Half Year Trading Update

Judges Scientific (AIM: JDG), the group focused on acquiring and developing companies in the scientific instrument sector, provides the following update regarding the Group's trading performance for the six-month period ended 30 June 2025.

Trading in the first half of the financial year was materially impacted by performance in the US. Trading will show progress versus H1 2024, primarily driven by the completion of a coring expedition in Japan. However, excluding Geotek, the recovery expected from the Group's businesses did not materialise, due in particular to reductions in US federal government research funding (a risk highlighted in our year-end results announcement in March 2025). In addition, there were several unrelated market and product-specific challenges at a handful of our businesses that impacted performance. Improvement actions are underway in respect of these issues.

Order intake

Across the Group, Organic* order intake was up 4% when compared with H1 2024. Organic orders were up in all regions except North America (down 18%) and the UK (down 7%).

Order book

The Organic order book was 17.4 weeks (FY 2024: 19.2 weeks; H1 2024: 17.2 weeks) and the total order book was 18.1 weeks.

Revenue

Organic revenue in the first half was up 7% compared with H1 2024; this reflects the coring contract and progress in all regions except North America (down 20%).

Profits

Geotek's profitability has now recovered from a difficult 2024. The Organic businesses excluding the contribution from Geotek, declined by 7% compared with H1 2024 with EBIT contribution reducing by a third primarily due to the aforementioned challenges.

As a result, Adjusted earnings per share in the first half is expected to have progressed by approximately 15% for the period.

Outlook

Our business relies heavily on public spending and the environment remains difficult, particularly in the US. More broadly, our Executive Committee continues to work closely with all our Group businesses to encourage growth, innovation, and improvement, with a determined effort to drive recovery at those companies that are experiencing trading challenges.

As a result of these headwinds coupled with the aforementioned business specific issues, the Board now anticipates delivering Adjusted basic earnings per share of between 285p and 330p per ordinary share in FY25 which is below market expectations**.

The Group still maintains a healthy order book, and a solid financial position underpinned by good cash generation, which gives the Board confidence that the disappointing performance of the first half does not hamper the Group's continuing strategy and its ability to deliver durable returns for shareholders.

*References to "Organic" information in this update exclude any contribution from Luciol SA, Rockwash Limited and Teer Coatings Limited.

** Current consensus market expectations for the year ended 31 December 2025 are Adjusted basic earnings per share of 367.2p.

Notice of Results

The Company intends to announce its interim results for the six months to 30 June 2025 on Thursday 18 September 2025.