25 May 2012

Judges subsidiary buys KE

22/02/2012 Miles Nolan

Scientific instruments specialist Judges Scientific (JDG) has unveiled that its 51 per cent owned subsidiary Deben has acquired Cambridge based rival KE Developments.

Similar to Deben, the business designs and manufactures accessories for electron microscopy. The intention is to transfer its operations to the Deben premises in Suffolk, with all employees offered the opportunity to continue with the company.

As part of the deal, Deben is buying the fixed assets of KED for £40,000, with a contingent goodwill payment capped at £300,000. In the year to June the business achieved sales of £975,000 and delivered a break-even performance. Completion is scheduled for 6 March with the relocation expected to be completed in three months.

The deal is a good fit for Deben (and therefore Judges) and should be earnings enhancing post the transfer of the premises to Suffolk. By tapping into a stronger sales resource there should be scope to boost revenues.

Last month AIM listed Judges revealed trading for 2011 was ahead of forecast, with particular strength in the Far East where it now derives a significant chunk of revenues. Broker WH Ireland predicts record pre-tax profits of £3.7 million and EPS of 54p. We last rated the shares as good value at 470p - now at 457.5p that remains our view.

Tags: Acquisition, AIM market, Good strategic fit, Trading ahead of forecast

Sector: Support Services

Companies: Judges Scientific

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