News blog
Judges Scientific
- BY: Andrew Hore |
- POSTED: 30/03/2011 |
Instrumentation supplier Judges Scientific has produced another good set of full year figures.
Revenues grew from £11.3m to £16m, while underlying profit improved from £1.58m to £2.57m. That excludes amortisation and, in 2010, a £1.75m charge relating to derivatives. That relates to a change in valuation for the convertible redeemable shares brought about by a sharp rise in the ordinary share price.
Contributions from recent acquisitions helped to boost revenues and profit. Sircal, acquired in March 2010, contributed £270,000 to profit. There was also a full 12 month contribution from 2009 acquisition Quorum. Organic revenue growth was 14%.
The total dividend has been increased by 50% to 7.5p a share.
Net debt was £788,000 at the end of 2010.
In March 2011, Judges acquired 51% of Suffolk-based electron microscopy company Deben UK. The deal valued Deben at £3.26m. Deben owns a property worth £517,000 and made an operating profit of £707,000. Judges has guaranteed the £2.42m loan used by the acquisition vehicle of Deben.
At 470p a share, Judges is valued at £19.7m. The shares are trading on les than 11 times 2010 earnings.
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