Judges Scientific on a roll

Underlying pre-tax profits surged 44 per cent to £3.95m last year, although that includes 12 months figures from Sircal, a manufacturer of rare gas purifiers and nine months contribution from a 51 per cent stake in electron microscopy instruments maker Deben. But it was not only the reported numbers that impressed. Despite buying Deben and land for a new factory, net debt is well under control and was eliminated entirely at the end of February 2012 ahead of another acquisition. It's worth noting, too, that inventories were virtually unchanged at £2.05m. That figure is so low because Judges almost always only makes to order.

The company's plan to redeem its convertible shares early is alos good news because under accounting rules, the higher the share price, the greater the potential liability of these convertibles on the profit and loss acocunt. Chief executive David Cicurel holds around 70 per cent of them.