Judges Scientific is a group focused on acquiring and developing companies in the scientific instrument sector. Despite lingering covid induced friction to global trade, Judges has delivered an excellent first half with order books rebuilding nicely. Revenue increased by 14.7% (organic +5%) to £43.0m (H1-20: £37.4m) which, after the continued sensible management of the cost base (and reduced international travel), yielded an adjusted pre-tax profit of £8.5m (H1-20 £6.4m), a 31.5% YoY increase, a
Companies: Judges Scientific plc
The scientific instruments ‘buy & build’ specialist has announced (24 September) a strong interim performance to end June, in our view, reflecting a recovering environment and a return to secular growth trends. The Group confirms that the environment still has challenges with regional and sectoral disparities in the recovery from the pandemic impact – so recovery still to come, through the remainder of H2 and into FY22F. Judges confirms our expectation of upgrades to FY21 forecasts with these re
Judges Scientific is a group focused on acquiring and developing companies in the scientific instrument sector. The first half looks to have demonstrated a significant rebound, albeit against a weak comparator of H1 2020 with management ‘confident' of hitting full year market expectations. The Group exited H1 (30 June) with a strengthened organic order book of 16.1 weeks of sales, +15% on the year end position (14.0 wks), and +49% vs H1 2020. The total order book stood at 17.6 weeks. H1 organic
Dish of the day
Pharma C Investments (AQSE:PCIL) has listed as a SPAC on the Access Segment of the AQSE Growth Market. It is specifically seeking to take advantage of the dynamic regulatory environment surrounding legal Medicinal Cannabis. Successful £1m fundraising at 0.7p per share.
Off the menu
Wey Education has left AIM following a recommended acquisition.
What’s cooking in the IPO kitchen?
UK SPAC (formerly Mountfield Group and now an AIM Rule 15 Shell) has applied for admission to the
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The UK market showed a continued recovery in the first quarter albeit the indices are still well short of their all-time peaks, unlike many of their international peers. The FTSE 100 has risen by 1,186 points (21.4%) since the end of October and the FTSE 250 by 4,304 points (25.0%). The comparable performance since the start of the year is less spectacular- the FTSE 100 has risen by 253 points (3.9%) and the FTSE 250 has risen by 1,070 points (5.0%). The factors behind the sustained rally are fa
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Judges Scientific is a group involved in the buy and build of scientific instrumentation businesses. We believe full year results to December 2020 demonstrate a very creditable trading performance given the unprecedented global turmoil that acted as the backdrop for the majority of the year. Indeed, against this backdrop, Judges managed to execute two highly earnings accretive acquisitions. As a result, reported revenue decreased just 3.2% to £79.9m (on an organic basis the decrease was 12.3%),
The scientific instruments ‘buy & build’ specialist has announced a strong set of results for FY2020, in our view, in the context of the impacts from the pandemic, reflecting the strengths of the Judges business model. The operational performance outturn was a welcome improvement over our prior forecasts for last year and, accordingly, we upgrade our expectations to take into account the order book recovery going into FY2021F and continuing corporate activity around Judges portfolio of science-b
The Budget offered a clear picture of the state of the economy. Put simply, the economy will be 3% smaller in three years’ time than it would have been without the impact of the pandemic. However, it is forecast to return to pre-pandemic levels by mid-2022, six months earlier than previously thought. The OBR forecasts that the UK economy will grow by 4.1% in 2021, (lower than the 5.5% outlined in November 2020). It has set its GDP forecasts in 2022, 2023 and 2024 at 7.3%, 1.7% and 1.6%. Positive
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Judges Scienfic (JDG) – Corporate – FY 2020E Trading Update – A stronger H2 = 12% upgrade
Judges Scientific has released a positive FY2020 trading update this morning. Despite the malaise of Covid-19, and its knock-on impact to order intake (down 13% organically YoY), a healthier trading environment in the second half, a prevailing lower cost base through the year (reduced travel, sale and marketing expenditure), and aided by favourable exchange rates through the majority of the year (critical for an export led business), we uplift our FY2020E adjusted PBT and EPS estimates by 12.0%
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Strix hasn’t missed a beat over the last eighteen months. Despite the pandemic and the resultant lockdowns, it was able to marginally grow earnings in FY20. The COVID impact on the income statement is barely noticeable, a year of low growth rather than the collapse in profitability experienced by others. This was topped off by the Capital Markets Day in November when the challenging five-year growth target of doubling revenue was set.
Companies: Strix Group PLC
The Velocys interims show the recognition of sales to the Red Rock Biofuels project with a good gross margin indicating the value in these sales. With recent commercial progress in Japan we see this as helping to underpin the value of these developments. Overall, the company is making progress across the board and both the policy and wider industry background, notably in aviation, remain highly supportive.
Companies: Velocys plc
Companies: Kier Group plc
Oil declined amid Russia's plans to boost upcoming overseas oil sales and as the dollar rallied.
Futures in New York ended the session nearly 1% lower on Friday. Russia will increase its oil exports 3% in the fourth quarter, according to Interfax. Meanwhile, gains in the US dollar reduced investor interest in commodities priced in the currency.
Despite weaker prices on Friday, US benchmark crude futures gained more than 3% this week due to tightening supplies. In the US, crude inventories
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Companies: Ceres Power Holdings plc
Plant Health Care has released its interim results in line with expectations following its trading update in July. In light of this, we do not make any changes to our numbers. We maintain our view that given current market trends, our forecasts remain well underpinned with considerable upgrade potential. Reiterate Buy.
Companies: Plant Health Care PLC
Velocys, the next generation sustainable aviation fuels (SAF) specialist, has reported interim results this morning (23 September). The company's first-half period to end June saw an encouraging rise in strategic activity, as well as a noticeable step up in general news flow surrounding the future needs of the aviation sector for renewable fuels as the industry begins its recovery from the pandemic. We note that this positive news flow has continued into the current Q3 period. The results demons
Companies: Safestyle UK Plc
First half performance indicates that the turnaround is almost complete with Safestyle reporting the best half year financial performance since H2 2017. Revenue of £73.0m is up 73.4% yoy but more importantly increased 13.3% on the H1 ’19 performance. The recovery in revenue picked up pace during the half, after four months it was 10.9%. Gross margin increased 639bps to 32.3% on HY19 as average selling price increased 11% despite a negative movement in mix. This resulted in adj. profit before tax
Esken now has financing in place for the recovery. The Group has raised £55m in fresh equity and secured a £125m convertible loan from Carlyle Group, who become a strategic investor in London Southend Airport. Strategy is focused on two core divisions. The Energy division, which supplies wood biomass to green power plants is profitable and has performed robustly. Trading in Aviation remains subdued. Cargo handling at London Southend has grown strongly but passenger traffic has been hit hard by C
Companies: Esken Limited
Xeros has reported H1 2021 results for the six-month period up to end June 2021. Revenues are broadly inline but cash is slightly behind expectations due to ramp up in XFiltra investment. These results are not reflective of the longer-term potential of the Group. Despite some inevitable further pandemic-induced delays, commercial progress is encouraging, with the potential of XFiltra looking particularly exciting. We reiterate our 400p/share price target.
Companies: Xeros Technology Group (XSG:LON)Xeros Technology Group Plc (XSG:LON)
Exactly one year ago, the FTSE 100 closed at 5,862, having fallen 100 points on the day, the lowest point since mid-May 2020, due in part, to the strength of sterling vs US$ at $1.34. One year on, the FTSE 100 has risen to 7,119, a rise of 21%, it remains 7% below the peak in January 2020. From an international viewpoint, US and European markets continue to trade at record highs. The US Federal Reserve is close to withdrawing some of its economic support this year as inflation picks up and the e
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Billington provides structural steel and safety solutions to the construction industry. Despite sector wide challenges of the last 18+ months, Billington's interim results to June 2021 reflect a solid operational and trading performance. H1 revenue increased 15.1% YoY to £37.7m with adjusted PBT rising 24.6% to £0.76m. Billington commenced the year with full order books. Moreover, order intake has been strong, meaning the order book has remained at ‘consistently high levels', with the macro back
Companies: Billington Holdings Plc
Today's news & views, plus announcements from FLTR, HLMA, BAB, OXB, HUW, SHED, ZOO.
Companies: Halma plc
Symphony has reported significant product development and regulatory approval. Most notably it has received enhanced US Food & Drug Administration (FDA) and Health Canada approval for introduction of d2p anti-microbial technology for bread packaging in these markets. Our analysis shows the total market in North America for bread products is valued at c.$24bn each year. In the recent H1 statement, the Group reported revenue growth of 13% to £5.4m (at constant FX) but a loss before tax of £0.6m (i
Companies: Symphony Environmental Technologies plc