Full Year Trading Statement and Notice of Results
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The Board of Judges Scientific plc, a group focused on acquiring and developing companies in the scientific instrument sector, provides the following update on the Group's trading performance for the financial year ended 31 December 2024.
As previously announced, 2024 was a difficult year for the Group. The challenging trading environment resulted in mixed trading across our Group and, as the year developed, the prospect of a 2024 Geotek coring expedition evaporated, resulting in no recognisable revenue in the year. Other headwinds affected our businesses to varying degrees, including a large reduction in orders from China, together with a general weakness in order intake and some customers delaying orders and deliveries.
Organic order intake, including a Geotek coring contract, was up 7% versus 2023. Excluding this order, the Organic order intake finished up 2.2% versus 2023. The Organic order book at the year-end had grown to 18.7 weeks of sales (16.7 weeks at the end of 2023) but, without coring, this would have been 16.9 weeks.
Organic revenues were down 5.8% from 2023, and down 0.7% excluding coring. The operational leverage in the business means that the small decline in organic revenue has a large impact on profitability.
Cash conversion is an essential element of our business model and restoring it to the pre-Covid levels has been a priority - pleasingly, cash conversion for the full year will show a return to historical levels.
The current year is starting more encouragingly, with Geotek's coring expedition having commenced and a number of the deferred projects from 2024 are now anticipated to contribute to H1 earnings. The Board remains confident in the long-term growth drivers of the business and expects Adjusted earnings per share for 2024 to be in line with current market expectations1 as updated in November 2024.
Notice of Final Results
The Company intends to announce its full year results for the year ended 31 December 2024 on 19 March 2025.
1Current consensus market expectations for the year ended 31 December 2024 are Adjusted basic earnings per share of 276.8p.
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