Judges Scientific

JDG · AIM · Industrial Goods and Services · mcap £236m · 3430.0p 1 open situation →

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20252026 US funding-driven order weakness 1 director buying 3 directors buying 4 directors buying

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US funding-driven order weakness

Guidance held; CFO departure announced

Orders ran 17% down at the March results as US research funding uncertainty hit. H1 2026 was very weak: revenue fell 21% and adjusted EPS 72%. Orders have recovered to 1% behind last year, and 2026 guidance is held in line with consensus, but delivery depends on a heavy Q4. Gearing is 2.1x and interim dividend cover 1.1x. CFO Brad Ormsby will now step down by 23 September 2027, with a successor search under way.

H1 order intake: Down 12%; Q1 down 18%, Q2 closer to prior year
Current orders: Only 1% behind prior year, from 12% down at end of June
Guidance: 2026 unchanged, in line with consensus adjusted EPS of 200.5p
H1 adjusted EPS: 39.0p against 141.4p, down 72%
Gearing: 2.1 times from 1.5 times; facilities extended to 1 July 2030
Risks: Greater-than-usual Q4 revenue phasing; no Geotek coring expedition in 2027

Next: CFO successor search; delivery of Q4-weighted 2026 guidance · 23 Sep 2027

23 Sep 2026 Guidance held; CFO departure announced
23 Sep 2026 Orders near parity; guidance held
31 Mar 2026 2026 orders 17% down year to date

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Closed · 3

Insider conviction1 director buying £28k in 1 buy · 7 Apr 2026 – 6 Jul 2026 −16% Insider conviction3 directors buying £127k in 3 buys · 25 Jul 2025 – 18 Jan 2026 −28% Insider conviction4 directors buying £209k in 4 buys · 4 Dec 2024 – 6 Jul 2025 −5%

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