Judges has reported 2024A earnings in line with our estimates and guidance from the Group. As previously reported, last year was challenging with generally weaker demand, notable reductions in orders from China, and a lack of major coring activity at Geotek. Trading has now stabilised, and earnings and cash conversion improved significantly in H2. M&A activity was buoyant, with three acquisitions completed. The outlook for 2025E is more positive, with Geotek’s coring expedition having commenced, ....