18th Sep 2018 11:56
LONDON (Alliance News) - Judges Scientific PLC said on Tuesday it saw a profit rise in the first half of 2018 due to "record" revenue figures, driven by organic growth.
The industrial equipment supplier saw its pretax profit double in the six months to the end of June to GBP4.2 million from GBP2.1 million, on revenue that grew by 13% to GBP37.0 million from GBP32.7 million.
This included organic growth of 5.7% and a contribution from cryogenic cooling systems manufacturer Oxford Cryosystems Ltd, acquired in July 2017 for GBP4.5 million.
Organic sales progressed in all regions except the Rest of the World which fell by 21% due to a pause in China and Hong Kong.
Judges Scientific declared an interim dividend of 12.0 pence, up 20% from 10.0p the prior year.
With organic intake for the first ten weeks of the second half "significantly" ahead year-on-year, adjusted pretax profit and earnings per share for 2018 is expected to be ahead of current market expectations.
"During the period, the company achieved new records in terms of revenues, adjusted profit before tax, adjusted earnings per share and dividends. This strong momentum has been maintained since the end of the period and as such, the board anticipates that full year adjusted profit before tax and EPS will be ahead of current market expectations," said Chairman Alex Hambro.
Shares in Judges Scientific were up 6.2% at 2,740.00 pence on Tuesday.
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