29th Sep 2009 07:00
29 September 2009
Judges Scientific plc
(formerly Judges Capital plc)
("Judges Scientific", the "Company" or the "Group")
Interim results for the six months ended 30 June 2009
JUDGES SCIENTIFIC REPORTS RECORD HALF-YEAR RESULTS
Highlights
Acquisition of Quorum Technologies completed in June
Record adjusted basic earnings per share, up 23% to 15.5p (first half 2008: 12.6p)
Record sales of £4,517,000 (continuing activities £4,133,000, up 18.6% compared with £3,484,000 for first half 2008)
Record pre-tax profit of £769,000 on continuing activities (up 14.6% compared with £671,000 for first half 2008)
Cash in hand of £2,513,000 at 30 June 2009 (adjusted £1,624,000 compared with £1,621,000 at 31 December 2008)
Interim dividend of 1.3p (first half 2008: 1.2p), 12 times covered by adjusted earnings
Alex Hambro, Chairman of Judges Scientific, commented:
"Once again, I am pleased to be able to announce another set of record interim results. To date, our Group has proved resilient in the face of the global recession and, for the immediate future, I am pleased to confirm that we enjoy the visibility afforded by our order book. However, management is conscious of the potentially adverse impacts of the present economic environment and of the modest recovery in Sterling.
"Your Directors are confident that the trading performance achieved in the first half of 2009, the strength of the balance sheet and the supportive attitude of our bank have put our company in a strong position to continue its prudent strategy of seeking good quality, earnings-enhancing acquisitions."
|
For further information please contact: |
|
|
David Cicurel, CEO, Judges Scientific: |
Tel: 01342 323 600 |
|
Pascal Keane, Shore Capital & Corporate: |
Tel: 020 7408 4090 |
|
Melvyn Marckus, Cardew Group: |
Tel: 020 7930 0777 |
Chairman's statement
Once again, I am pleased to be able to announce another set of record interim results, these being for the six months ended 30 June 2009. Our Group achieved record sales of £4,517,000 for the first half of 2009, of which continuing activities accounted for £4,133,000; this represents an increase of 18.6% compared with £3,484,000 for the first half of 2008.
Pre-tax profits arising from continuing activities amounted to £769,000, an increase of 14.6% compared with £671,000 for the corresponding period of 2008. However, accounting idiosyncrasies under IFRS resulted in a reported pre-tax loss of £71,000 in the period from our new acquisition, resulting from amortisation of intangible assets of £138,000. These apparent losses reduced the Group's reported pre-tax profits to £698,000. Basic earnings per share totalled 12.8p (first half 2008: 11.8p) while adjusted basic earnings per share (before amortisation of intangible assets) amounted to 15.5p (first half 2008: 12.6p).
I am also delighted to report that the acquisition of Quorum Technologies Limited was completed on 9 June 2009. Quorum specialises in the manufacture of sample preparation instruments for electron microscopy. The purchase price amounted to £1.2 million before taking account of a potential earn-out capped at £300,000 and a working capital adjustment of £465,000. In the year to 31 October 2008, Quorum achieved pro-forma EBIT of £496,000. Although we are still in the early days following its acquisition, Quorum is trading fully in line with our expectations.
Our Group's trading performance during the period under review was driven by an excellent opening order book and by enhanced competitiveness in our export markets due to lower Sterling exchange rates. This was reflected in an 18.6% sales increase in relation to our ongoing operations which also achieved an improvement in their annual return on total invested capital ("ROTIC") from 34% to 38%. Overall performance was further enhanced by a three-week contribution from Quorum.
Excluding Quorum, order intake for the period was stronger than the first half of 2008 and the order book at 30 June 2009 stood well above the mid-year level of 2008, albeit well below the record level reached at the end of 2008.
Adjusted EPS amounted to 15.5p compared to 12.6p in the first half of 2008. The performance of EPS is all the more pleasing in view of the share placing carried out in May 2008, which increased the average number of shares in issue by 10%. Unadjusted EPS shows less progress due to the high level of intangible amortisation under IFRS in the period immediately following an acquisition.
Our balance sheet remains strong with cash in hand of £2,513,000 as at 30 June 2009, compared with £1,621,000 as at 31 December 2008. Net debt was stable at £997,000 (31 December 2008: £996,000) but both cash and net debt figures at 30 June 2009 were flattered by an amount of £889,000 still owed in respect of the Quorum acquisition.
To date, our Group has proved resilient in the face of the global recession and, for the immediate future, I am pleased to confirm that we enjoy the visibility afforded by our order book. However, management is conscious of the potentially adverse impacts of the present economic environment and of the modest recovery in Sterling. As previously stated by the Directors, the first half performance should not be extrapolated in respect of the full year. Shareholders should be aware that the unadjusted figures in the second half of 2009 (and, to a lesser extent, in subsequent periods) will be strongly impacted by the amortisation of intangible assets under IFRS in respect of the Quorum acquisition.
The Board is pleased to declare an interim dividend of 1.3p (first half 2008: 1.2p), which is 12 times covered by adjusted earnings. This will be paid on Friday 6 November 2009 to shareholders on the register on Friday 9 October 2009. The shares will go ex-dividend on Wednesday 7 October 2009.
Your Directors are confident that the trading performance achieved in the first half of 2009, the strength of the balance sheet and the supportive attitude of our bank have put our Company in a strong position to continue its prudent strategy of seeking good quality, earnings-enhancing acquisitions.
The Hon. Alexander Robert Hambro
Chairman
29 September 2009
JUDGES SCIENTIFIC plc
CONDENSED CONSOLIDATED INTERIM INCOME STATEMENT
|
Unaudited |
6 months to 30 June 2009 |
6 months to 30 June 2008 |
Year to 31 December 2008 |
|||
|
Note |
£000 |
£000 |
£000 |
£000 |
£000 |
|
|
Continuing activities |
Acquisitions |
Total |
||||
|
Revenue |
4,133 |
384 |
4,517 |
3,484 |
7,104 |
|
|
Abortive acquisition costs |
- |
- |
- |
- |
(310) |
|
|
Amortisation of intangible assets |
(12) |
(138) |
(150) |
(41) |
(53) |
|
|
Other operating costs |
(3,312) |
(317) |
(3,629) |
(2,698) |
(5,753) |
|
|
Operating profit/(loss) |
809 |
(71) |
738 |
745 |
988 |
|
|
Profit on disposal of available-for-sale investments |
- |
- |
21 |
|||
|
Finance income |
2 |
27 |
48 |
|||
|
Finance costs |
(42) |
(101) |
(188) |
|||
|
Profit before tax |
698 |
671 |
869 |
|||
|
Taxation |
(198) |
(177) |
(230) |
|||
|
Profit for the period |
500 |
494 |
639 |
|||
|
Attributable to: |
||||||
|
Equity holders of the parent company |
517 |
431 |
567 |
|||
|
Minority interest |
(17) |
63 |
72 |
|||
|
500 |
494 |
639 |
||||
|
Earnings per share |
Pence |
Pence |
Pence |
|||
|
Basic |
4 |
12.8 |
11.8 |
14.7 |
||
|
Diluted |
4 |
12.8 |
11.7 |
14.7 |
There are no items of other comprehensive income for the three periods in question.
JUDGES SCIENTIFIC plc
CONDENSED CONSOLIDATED INTERIM BALANCE SHEET
|
Unaudited |
30 June 2009 |
30 June 2008 |
31 December 2008 |
|
|
Note |
£000 |
£000 |
£000 |
|
|
ASSETS |
||||
|
Non-current assets |
||||
|
Property, plant and equipment |
938 |
804 |
861 |
|
|
Goodwill |
4,497 |
4,383 |
4,383 |
|
|
Other intangible assets |
3 |
859 |
35 |
23 |
|
Available-for-sale investments |
- |
20 |
- |
|
|
6,294 |
5,242 |
5,267 |
||
|
Current assets |
||||
|
Inventories |
1,546 |
696 |
672 |
|
|
Trade and other receivables |
2,165 |
1,143 |
1,364 |
|
|
Cash and cash equivalents |
2,513 |
1,575 |
1,621 |
|
|
6,224 |
3,414 |
3,657 |
||
|
Total assets |
12,518 |
8,656 |
8,924 |
|
|
LIABILITIES |
||||
|
Current liabilities |
||||
|
Trade and other payables |
(2,463) |
(826) |
(1,337) |
|
|
Current portion of long-term borrowings |
(814) |
(597) |
(625) |
|
|
Current tax payable |
(819) |
(483) |
(292) |
|
|
(4,096) |
(1,906) |
(2,254) |
||
|
Non-current liabilities |
||||
|
Long term payables |
(300) |
- |
- |
|
|
Long-term borrowings |
(2,697) |
(2,065) |
(1,992) |
|
|
Deferred tax liabilities |
(281) |
(34) |
(34) |
|
|
(3,278) |
(2,099) |
(2,026) |
||
|
Total liabilities |
(7,374) |
(4,005) |
(4,280) |
|
|
Net assets |
5,144 |
4,651 |
4,644 |
JUDGES SCIENTIFIC plc
CONDENSED CONSOLIDATED INTERIM BALANCE SHEET
(continued)
|
Unaudited |
30 June 2009 |
30 June 2008 |
31 December 2008 |
|
|
Note |
£000 |
£000 |
£000 |
|
|
EQUITY |
||||
|
Share capital |
202 |
202 |
202 |
|
|
Share premium |
2,956 |
2,956 |
2,956 |
|
|
Merger reserve |
475 |
475 |
475 |
|
|
Retained earnings |
1,366 |
841 |
849 |
|
|
Equity attributable to equity holders of the parent company |
4,999 |
4,474 |
4,482 |
|
|
Minority interest |
145 |
177 |
162 |
|
|
Total equity |
5,144 |
4,651 |
4,644 |
JUDGES SCIENTIFIC plc
CONDENSED CONSOLIDATED INTERIM STATEMENT OF CHANGES IN EQUITY
|
Unaudited |
Note |
Share capital |
Share premium |
Merger reserve |
Retained earnings |
Total |
Minority interest |
Total equity |
|
£000 |
£000 |
£000 |
£000 |
£000 |
£000 |
£000 |
||
|
Balance at 1 January 2009 |
202 |
2,956 |
475 |
849 |
4,482 |
162 |
4,644 |
|
|
Profit for the period |
- |
- |
- |
517 |
517 |
(17) |
500 |
|
|
Total comprehensive income for the period |
- |
- |
- |
517 |
517 |
(17) |
500 |
|
|
Balance at 30 June 2009 |
202 |
2,956 |
475 |
1,366 |
4,999 |
145 |
5,144 |
|
Unaudited |
Note |
Share capital |
Share premium |
Merger reserve |
Retained earnings |
Total |
Minority interest |
Total equity |
|
£000 |
£000 |
£000 |
£000 |
£000 |
£000 |
£000 |
||
|
Balance at 1 January 2008 |
178 |
2,501 |
475 |
410 |
3,564 |
121 |
3,685 |
|
|
Dividends |
- |
- |
- |
- |
- |
(7) |
(7) |
|
|
Issue of share capital |
24 |
455 |
- |
- |
479 |
- |
479 |
|
|
Transactions with owners |
24 |
455 |
- |
- |
479 |
(7) |
472 |
|
|
Profit for the period |
- |
- |
- |
431 |
431 |
63 |
494 |
|
|
Total comprehensive income for the period |
- |
- |
- |
431 |
431 |
63 |
494 |
|
|
Balance at 30 June 2008 |
202 |
2,956 |
475 |
841 |
4,474 |
177 |
4,651 |
|
Note |
Share capital |
Share premium |
Merger reserve |
Retained earnings |
Total |
Minority interest |
Total equity |
|
|
£000 |
£000 |
£000 |
£000 |
£000 |
£000 |
£000 |
||
|
Balance at 1 January 2008 |
178 |
2,501 |
475 |
410 |
3,564 |
121 |
3,685 |
|
|
Dividends |
7 |
- |
- |
- |
(128) |
(128) |
(31) |
(159) |
|
Issue of share capital |
24 |
455 |
- |
- |
479 |
- |
479 |
|
|
Transactions with owners |
24 |
455 |
- |
(128) |
351 |
(31) |
320 |
|
|
Profit for the period |
- |
- |
- |
567 |
567 |
72 |
639 |
|
|
Total comprehensive income for the period |
- |
- |
- |
567 |
567 |
72 |
639 |
|
|
Balance at 31 December 2008 |
202 |
2,956 |
475 |
849 |
4,482 |
162 |
4,644 |
JUDGES SCIENTIFIC plc
CONDENSED CONSOLIDATED INTERIM CASH FLOW STATEMENT
|
Unaudited |
Note |
6 months to 30 June 2009 |
6 months to 30 June 2008 |
Year to 31 December 2008 |
|
£000 |
£000 |
£000 |
||
|
Cash flows from operating activities |
||||
|
Profit after tax |
500 |
494 |
639 |
|
|
Adjustments for: |
||||
|
Depreciation |
52 |
36 |
81 |
|
|
Amortisation of intangible assets |
150 |
41 |
53 |
|
|
Profit on disposal of available-for-sale investments |
- |
- |
(21) |
|
|
Foreign exchange (gains)/losses |
(138) |
45 |
280 |
|
|
Finance income |
(2) |
(27) |
(48) |
|
|
Finance costs |
42 |
101 |
188 |
|
|
Tax expense recognised in income statement |
198 |
177 |
230 |
|
|
Increase in inventories |
(197) |
(143) |
(118) |
|
|
(Increase)/decrease in trade and other receivables |
(105) |
400 |
179 |
|
|
(Decrease)/increase in trade and other payables |
(117) |
(51) |
460 |
|
|
Cash generated from operations |
383 |
1,074 |
1,923 |
|
|
Finance costs paid |
(31) |
(83) |
(188) |
|
|
Tax recovered/(paid) |
- |
4 |
(238) |
|
|
Net cash from operating activities |
352 |
996 |
1,497 |
|
|
Cash flows from investing activities |
||||
|
Paid on acquisition of new subsidiary |
6 |
(1,325) |
- |
- |
|
Gross cash inherited on acquisition |
6 |
889 |
- |
- |
|
Acquisition of subsidiary, net of cash acquired |
6 |
(436) |
- |
- |
|
Purchase of property, plant and equipment |
(47) |
(566) |
(668) |
|
|
Proceeds from disposal of available-for-sale investments |
- |
- |
40 |
|
|
Finance income received |
2 |
27 |
48 |
|
|
Net cash used in investing activities |
(481) |
(539) |
(580) |
|
|
Cash flows from financing activities |
||||
|
Issue of share capital |
- |
479 |
479 |
|
|
Repayments of borrowings |
(422) |
(263) |
(527) |
|
|
Proceeds from bank loans |
1,443 |
- |
- |
|
|
Dividends paid (including to minorities) |
7 |
- |
(7) |
(158) |
|
Net cash from/(used in) financing activities |
1,021 |
208 |
(206) |
|
|
Net increase in cash and cash equivalents |
892 |
665 |
711 |
|
|
Cash and cash equivalents at beginning of period |
1,621 |
910 |
910 |
|
|
Cash and cash equivalents at end of period |
2,513 |
1,575 |
1,621 |
JUDGES SCIENTIFIC plc
NOTES TO THE CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS
1. General information
The financial information set out in these condensed consolidated interim financial statements for the six months ended 30 June 2009 and the comparative figures for the six months ended 30 June 2008 are unaudited.
The financial information for the year ended 31 December 2008 set out in this interim report does not constitute statutory accounts as defined in section 434 of the Companies Act 2006. The Group's statutory financial statements for the year ended 31 December 2008 have been filed with the Registrar of Companies. The auditor's report on those financial statements was unqualified and did not contain statements under sections 237(2) and 237(3) of the Companies Act 1985.
2. Basis of preparation
These interim condensed consolidated financial statements are for the six months ended 30 June 2009. They have been prepared taking into account the requirements of IAS 34 Interim Financial Reporting and the AIM Rules. They do not contain all the information required for full annual financial statements, and should be read in conjunction with the consolidated financial statements of the Group for the year ended 31 December 2008, which have been prepared in accordance with IFRS.
The financial policies applied are largely consistent with those of the consolidated financial statements for the Group for the year ended 31 December 2008, as described in those financial statements, although the Group has complied with the requirements of IAS 1 (Revised) 'Presentation of Financial Statements'. The only exception relates to the taxation policy where for the purpose of the interims the tax charge on underlying business performance is calculated by reference to the estimated effective rate for the full year.
3. Additions and amortisation of intangible assets
The following tables show the significant additions to and amortisation of intangible assets:
|
Carrying amount at 1 January 2009 |
Additions |
Amortisation |
Carrying amount at 30 June 2009 |
|
|
£000 |
£000 |
£000 |
£000 |
|
|
Customer relationships |
14 |
- |
10 |
4 |
|
Non-competition agreements |
9 |
- |
2 |
7 |
|
Distribution agreements |
- |
398 |
8 |
390 |
|
Research and Development |
- |
180 |
2 |
178 |
|
Sales order backlog |
- |
244 |
122 |
122 |
|
Advertising |
- |
91 |
5 |
86 |
|
Domain names |
- |
73 |
1 |
72 |
|
Total |
23 |
986 |
150 |
859 |
|
Carrying amount at 1 January 2008 |
Additions |
Amortisation |
Carrying amount at 30 June 2008 |
|
|
£000 |
£000 |
£000 |
£000 |
|
|
Customer relationships |
62 |
- |
39 |
23 |
|
Non-competition agreements |
14 |
- |
2 |
12 |
|
Total |
76 |
- |
41 |
35 |
|
Carrying amount at 1 January 2008 |
Additions |
Amortisation |
Carrying amount at 31 December 2008 |
|
|
£000 |
£000 |
£000 |
£000 |
|
|
Customer relationships |
62 |
- |
48 |
14 |
|
Non-competition agreements |
14 |
- |
5 |
9 |
|
Total |
76 |
- |
53 |
23 |
4. Earnings per share
The calculation of the basic earnings per share is based on the earnings attributable to ordinary shareholders divided by the weighted average number of shares in issue during the period.
The calculation of diluted earnings per share is based on the basic earnings per share, adjusted to allow for the issue of shares and the post-tax effect of interest, on the assumed conversion of all dilutive options and other dilutive potential ordinary shares. The calculation is based on the treasury method prescribed in IAS 33, which regards the assumed proceeds from these instruments as having been received from the issue of ordinary shares at the average market price of ordinary shares during the period. The difference between the number of ordinary shares issued and the number of ordinary shares that would have been issued at the average market price of ordinary shares during the period is treated as an issue of ordinary shares for no consideration.
Reconciliations of the earnings and the weighted average number of shares used in the calculations are set out below:
|
6 months to 30 June 2009 |
Earnings attributable to equity holders of the parent company |
Weighted average number of shares |
Earnings per share |
|
£000 |
No. |
Pence |
|
|
Profit after tax for calculation of basic earnings per share |
517 |
||
|
Notional taxed interest income accruing on dilution |
- |
||
|
Profit after tax for calculation of diluted earnings per share |
517 |
||
|
Add-back amortisation of intangible assets, net of tax |
108 |
||
|
Adjusted diluted profit before amortisation of intangible assets |
625 |
||
|
Number of shares for calculation of basic earnings per share |
4,037,678 |
||
|
Dilutive effect of potential shares |
- |
||
|
Number of shares for calculation of diluted earnings per share |
4,037,678 |
||
|
Basic earnings per share |
12.8 |
||
|
Diluted earnings per share |
12.8 |
||
|
Adjusted basic earnings per share |
15.5 |
||
|
Adjusted diluted earnings per share |
15.5 |
4. Earnings per share (continued)
|
6 months to 30 June 2008 |
Earnings attributable to equity holders of the parent company |
Weighted average number of shares |
Earnings per share |
|
£000 |
No. |
Pence |
|
|
Profit after tax for calculation of basic earnings per share |
432 |
||
|
Notional taxed interest income accruing on dilution |
12 |
||
|
Profit after tax for calculation of diluted earnings per share |
444 |
||
|
Add-back amortisation of intangible assets, net of tax |
29 |
||
|
Adjusted diluted profit before amortisation of intangible assets |
473 |
||
|
Number of shares for calculation of basic earnings per share |
3,658,341 |
||
|
Dilutive effect of potential shares |
126,780 |
||
|
Number of shares for calculation of diluted earnings per share |
3,785,121 |
||
|
Basic earnings per share |
11.8 |
||
|
Diluted earnings per share |
11.7 |
||
|
Adjusted basic earnings per share |
12.6 |
||
|
Adjusted diluted earnings per share |
12.5 |
|
Year to 31 December 2008 |
Earnings attributable to equity holders of the parent company |
Weighted average number of shares |
Earnings per share |
|
£000 |
No. |
Pence |
|
|
Profit after tax for calculation of basic earnings per share |
567 |
||
|
Notional taxed interest income accruing on dilution |
- |
||
|
Profit after tax for calculation of diluted earnings per share |
567 |
||
|
Add-back: amortisation of intangible assets, net of tax |
38 |
||
|
Add-back: provision for abortive acquisition costs, net of tax |
263 |
||
|
Less profit on disposal of available-for-sale investments, net of tax and tax adjustment in respect of prior year |
(57) |
||
|
Adjusted diluted profit |
811 |
||
|
Number of shares for calculation of basic earnings per share |
3,849,565 |
||
|
Dilutive effect of potential shares |
- |
||
|
Number of shares for calculation of diluted earnings per share |
3,849,565 |
||
|
Basic earnings per share |
14.7 |
||
|
Diluted earnings per share |
14.7 |
||
|
Adjusted basic earnings per share |
21.1 |
||
|
Adjusted diluted earnings per share |
21.1 |
5. Changes in net debt in the 6 months ended 30 June 2009 were as follows:
|
1 January 2009 |
Cash flow |
Non-cash items |
30 June 2009 |
|
|
£000 |
£000 |
£000 |
£000 |
|
|
Cash at bank and in hand |
1,621 |
892 |
- |
2,513 |
|
Debt (bank, subordinated loan notes and hire purchase) |
(2,617) |
(1,021) |
128 |
(3,510) |
|
Net debt |
(996) |
(129) |
128 |
(997) |
|
Effect of costs relating to the acquisition of Quorum Technologies Limited that are yet to be paid (included within liabilities) |
- |
(889) |
- |
(889) |
|
Adjusted net debt |
(996) |
(1,018) |
128 |
(1,886) |
Non-cash items represent foreign exchange differences on bank loans and interest accruals.
6. Acquisition of Quorum Technologies Limited
On 9 June 2009, the Group acquired 100% of the issued share capital of Quorum Technologies Limited, a company based in the UK. The total cost of acquisition, all of which has been paid or will be payable in cash, includes the components stated below.
|
Paid on acquisition |
Payable in less than one year |
Payable after more than one year |
Total |
|
|
£000 |
£000 |
£000 |
£000 |
|
|
Initial consideration |
1,200 |
- |
- |
1,200 |
|
Deferred consideration (payable in 2010 dependent upon performance) |
- |
- |
300 |
300 |
|
1,200 |
- |
300 |
1,500 |
|
|
Gross cash inherited on acquisition |
- |
889 |
- |
889 |
|
Cash retained in the business |
- |
(424) |
- |
(424) |
|
Payment to vendors in respect of surplus working capital |
- |
465 |
- |
465 |
|
Acquisition costs |
125 |
124 |
- |
249 |
|
Total cost of acquisition |
1,325 |
589 |
300 |
2,214 |
The amounts recognised for each class of the acquiree's assets, liabilities and contingent liabilities recognised at the acquisition date are as follows:
|
Pre acquisition carrying amount |
Adjustment to fair value |
Recognised at acquisition date |
|
|
£000 |
£000 |
£000 |
|
|
Property, plant and equipment |
112 |
(31) |
81 |
|
Intangible assets |
- |
987 |
987 |
|
Inventories |
678 |
- |
678 |
|
Trade and other receivables |
696 |
- |
696 |
|
Cash and cash equivalents |
889 |
- |
889 |
|
Total assets |
2,375 |
956 |
3,331 |
|
Deferred tax liabilities |
(11) |
(276) |
(287) |
|
Trade payables |
(656) |
- |
(656) |
|
Current tax liability |
(288) |
- |
(288) |
|
Total liabilities |
(955) |
- |
(1,231) |
|
Net identifiable assets and liabilities |
1,420 |
680 |
2,100 |
|
Goodwill arising on acquisition |
114 |
||
|
Total cost of acquisition |
2,214 |
||
The goodwill that arose on the combination can be attributed to Quorum's profitability.
Quorum Technologies Limited made a profit after tax of £47,000 in the 3 weeks from 9 June 2009 to the reporting date. After amortisation of intangible assets, Quorum's contribution to the Group results amounted to a loss of £53,000 after tax.
If Quorum Technologies Limited had been acquired on 1 January 2009, revenue for the Group for the period to 30 June 2009 would have been £6,790,000 and profit after tax, based on pro-forma 2008 EBIT of £496,000 per annum, would have increased by £111,000 after allowing for interest costs but before charging amortisation of intangible assets (a reduction of £64,000 after charging additional amortisation of intangible assets of £175,000).
7. Dividends
The company paid an interim dividend of 1.2p per share (£48,452) on 3 October 2008 and a final dividend of 2.4p per share (£96,904) on 3 July 2009, both relating to the financial year ended 31 December 2008.
8. Distribution of document
Copies of these condensed consolidated interim financial statements will be sent to shareholders and the AIM team and will be available on the company's website at www.judges.uk.com
Related Shares:
Judges Scientific