Shares in Judges Scientific PLC (AIM:JDG) fell 11% to 5,100p after the company warned it was entering 2026 with a smaller-than-desired order book and ongoing uncertainty in its key US market.
The AIM-listed group, which acquires and develops scientific instrument businesses, said organic order intake declined 6% in 2025.
This followed a steady deterioration over the year, with early gains in the first quarter erased by a sharp drop in US demand and weakening investment in offshore wind.
Judges said it now starts 2026 with an organic order book covering 15.7 weeks of sales, down from 18.7 weeks at the end of 2024. The outlook for US trading remains uncertain despite signs of political support for restoring federal research funding.
Adjusted earnings per share for 2025 are expected to come in at around 275p, which is 6% below market expectations.
The firm also issued guidance for 2026 earnings of between 200p and 250p, assuming no rebound in US demand and no contribution from Geotek’s next coring expedition, which is now delayed until 2027.
The company said it had already acted to reduce costs and support international growth efforts.