Judges Scientific Plc - Another period of solid growth
Judges Scientific posted further record highs across the board for the first half of 2019 purely driven by organic growth. Revenues were up 9% year-on-year to a record £40.2mln largely thanks to strong growth in North America while other regions remained generally stable with low single-digit ups and downs. Order intake in the first half (1H) of 2019 grew 4% year-on-year, which is well on track with the full-year expectation, with a solid order book of 13.2 weeks. Overall order intake was strong across the regions with double-digit growth year-on-year except in the UK where it was down 22%.
Adjusted operating profit increased 26% to £8.6mln with margin improvement to 21% from 19% in 1H 2018. Such a notable improvement is attributable to increased order intake and a continued drive to optimise operational performance, plus the group reduced customer delivery lead times, hence the one-off performance contribution from a 1.2-week order book compression during the period.
Cash flow during 1H 2019 remained healthy and the group finished 1H with adjusted net cash of £7.4mln, up from £0.9mln at the beginning of 2019.
Quick facts: Judges Scientific PLC
Price: 4205 GBX
Market Cap: £262.77 m
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