Judges Scientific, a group involved in the buy and build of scientific instrument businesses, is pleased to announce its Final Results for the year ended 31 December 2018.
Record revenue, order intake and cash generation underpinning 25% increase in dividend.
Highlights
- Revenues up 9% to a record £77.9 million (2017: £71.4 million), including 5.5% Organic* growth;
- Adjusted** operating profit up 35% to £14.7 million (2017: £10.9 million);
– Statutory operating profit of £10.7 million (2017: £5.7 million); - Adjusted** basic earnings per share up 39% to 183.4p (2017: 131.9p);
– Statutory basic earnings per share of 137.5p (2017: 65.6p); - Final dividend of 28p, totalling 40p for the year, an increase of 25%; covered 4.6 times by adjusted earnings;
- Organic* order intake up 6.2% compared with 2017;
- Order book at 14.4 weeks (1 January 2018: 14.9 weeks);
- New 5-year acquisition facilities for aggregate £35 million;
- Cash generated from operations of £15.7 million (2017: £10.9 million);
- Adjusted** net cash of £0.9 million as at 31 December 2018 (31 December 2017: £8.0 million net debt);
– Statutory net cash of £0.7 million at 31 December 2018 (31 December 2017: £7.6 million net debt); - Cash balances of £15.7 million as at 31 December 2018 (31 December 2017: £10.7 million).
* Organic describes the performance of the Group including businesses acquired prior to 1 January 2017.
** Adjusted earnings figures exclude adjusting items relating to amortisation of intangible assets, acquisition-related costs, share based payments and hedging of risks materialising after the end of the year. Adjusted net debt includes acquisition-related liabilities and excludes subordinated debt owed by subsidiaries to minority shareholders.
Alex Hambro, Chairman of Judges Scientific, commented:
“2018 saw the Group achieve new records for order intake, sales, adjusted profits, cash generation and earnings per share; this was driven by strong demand for our products, continued operational improvements and very favourable foreign exchange rates. 2019 has started well and, with a robust balance sheet and a strong order book, Judges is well positioned to face an uncertain macro and political climate.”
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