20th Mar 2018 13:17
The AIM listed scientific instruments supplier generated pretax profit of
The company said that the rise in revenue was due to organic growth of 18%, full year contribution of four businesses acquired during 2016 and contribution from Oxford Cryosystems which was acquired in July 2017.
The company said that in 2017, excluding the businesses acquired since January 1, 2016, revenue rose across all regions except the
The rise in pretax profit was attributed to improved demand and favourable exchange rates.
Judges Scientific declared a final dividend of
"As well as record financial results, 2017 has been a year of significant progress for the group and within our businesses. The group completed its 16th acquisition and the two businesses that had experienced lower demand in 2016 returned to normal levels of orders, sales and profitability," Chairman Alex Hambro said.
"The underlying market for scientific instruments remains robust and the sector's long-term growth drivers provide comfort that the group will continue to deliver durable returns for shareholders," Hambro added.
"The group is starting 2018 on solid foundations with a strong order book. Order intake in the first ten weeks has been satisfactory and trading at this early stage is consistent with the company's target for the year. Our environment continues to be influenced by global public spending and by currency movements. Sterling has recovered from the abyss of 2017 but is still at levels that are very favourable to local manufacturers heavily engaged in exports; we are well hedged for the current year but further strengthening of sterling would not be positive," Chief Executive David Cicurel said.
Shares in Judges Scientific were trading 3.7% higher at
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