20th Jan 2015 09:29
LONDON (Alliance News) - Judges Scientific PLC Tuesday said its full-year results for 2014 will show that sales, profits and earnings per share were all in line with market expectations.
The scientific instruments maker said 2014 was a "challenging year", hit by weaker demand for its products, which in turn held back order intake, sales and margins.
"The board had identified for several years the potential impact on its business from public spending restrictions in mature economies, to slower growth in China and to the strength of sterling. Most of the group's businesses were affected to some degree in 2014 by these factors," the company said in a statement.
Back in September, the company said its first-half results were greatly inflated by its recently acquired Scientifica Ltd business, while trading continued to prove challenging for its existing business, having highlighted earlier in the year that trading in the first-half had "proved challenging".
Judges Scientific bought Scientifica in June 2013.
"Order intake remained depressed in the third quarter...but recovered in the fourth quarter to a weekly level in line with the group's original target," the company said in Tuesday's statement.
"The outcome is a second-half intake which is much improved from the first half but still below the second half of 2013," it added.
The company said order recovery recorded in the fourth quarter is a "positive but fragile encouragement for 2015".
"Despite the disappointments of 2014, the group is in a healthy condition, fully able to pursue its acquisition strategy and to continue dividend growth," it said.
The company said its sales, profits and earnings per share for 2014 are all in line with market expectations. The company is expected to report a pretax profit of GBP6.7 million, according to a consensus of two analysts on Morningstar. In 2013, the company reported a pretax profit before exceptional items of GBP7.3 million, with revenue of GBP36 million.
Judges Scientific said cash generation remains strong as is its financial position.
The company said it will release its full-year results in the last week of March.
Judges Scientific shares were down 0.3% at 1,550.00 pence Tuesday morning.
By Rowena Harris-Doughty; [email protected]; @rharrisdoughty
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