tax assets

 

775

713

719

 

 

27,484

27,758

26,266

Current assets

 

 

 

 

Inventories

 

11,926

11,424

10,502

Trade and other receivables

 

11,610

13,708

13,231

Cash and cash equivalents

 

20,780

14,365

15,727

 

 

44,316

39,497

39,460

Total assets

 

71,800

67,255

65,726

LIABILITIES

 

 

 

 

Current liabilities

 

 

 

 

Trade and other payables

 

(12,988)

(13,961)

(13,977)

Borrowings

 

(3,047)

(3,081)

(3,058)

Right-of-use lease liabilities

2

(650)

-

-

Current tax liabilities

 

(2,572)

(3,680)

(2,204)

 

 

(19,257)

(20,722)

(19,239)

Non-current liabilities

 

 

 

 

Borrowings

 

(10,541)

(13,642)

(11,968)

Right-of-use lease liabilities

2

(1,900)

-

-

Deferred tax liabilities

 

(1,215)

(1,661)

(1,477)

Retirement benefit obligations

10

(2,162)

(2,094)

(1,836)

 

 

(15,818)

(17,397)

(15,281)

Total liabilities

 

(35,075)

(38,119)

(34,520)

Net assets

 

36,725

29,136

31,206

EQUITY

 

 

 

 

Share capital

7

311

309

310

Share premium

 

15,359

15,000

15,164

Other reserves

 

2,137

2,075

2,121

Retained earnings

 

18,295

10,282

13,049

Equity attributable to owners of the parent

 

36,102

27,666

30,644

Non-controlling interests

 

623

1,470

562

Total equity

 

36,725

29,136

31,206

 

 

Condensed consolidated interim statement of changes in equity

 

 

 

Share

capital

£000

Share

premium

£000

Other

reserves

£000

Retained

earnings

£000

Total attributable

to owners

of parent

£000

Non-

controlling

interests

£000

Total

equity

£000

 

At 1 January 2019

310

15,164

2,121

13,049

30,644

562

31,206

 

Adjustment arising from change in non-controlling interest

-

-

-

(204)

(204)

(213)

(417)

 

Issue of share capital

1

195

-

-

196

-

196

 

Share-based payments

-

-

-

108

108

-

108

 

Transactions with owners

1

195

-

(96)

100

(213)

(113)

 

Profit for the period

-

-

-

5,592

5,592

274

5,866

 

Retirement benefit actuarial loss

-

-

-

(250)

(250)

-

(250)

 

Foreign exchange differences

-

-

16

-

16

-

16

 

Total comprehensive income for the period

-

-

16

5,342

5,358

274

5,632

 

At 30 June 2019

311

15,359

2,137

18,295

36,102

623

36,725

 

 

 

Share

capital

£000

Share

premium

£000

Other

reserves

£000

Retained

earnings

£000

Total attributable

to owners

of parent

£000

Non-

controlling

interests

£000

Total

equity

£000

 

At 1 January 2018

307

14,529

2,055

6,688

23,579

1,077

24,656

 

Issue of share capital

2

471

-

-

473

-

473

 

Share-based payments

-

-

-

183

183

-

183

 

Transactions with owners

2

471

-

183

656

-

656

 

Profit for the period

-

-

-

3,283

3,283

393

3,676

 

Retirement benefit actuarial gain

-

-

-

128

128

-

128

 

Foreign exchange differences

-

-

20

-

20

-

20

 

Total comprehensive income for the period

-

-

20

3,411

3,431

393

3,824

 

At 30 June 2018

309

15,000

2,075

10,282

27,666

1,470

29,136

 

 

 

Share

capital

£000

Share

premium

£000

Other

reserves

£000

Retained

earnings

£000

Total attributable

to owners

of parent

£000

Non-

controlling

interests

£000

Total

equity

£000

 

At 1 January 2018

307

14,529

2,055

6,688

23,579

1,077

24,656

 

Dividends

-

-

-

(2,103)

(2,103)

(162)

(2,265)

 

Adjustment arising from change in non-controlling interest

-

-

-

(518)

(518)

(993)

(1,511)

 

Issue of share capital

3

635

-

-

638

-

638

 

Share-based payments

-

-

-

319

319

-

319

 

Transactions with owners

3

635

-

(2,302)

(1,664)

(1,155)

(2,819)

 

Profit for the year

-

-

-

8,495

8,495

640

9,135

 

Retirement benefit actuarial gain

-

-

-

168

168

-

168

 

Foreign exchange differences

-

-

66

-

66

-

66

 

Total comprehensive income for the year

-

-

66

8,663

8,729

640

9,369

 

At 31 December 2018

310

15,164

2,121

13,049

30,644

562

31,206

 

 

Condensed consolidated interim cashflow statement

 

 

 

Six months to

30 June

2019

£000

Six months to

30 June

2018

£000

Year to

31 December

2018

£000

 

Cashflows from operating activities

 

 

 

 

Profit after tax

5,866

3,676

9,135

 

Adjustments for:

 

 

 

 

Financial instruments measured at fair value: Hedging contracts

(12)

22

56

 

Share-based payments

108

183

319

 

Depreciation of property, plant and equipment

367

373

746

 

Depreciation of right-of-use leased assets

395

-

-

 

Amortisation of intangible assets

1,384

2,145

3,633

 

(Profit)/loss on disposal of property, plant and equipment

(28)

-

18

 

Foreign exchange gains on foreign currency loans

-

(18)

(18)

 

Interest income

(49)

(12)

(41)

 

Interest expense

257

263

485

 

Retirement benefit obligation net interest cost

25

27

54

 

Contributions to defined benefit plans

-

-

(236)

 

Tax recognised in income statement

1,051

556

1,053

 

Increase in inventories

(1,424)

(1,044)

(122)

 

Decrease/(increase) in trade and other receivables

1,486

(1,881)

(1,404)

 

(Decrease)/increase in trade and other payables

(937)

1,989

2,000

 

Cash generated from operations

8,489

6,279

15,678

 

Finance costs paid

(256)

(266)

(525)

 

Tax paid

(947)

(115)

(2,351)

 

Net cash from operating activities

7,286

5,898

12,802

 

Cashflows from investing activities

 

 

 

 

Paid on acquisition of new subsidiaries

-

(599)

(599)

 

Gross cash inherited on acquisition

-

-

-

 

Acquisition of subsidiaries, net of cash acquired

-

(599)

(599)

 

Purchase of property, plant and equipment

(314)

(557)

(955)

 

Proceeds from the sale of property, plant and equipment

28

-

18

 

Interest received

49

12

41

 

Net cash used in investing activities

(237)

(1,144)

(1,495)

 

Cashflows from financing activities

 

 

 

 

Proceeds from issue of share capital

196

473

638

 

Repayments of borrowings

(1,440)

(1,518)

(3,183)

 

Repayments of right-of-use lease liabilities

(362)

-

-

 

Equity dividends paid

-

-

(2,103)

 

Share repurchase - non-controlling interest in subsidiary

(417)

-

(1,511)

 

Dividends paid - non-controlling interest in subsidiary

-

-

(162)

 

Net cash used in financing activities

(2,023)

(1,045)

(6,321)

 

Net change in cash and cash equivalents

5,026

3,709

4,986

 

Cash and cash equivalents at start of period

15,727

10,681

10,681

 

Exchange movements

27

(25)

60

 

Cash and cash equivalents at end of period

20,780

14,365

15,727

 

 

 

 

Notes to the interim report

 

1. General information and basis of preparation

The Judges Scientific plc Group's principal activities comprise the design, manufacture and sale of scientific instruments. The subsidiaries are grouped into two segments: Materials Sciences and Vacuum.

The financial information set out in this Interim Report for the six months ended 30 June 2019 and the comparative figures for the six months ended 30 June 2018 are unaudited. The Interim Report has been prepared in accordance with IAS 34 'Interim Financial Reporting'. The Interim Report does not contain all the information required for full annual financial statements and should be read in conjunction with the consolidated financial statements of the Group for the year ended 31 December 2018, which have been prepared in accordance with IFRS as adopted by the European Union.

The financial information for the year ended 31 December 2018 set out in this Interim Report does not constitute statutory accounts as defined in section 434 of the Companies Act 2006. The Group's statutory financial statements for the year ended 31 December 2018 have been filed with the Registrar of Companies. The Auditor's Report in respect of those financial statements was unqualified and did not contain statements under section 498 of the Companies Act 2006.

Judges Scientific plc is the Group's ultimate parent company. The Company is a public limited company incorporated and domiciled in the United Kingdom. Its registered office and principal place of business is 52c Borough High Street, London SE1 1XN and the Company's shares are quoted on the Alternative Investment Market. The Interim Report is presented in Sterling, which is the functional currency of the parent company. The Interim Report has been approved for issue by the Board of Directors on 17 September 2019.

2. Significant accounting policies

The Interim Report has been prepared in accordance with the accounting policies adopted in the last annual financial statements for the year ended 31 December 2018, except for the taxation policy where, for the purposes of the interim results, the tax charge on adjusted business performance is calculated by reference to the estimated effective rate for the full year.

IFRS 16 'Leases' (effective date 1 January 2019)

The Group has adopted IFRS 16 'Leases' as of 1 January 2019. The modified retrospective approach was applied on transition. Prior period comparatives have not been restated, and there was no adjustment to equity on transition.

IFRS 16 requires the capitalisation of operating leases, such as the Group's building and vehicle leases, as right-of-use leased assets with an offsetting financial liability. The Group has elected to measure the right-of-use leased assets at an amount equal to the lease liabilities adjusted for any prepaid or accrued lease payments that existed at the date of transition. Right-of-use assets and liabilities are presented separately in the Consolidated Balance Sheet.

The weighted average incremental borrowing rate used to measure lease liabilities is 4.25%

In the Consolidated Statement of Comprehensive Income the previous rental charge has been replaced with a combination of depreciation from the right-of-use leased assets and an interest charge from the lease liabilities. The effect for the period ended 30 June 2019 is as follows:

 

Six months to

30 June

2019

£000

Rental lease charges under previous accounting standard

408

Depreciation of right-of-use leased assets

(395)

Increase in operating profit due to IFRS 16

13

Interest charge from right-of-use liabilities

(45)

Decrease in profit before tax due to IFRS 16

(32)

Decrease in earnings per share due to IFRS 16

(0.42p)

 

In the year of adoption operating profit increases, but profit before tax decreases, and earnings per share is reduced. Assuming no further changes to the Group's leases, the increase in operating profit will endure, however in future years the interest charge will reduce as the discount unwinds.

The following is a reconciliation of total operating lease commitments at 31 December 2018 to the right-of-use lease liabilities and assets recognised at 1 January 2019:

 

1 January 2019

£000

Total operating lease commitments disclosed at 31 December 2018

3,363

Adjustments to commitments disclosures

(155)

Right-of-use lease liabilities before discounting

3,208

Discounted using incremental borrowing rate

(296)

Right-of-use lease liabilities recognised at 1 January 2019

2,912

Adjustments for prepaid rent at 31 December 2018

                   135

Adjustments for accrued rent at 31 December 2018

(42)

Right-of-use leased assets recognised at 1 January 2019

3,005

 

Changes in the right-of-use leased assets for the six months ended 30 June 2019 were as follows:

 

Six months to

30 June

2019

£000

Right-of-use leased assets recognised at 1 January 2019

3,005

Depreciation

(395)

Right-of-use leased assets as at 30 June 2019

2,610

 

Changes in the right-of-use lease liabilities for the six months ended 30 June 2019 were as follows:

 

Six months to

30 June

2019

£000

Right-of-use lease liabilities recognised at 1 January 2019

2,912

Interest accrued

45

Interest paid

(45)

Repayments of right-of-use lease liabilities

(362)

Right-of-use lease liabilities as at 30 June 2019

2,550

 

 

Split between:

 

Current

650

Non-current

1,900

 

 

3. Segmental analysis

For the period ended 30 June 2019

Note

Materials

Sciences

£000

Vacuum

£000

Unallocated

items

£000

Total

£000

Revenue

 

15,929

24,240

-

40,169

Operating costs

 

(12,702)

(17,566)

(1,271)

(31,539)

Adjusted operating profit

 

3,227

6,674

(1,271)

8,630

Adjusting items

4

 

 

 

(1,480)

Operating profit

 

 

 

 

7,150

Net interest expense

 

 

 

 

(233)

Profit before tax

 

 

 

 

6,917

Income tax charge

 

 

 

 

(1,051)

Profit for the period

 

 

 

 

5,866

 

For the period ended 30 June 2018

Note

Materials

Sciences

£000

Vacuum

£000

Unallocated

items

£000

Total

£000

Revenue

 

16,295

20,667

-

36,962

Operating costs

 

(12,988)

(15,991)

(1,123)

(30,102)

Adjusted operating profit

 

3,307

4,676

(1,123)

6,860

Adjusting items

4

 

 

 

(2,350)

Operating profit

 

 

 

 

4,510

Net interest expense

 

 

 

 

(278)

Profit before tax

 

 

 

 

4,232

Income tax charge

 

 

 

 

(556)

Profit for the period

 

 

 

 

3,676

 

For the year ended 31 December 2018

Note

Materials

Sciences

£000

Vacuum

£000

Unallocated

items

£000

Total

£000

Revenue

 

35,058

42,810

-

77,868

Operating costs

 

(27,018)

(33,445)

(2,674)

(63,137)

Adjusted operating profit

 

8,040

9,365

(2,674)

14,731

Adjusting items

4

 

 

 

(4,045)

Operating profit

 

 

 

 

10,686

Net interest expense

 

 

 

 

(498)

Profit before tax

 

 

 

 

10,188

Income tax charge

 

 

 

 

(1,053)

Profit for the year

 

 

 

 

9,135

 

Unallocated items relate to the Group's head office costs.

  

Segment assets and liabilities

At 30 June 2019

Materials

Sciences

£000

Vacuum

£000

Unallocated

items

£000

Total

£000

Assets

16,694

26,790

28,316

71,800

Liabilities

(8,077)

(13,366)

(13,632)

(35,075)

Net assets

8,617

13,424

14,684

36,725

Capital expenditure

78

224

12

314

Depreciation of property, plant and equipment

90

262

15

367

Depreciation of right-of-use leased assets

186

182

27

395

Amortisation

651

733

-

1,384

 

At 30 June 2018

Materials

Sciences

£000

Vacuum

£000

Unallocated

items

£000

Total

£000

Assets

19,445

24,704

23,106

67,255

Liabilities

(9,491)

(14,826)

(13,802)

(38,119)

Net assets

9,954

9,878

9,304

29,136

Capital expenditure

122

435

-

557

Depreciation of property, plant and equipment

122

233

18

373

Amortisation

775

1,370

 

At 31 December 2018

Materials

Sciences

£000

Vacuum

£000

Unallocated

items

£000

Total

£000

Assets

17,275

24,410

24,041

65,726

Liabilities

(7,888)

(11,838)

(14,794)

(34,520)

Net assets

9,387

12,572

9,247

31,206

Capital expenditure

185

770

-

955

Depreciation of property, plant and equipment

231

481

34

746

Amortisation

1,519

2,114

-

3,633

 

Unallocated items are borrowings, intangible assets and goodwill arising on acquisition, deferred tax, defined benefit obligations and parent company net assets.

 

Geographic analysis

Six months to

30 June

2019

£000

Six months to

30 June

2018

£000

Year to

31 December

2018

£000

UK (domicile)

4,539

4,541

10,729

Rest of Europe

11,780

11,499

23,156

North America

13,294

9,972

20,884

China/Hong Kong

3,648

3,467

7,716

Rest of the world

6,908

7,483

15,383

Revenue

40,169

36,962

77,868

 

 

4. Adjusting items

 

Six months to

30 June

2019

£000

Six months to

30 June

2018

£000

Year to

31 December

2018

£000

Amortisation of intangible assets

1,384

2,145

3,633

Financial instruments measured at fair value: Hedging contracts

(12)

22

56

Share-based payments

108

183

319

Acquisition costs

-

-

37

Total adjusting items within operating profit

1,480

2,350

4,045

Retirement benefits obligation net interest cost

25

27

54

Total adjusting items

1,505

2,377

4,099

Taxation

(265)

(435)

(1,085)

Total adjusting items net of tax

1,240

Attributable to:

 

 

 

Owners of the parent

1,158

1,857

2,834

Non-controlling interests

82

85

180

 

1,240

 

5. Earnings per share

 

Note

Six months to

30 June

2019

£000

Six months to

30 June

2018

£000

Year to

31 December

2018

£000

Profit for the period attributable to owners of the parent

 

 

 

 

Adjusted profit

 

6,750

5,140

11,329

Adjusting items

4

(1,158)

(1,857)

(2,834)

Profit for the period

 

5,592

3,283

8,495

 

 

 

Pence

Pence

Pence

Earnings per share - adjusted

 

 

 

 

Basic

 

108.7

83.4

183.4

Diluted

 

107.0

82.1

180.6

Earnings per share - total

 

 

 

 

Basic

 

90.1

53.3

137.5

Diluted

 

88.6

52.4

135.4

 

 

 

Number

Number

Number

Issued Ordinary shares at start of the period

7

6,196,678

6,141,128

6,141,128

Movement in Ordinary shares during the period

7

24,163

43,050

55,550

Issued Ordinary shares at end of the period

7

6,220,841

6,184,178

6,196,678

Weighted average number of shares in issue

 

6,207,925

6,162,943

6,176,315

Dilutive effect of share options

 

101,158

96,928

96,800

Weighted average shares in issue on a diluted basis

 

6,309,083

6,259,871

6,273,115

 

Adjusted basic earnings per share is calculated on the adjusted profit, which is presented before any adjusting items, attributable to the Company's shareholders divided by the weighted average number of shares in issue during the period.

Adjusted diluted earnings per share is calculated on the adjusted basic earnings per share, adjusted to allow for the issue of Ordinary shares on the assumed conversion of all dilutive options and any other dilutive potential Ordinary shares. The calculation is based on the treasury method prescribed in IAS 33. This calculates the theoretical number of shares that could be purchased at the average middle market price in the period out of the proceeds of the notional exercise of outstanding options. The difference between this theoretical number and the actual number of shares under option is deemed liable to be issued at nil value and represents the dilution.

Total earnings per share is calculated as above whilst substituting total profit for adjusted profit.

 

6. Other intangible assets

The following tables show the significant additions to and amortisation of intangible assets:

 

Carrying

amount at

1 January

2019

£000

Amortisation

£000

Carrying

amount at

30 June

2019

£000

Distribution agreements

310

(110)

200

Research and development

2,458

(552)

1,906

Brand and domain names

2,235

(512)

1,723

Customer relationships

370

(210)

160

Total

5,373

(1,384)

3,989

 

 

Carrying

amount at

1 January

2018

£000

Amortisation

£000

Carrying

amount at

30 June

2018

£000

Distribution agreements

606

(158)

448

Research and development

3,712

(702)

3,010

Brand and domain names

3,705

(973)

2,732

Customer relationships

983

(312)

671

Total

9,006

(2,145)

6,861

 

 

 

Carrying

amount at

1 January

2018

£000

Amortisation

£000

Carrying

amount at

31 December

2018

£000

Distribution agreements

606

(296)

310

Research and development

3,712

(1,254)

2,458

Brand and domain names

3,705

(1,470)

2,235

Customer relationships

983

(613)

370

Total

9,006

(3,633)

5,373

  

7. Share capital

Movements in the Group's Ordinary shares in issue are summarised as follows:

Ordinary shares of 5p each

Six months to

30 June 2019

Number

Six months to

30 June 2018

Number

Year to

31 December

2018

Number

Issued and fully paid

 

 

 

Start of the period

6,196,678

6,141,128

6,141,128

Exercise of share options

24,163

43,050

55,550

End of the period

6,220,841

6,184,178

6,196,678

 

During the first six months of 2019 the following allotments took place:

•    24,163 Ordinary shares were issued to satisfy the exercise of share options as follows:

•                      on 5 February 2019 when the mid-market share price was 2,660.0p;

•                      on 22 February 2019 when the mid-market share price was 2,700.0p;

•                      on 29 March 2019 when the mid-market share price was 2,690.0p;

•                      on 3 April 2019 when the mid-market share price was 2,720.0p;

•                      on 12 April 2019 when the mid-market share price was 3,070.0p;

•                      on 26 April 2019 when the mid-market share price was 3,175.0p;

•                      on 3 May 2019 when the mid-market share price was 3,115.0p;

•                      on 8 May 2019 when the mid-market share price was 3,105.0p; and

•                      on 3 June 2019 when the mid-market share price was 3,090.0p.

 

8. Changes in net cash

Changes in net cash for the six months ended 30 June 2019 were as follows:

 

1 January

2019

£000

Cashflow

£000

Non-cash

items

£000

30 June

2019

£000

Cash at bank and in hand

15,727

5,026

27

20,780

Bank debt

(14,836)

1,440

(2)

(13,398)

Net cash including senior debt

891

6,466

25

7,382

Subordinated debt to non-controlling shareholders

(190)

-

-

(190)

Total net cash

701

6,466

25

7,192

Subordinated debt to non-controlling shareholders

190

-

-

190

Adjusted net cash

891

6,466

25

7,382

 

Non-cash items primarily represent foreign exchange differences on foreign currency bank balances.

 

9. Acquisitions

On 29 March 2019 PE.fiberoptics Limited ("PFO"), one of the Company's subsidiaries, acquired the remaining shares of a third party shareholder for a consideration of £0.4 million. As a result, the Group's interest in PFO increased from 67.5% to 74.5%.

 

 

10. Defined benefit scheme

The Group's defined benefit pension scheme liability has increased to £2.2 million compared to £1.8 million at 31 December 2018, due to a decrease of 0.5% in the discount rate to 2.3% from 2.8% at 31 December 2018.

 

11. Dividends

During the period, the Company paid no dividends (Period to 30 June 2018: £nil).

The Company paid a final dividend of 28.0p per share totalling £1.7 million to shareholders on 5 July 2019 relating to the financial year ended 31 December 2018 (22.0 p per share totalling £1.4 million relating to the financial year ended 31 December 2017).

The Company will pay an interim dividend for 2019 of 15.0p per share (2018: interim dividend of 12.0p per share) on 1 November 2019 to shareholders on the register on 4 October 2019. The shares will go ex-dividend on 3 October 2019.

 

 

 


This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact [email protected] or visit www.rns.com.
 
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Quick facts: Judges Scientific PLC

Price: 4635

Market: AIM
Market Cap: £288.4 m
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