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
Companies: ALBA AUG CHRT CCS CYAN JDG NET RBG SDI TCM
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
Companies: AMYT ARBB CEG BAG BVC BEG BONH BLVN BRSD CML CWK CRPR EYE ECHO FDM FAR FA/ GPH GSF HUW INSE JDG KAPE KP2 MACF MPAC MNZS NESF NBI OTMP OBD PREM QFI RUA SCS SEN SOS SUR TON TOU TXP TGL TCN UEM VLS WYN
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
Companies: AMYT ARBB CEG BVC BEG BRSD BWNG CBOX CTG CLG CML CWK EYE ECHO EML ESC FBD FA/ GSF HTWS INSE JDG MACF MTW NESF NAVF NSF NBI OTMP PCF PPC QFI SAVE SEN SNX TGL UTL VLS WYN
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%
Research Tree provides access to ongoing research coverage, media content and regulatory news on Judges Scientific plc.
We currently have 122 research reports from 6
The forthcoming UN Climate Change Conference (known as COP26) should result in an acceleration of governments’ actions to reduce CO2 emissions. This will result in an acceleration of customer end-user adoption rates which would be positive for AFC Energy which is developing zero-emission solutions for the EV-charging, construction, data centre and marine markets.
Companies: AFC Energy plc
ITM yesterday announced a capital raise of £250m to expand its capacities significantly. This comes sooner than we expected and seems like an opportunistic move to capture the market. The company will use the proceeds to expand its capacities to 2.5GW from 1GW by 2023 and to 5GW by 2024. The remainder of the proceeds will be used to reduce H2 production costs and to build an unparalleled support service. Overall, we are positively surprised.
Companies: ITM Power PLC
Another record quarter – Guidance lifted again
Capital Limited LSE: CAPD) this morning announced its Q3 2021 trading update. Quarterly revenue of US$$61.6 million exceeds our expectations and represents another record quarterly result for the company beating Q2, itself a previous record, by 12.6%. As a result, full year guidance has been lifted to $220 – 225 million (up from $200 – 210 million guided in July and $185 – 195 million with the FY20 results).
Companies: Capital Limited
Avingtrans has invested £2.5m in cash in Adaptix Ltd to acquire a 5.9% holding by participating in Adaptix’s latest £12.9m funding round. Adaptix is looking to transform radiology by bringing to market its low cost, low dose portable imaging technology based around its proprietary Flat Panel X-ray Source (FPS). Avingtrans intends to collaborate with Adaptix to develop a disruptive business offering that envisages bringing together its low cost 3D MRI, through Magnetica, with Adaptix’s 3D X-ray a
Companies: Avingtrans plc
Seeing Machines, the advanced computer vision technology company that designs AI-powered operator monitoring systems to improve transport safety, has announced that it has established a European sales team, headquartered in Amsterdam, to lead the next phase of its business development and focus on growing demand in Europe for its Aftermarket driver safety technology, Guardian.
Gerard van den Houten has been appointed to head up the European team and comes to Seeing Machines with a strong sales
Companies: Seeing Machines Limited
No Joiners Today.
Cambria Autos has left the AIM following a takeover.
What’s cooking in the IPO kitchen?
Light Science Tech Holdings, the controlled environment agriculture technology and contract electronics manufacturing Group to join AIM. Raising £5m. Expected mkt cap £17.4m. Due 15 Oct.
Harmony Energy Income Trust to join the Specialist Fund Segment of the Main Market raising up to £230m. The Company's investment objective is to provide investors with an attractive and susta
Companies: VRS ORPH SNG MRL EBQ AVG
Several stars have aligned for Brickability to flag an excellent half year's trading (to end Sep-21) in its latest update. Post-COVID recovery in housing markets, the natural seasonality of the business, favourable timing of acquisitions (notably Taylor Maxwell), output price inflation (especially in timber) and business mix all combining to drive revenue to three times the reported H1/20 level and EBITDA twofold ahead. This sets a strong foundation to ratify existing FY21 (March) forecasts with
Companies: Brickability Group PLC
Avon Protection has indicated that management guidance for FY21 revenue and EBITDA margin has been achieved before an additional one-off, non-cash inventory write-down of around $4m in ballistics. Cash generation was better than anticipated after record levels of investment and order intake remained strong despite previously indicated pandemic delays. The healthy opening backlog underpins strong growth in FY22 as ballistics revenues ramp up, Team Wendy makes a full year contribution and EBITDA m
Companies: Avon Protection PLC
Light Science Tech Holdings (LST.L), the controlled environment agriculture technology and contract electronics manufacturing Group has joined AIM. Raising £5.2m. Market Capitalisation approximately £17.4m.
No Leavers Today.
What’s cooking in the IPO kitchen?
Gymshark has started to put together plans for a stock market listing according to City A.M. The company hit a £1bn valuation just over a year ago and boasts customers in more than 130 countries. Gymshark was founded by teen
Companies: NWT LTG ITM POW
Brent crude topped $85 a barrel in London for the first time since 2018, the latest milestone in a global energy crisis that has seen prices soar.
West Texas Intermediate for November settlement rose 97 cents to settle at $82.28 a barrel in New York.
Brent for December delivery added 86 cents to settle at $84.86 a barrel.
The global benchmark rose above the key level in intraday trading but did not settle above it on Friday. US crude futures posted an eighth straight weekly
Companies: FO 88E DEC EME GTC TRIN UOG WEN
TMT Acquisition (TMTA.L) has joined the Main Market (Standard) pursue opportunities to acquire businesses in the technology, media and telecom sector. Raised £5m, mkt cap £5.5m.
NMCN Plc has left the Main Market (Premium) following the appointment of administrators.
What’s cooking in the IPO kitchen?
Harmony Energy Income Trust to join the Specialist Fund Segment of the Main Market raising up to £230m. The Company's investment objective is to provide investors with an attractive
Companies: SEE FST ORCP DNL FDBK 8091 IGP
Imperial Helium (IHC CN)C: Smaller resources but good well test results could suggest a commercial development – At the IHC-Steveville-2 well, a 12 metre zone was tested at a rate of ~2 mmcf/d. This zone is an interval equivalent to the blow-out zone in the offsetting 13-22 well. While the headline flow rate might appear low, it is in reality a good result that suggests that the well can be brought into production at 5-6 mmcf/d at leas
Companies: AKRBP AKERBP CASP GENL GTE HUR IHC KOS LUPE PEN PEN TAL RBD EGY DNO DNO JKX
Companies: DeepMatter Group Plc
Directa Plus, the leading producer and supplier of graphene nanoplatelets based products for use in consumer and industrial markets, has announced that it has qualified for an additional €0.5m loan under the Italian Government's Covid-19 Recovery Plan. The funds are additional to the €0.7m loan announced on 2 August 2021. The €0.5m loan has a term of six years, a variable interest rate of 1.5% + EURIBOR 3M and is 80% guaranteed by the Italian government.
Companies: Directa Plus Plc
AFC Energy hosted its maiden Capital Markets Event yesterday, giving an excellent summary of its progress in the last year and its prospects. The company is making good progress in commercialising its EV charging product alongside ABB and should be ready for market in 2022. We believe the long-term prospects for the company remain exciting.