Scientific instrument maker Judges Scientific (JDG) performed better than these full-year figures suggest - which were complicated by an accounting oddity. Specifically, accounting for the change in value of convertible shares called during the year meant a headline loss - adjust for that and underlying pre-tax profit grew 42 per cent in the year to £5.6m.
The company is as exposed indirectly to public spending in most of its markets, but it offset the pressure from government cuts in mature markets by exporting more to the developing world. For example, in these results, 38 per cent of sales were generated outside of Europe and the US, with revenues in this segment growing 46 per cent to £10.7m - its fastest growing market by some distance. The performance of the company's various operating divisions was boosted by acquisitions. Indeed, revenues at the materials sciences and vacuum units grew 58 per cent and 19 per cent, respectively, to £12.9m and £15.1m. Chairman Alex Hambro said trading conditions in Europe were "lacklustre rather than dire," but that "the onus for significant growth still lies essentially with developing nations."
Broker WH Ireland expects adjusted pre-tax profit for 2013 of £6m, giving adjusted EPS of 74.5p (From £5.63m/73.5p in 2012).
JUDGES SCIENTIFIC (JDG) | ||||
|---|---|---|---|---|
| ORD PRICE: | 1,240p | MARKET VALUE: | £ 65.7m | |
| TOUCH: | 1,230p-1,250p | 12-MONTH HIGH: | 1,267p | LOW: 465p |
| DIVIDEND YIELD: | 1.2% | PE RATIO: | na | |
| NET ASSET VALUE: | 236p* | NET DEBT: | 16% | |
| Year to 31 Dec | Turnover (£m) | Pre-tax profit (£m) | Earnings per share (p) | Dividend per share (p) |
|---|---|---|---|---|
| 2008 | 7.10 | 0.86 | 14.7 | 3.60 |
| 2009 | 11.3 | 1.16 | 20.6 | 5.00 |
| 2010 | 16.0 | 0.67 | 8.10 | 7.50 |
| 2011 | 20.8 | 2.89 | 45.2 | 10.0 |
| 2012 | 28.0 | 0.32 | -4.20 | 15.0 |
| % change | +35 | -89 | - | +50 |
Ex-div: 5 Jun Payment: 5 Jul *Includes intangible assets of £12.9m, or 243p a share | ||||
