25 May 2012

Judges trading well

18/07/2011 Miles Nolan

East Grinstead based scientific instruments group Judges Scientific (JDG) has reported a positive trading update for the six months to June.

Judges has enjoyed continued strong demand for its products, with sales up 27 per cent - driven by recent acquisitions. The period includes a full six month contribution from spectrometry firm Sircal and a first contribution from Deben, a developer of products used to improve the observation of devices under a microscope. However, the underlying organic story remains solid, as organic growth was a respectable 13 per cent.

The order book is satisfactory and represents six weeks sales, which is a similar level to the start of the year. Order intake has shown organic growth of 2.3 per cent. In an interview with Growth Company Investor chief executive David Cicurel said 'we are pleased with our performance, from what is now a broadly based group of busineses'.

Judges boasts its balance sheet will hold a healthy cash surplus at 30 June, even adjusting for the cash consideration due for its recent acquisition. Having raised £500,000 in 2008 the AIM counter has not been back to the market, instead paying for acquisitions using cash flow. On future deals, Cicurel says 'the biggest challenge is to find a company that fits our criteria'.

In the year to December the group achieved a 42 per cent jump in sales to £16 million as pre-tax profits soared 75 per cent to a record £2.75 million. Broker WH Ireland predicts 2011 pre-tax profits of £3.6 million and EPS of 53.2p. Though orders can be lumpy, Judges exports 90 per cent of its products and operates a broadly based business. With potential headwinds in Europe and the public sector still a challenge, the shares, at 470p, rate as good value.

Tags: AIM market, David Cicurel, Order book positive, WH Ireland

Sector: Electronic & Electrical Equipment

Companies: Judges Scientific

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