Judges Scientific (JDG): US funding-driven order weakness

This situation live

£236m · £34.30 · −15% since the first step

31 Mar 2026 · 2026 orders 17% down year to date · −11% until the next step US research funding restored by Congress but uncertainty remains on when funds will flow.

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US funding-driven order weakness

Guidance held; CFO departure announced

SEP23 Next: CFO successor search; delivery of Q4-weighted 2026 guidance in 334 days

Every step · 3

31 Mar 2026 2026 orders 17% down year to date – US research funding restored by Congress but uncertainty remains on when funds will flow. ↗
23 Sep 2026 Orders near parity; guidance held – Second half order intake significantly improved to only 1% behind prior YTD. ↗
23 Sep 2026 Guidance held; CFO departure announced – Brad will remain with the Group until 23 September 2027, ensuring sufficient time to identify his successor and deliver an orderly handover. ↗

What is happening

Judges Scientific: US funding-driven order weakness – Guidance held; CFO departure announced. ['Guidance held; CFO departure announced']

In short: 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.
Announced: 31 Mar 2026 · 2026 orders 17% down year to date
Latest: 23 Sep 2026 · Guidance held; CFO departure announced
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
CFO exit: Brad Ormsby, CFO since 2015, to step down; stays until 23 September 2027 for handover
Successor: Board to run a process to identify and appoint a new CFO; updates to follow

CFO successor search; delivery of Q4-weighted 2026 guidance (23 Sep 2027).

From the company's own announcements. Not investment advice.

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