26th Sep 2013 12:49
LONDON (Alliance News) - Judges Scientific PLC Thursday said it swung to profit for the first half, as it completed the GBP13.0 million acquisition of Scientifica Limited.
The AIM-listed company specialising in the design and production of scientific instruments, posted pretax profit of GBP777,000, after posting a GBP1.1 million loss a year earlier, while revenue rose to GBP15.4 million from GBP13.5 million in 2012.
Judges' businesses achieved growth of 5%, while the balance of the increase was due to the inclusion of a full six-months of revenues from Global Digital Systems and KE Developments as opposed to the four months in the first half of 2012.
The company said recent purchase Scientifica contributed no revenue or profit but the effect of the acquisition is recorded in the its balance sheet.
The company had cash of GBP2.8 million at the end of the period.
Overall, Judges said trading was in line with expectations, while order inflow is recovering from the levels seen in the second quarter but remains subdued.
"These early signs of an improvement in market conditions, bolstered by a solid order backlog, give the directors confidence that our full year targets will be met," it added.
The board approved a 32% increase in the interim dividend to 6.6 pence, from 5.0 pence.
Judges shares were trading at 1,780.00 pence Thursday afternoon, down 20.00 pence or 1.1%.
By Anthony Tshibangu; [email protected]; @AnthonyAllNews
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