Judges Scientific Plc · LSE:JDG
Judges Scientific — H1 2026 Earnings Presentation
37 slides from Judges Scientific's earnings presentation, Sep 23, 2026
Slide 1: Interim Results
Interim Results Six months ended 30 June 2026 23 September 2026
Slide 2: Judges Scientific: a buy and build group in scientific instrument markets
Judges Scientific: a buy and build group in scientific instrument markets Three pillars of shareholder value Growth strategy | buy and build capital allocation Long term drivers Shareholder Large deal pool value Low capital use Extensive and diversified global customer base Execution of strategy 200
Slide 3: An experienced management team with a broad set of skills
An experienced management team with a broad set of skills Tim Prestidge Chief Executive Office Brad Ormsby Rik Armitage Chief Financial Officer Group Acquisitions Executive Ian Wilcock John Dunne Group Commercial Portfolio Chief Director Executive 3
Slide 4: Challenging markets weighed on H1 performance | Fundamentals intact
Challenging markets weighed on H1 performance | Fundamentals intact A weak H1 2026: External headwinds: Ongoing focus on controlling Addressing Revenue down 21% and Orders and revenue materially the controllables: underperformance: Adjusted EPS down 72% affected by continued Costs reduced in underpe
Slide 5: Performance Review
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Slide 6: Highlights
Highlights Revenue (LFL*) Cash from operations -13% £4.3m Total revenue down 21% (H1 2025: £12.3m) Order intake Interim dividend -12% +10% Organic order book 17.3 weeks 36.0p per share (2025: 32.7p) Adjusted operating profit Adjusted net debt -66% £45.3m Starting 2024 with a solid £4.8 million (31 D
Slide 7: Performance
Performance HY 2026 HY 2025 Variance Variance (£m) (£m) (£m) (%) 13% LFL revenue decline (ex. Coring) (21% total) Revenue 55.7 70.2 (14.5) (21)% Operating costs (50.9) (55.9) (5.0) (9)% Adjusted operating 4.8 14.3 (9.5) (66)% Operating margin of 8.6% (H1 2025: profit 20.4%) Interest (1.6) (1.7) Adju
Slide 8: Order intake
Order intake • Order intake down 12% vs H1 25 • Organic geography: – North America down 7% – China down 47% – Rest of Europe down 20% – Rest of the World up 12% – UK up 5% • Order book of 17.3 weeks at 30 June 2026 (30 June 25: 17.4 weeks; 31 Dec 25: 15.7 weeks) • Orders now only 1% behind prior YTD
Slide 9: Profit bridge
Profit bridge Growth at 8 companies 20 No coring expedition 10 Significant short-term decline in profitability at 13 companies 0 2025 Organic growthOrganic decline Acquisitions 2026 contribution* contribution* Impact of US federal funding cuts and delays to China tax exemptions *Contribution is EBIT
Slide 10: Balance sheet and cash flow
Balance sheet and cash flow Jun 26 Dec 25 Balance Sheet summary (£m) (£m) Cash (cash and o/d) 15.6 19.4 Leverage of 2.1 times (31 Dec 25: Debt (excl. IFRS 16) (60.9) (62.0) 1.5 times) Adjusted net debt (45.3) (42.6) Working Capital 28.4 23.3 Other assets / liabilities 100.1 103.0 Net assets 83.2 83.
Slide 11: Return on Total Invested Capital
Return on Total Invested Capital ROTIC (Trailing 12 months)* 50% GDS 2012 FTT 40% Scientifica 2013 Teer 2024 30% 20% 10% Geotek 2022 0% *excludes central costs and properties, and the effect of R&D capitalisation
Slide 12: Well diversified across the business
Well diversified across the business Group revenue Group revenue Group orders Group revenue by end by geography by geography market FTT Sircal PFO GDS Armfield DiaStron Geotechnical Geotek Rockwash Quorum Life science/semicon UHV Deben Scientifica Industry optimisation CoolLED EWB Oxford Cryo Other
Slide 13: Financial history
Financial history Revenue and profit EPS and Dividends (Excluding special dividends) 400.0 200,000 300.0 150,000 200.0 100,000 100.0 50,000 - - 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 Revenue H1 Revenue H2 Operating Profit H1 Operating Profit total 9
Slide 14: Growth Strategy
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Slide 15: Growth Strategy | buy and build capital allocation
Growth Strategy | buy and build capital allocation 1 2 33 Investments in Investments in Progressive Progressive acquisitions organic growth dividendpolicy dividend policy 15
Slide 16: Acquisitions: strict discipline
Acquisitions: strict discipline • Attributes of target businesses: No acquisition in H1 2026: – Strong exporters in global niche markets for scientific instruments and techniques – Cultural alignment: innovation, entrepreneurialism, openness, frugality “ …the Group sees a healthy pipeline of opportu
Slide 17: Growth Strategy | buy and build capital allocation
Growth Strategy | buy and build capital allocation 1 2 3 Investments in Investments in Progressive acquisitions organic growth dividend policy 17
Slide 18: Organic growth: The fundamentals of Judges' decentralised model
Organic growth: The fundamentals of Judges’ decentralised model Autonomy Accountability Strong Leverage Leadership Groupwide Teams Experience Robust Promote Governance Excellence and Finance Controls Filling Encourage Capability Ambition Gaps Long-term Sustained Focus Advantage 18
Slide 19: Example: Diversifying long-term growth drivers
Example: Diversifying long-term growth drivers INDUSTRIAL APPLICATIONS OF SCIENTIFIC TECHNIQUES Strong Encourage Leadership Ambition Teams Filling Capability Gaps 19
Slide 20: Example: Addressing challenges
Example: Addressing challenges CHALLENGES IN SPECIFIC PRODUCT LINES Robust Leverage Governance Groupwide and Finance Experience Controls Filling capability gaps 20
Slide 21: Example: Inspiring Disciplined Ambition
Example: Inspiring Disciplined Ambition STRATEGIC PLANS AND ACTIONS Long-term Encourage Focus Ambition Strong Leadership Teams 21
Slide 22: Growth Strategy | buy and build capital allocation
Growth Strategy | buy and build capital allocation 1 2 3 Investments in Investments in Progressive acquisitions organic growth dividend policy Increase total dividend by minimum 10% annually • … subject always to appropriate cover • … and no constraint on the Group’s capacity for 1 and 2 22
Slide 23: Outlook and Investment Case
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Slide 24: Outlook
Outlook ORDER INTAKE YTD EARLY SIGNS THAT DEMONSTRABLE TIMING LEADS TO IMPROVED TO 1% CHINA’S TAX PROGRESS AT H2 WEIGHTING AND BELOW PRIOR EXEMPTION UNDERPERFORMING SOME EXECUTION YEAR PROCESSES ARE BUSINESSES RISKS BEING RESOLVED SOME RESILIENT NEXT GEOTEK CONFIDENCE IN TRADING IN LINE MARKETS BUT
Slide 25: Investment Case
Investment Case Long term drivers Shareholder Large deal pool value Low capital use Robust business model pursued with discipline Earnings-enhancing acquisitions Diversified by geography and application Dividend growth 10+% for 19 years, CAGR 21% 25
Slide 26: Appendix
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Slide 27: The Judges Group
The Judges Group KE FIRE 2005 2006 2006 2006 2009 2010 2011 2012 2012 2013 2015 2016 2016 KE CoolLED FIRE Fire Testing PE. UHV Aitchee Quorum Sircal Deben GDS Scientifica Armfield Technology fibreoptics Design Engineering Technologies Instruments Instruments Developments 2024 2024 2024 2023 2023 202
Slide 28: Major shareholders – as at Sept 2026
Major shareholders – as at Sept 2026 David Cicurel (including SIPP, SIP and 67,000 non-beneficial) 618,903 9.3% Odin Global 590,000 8.9% Interactive Brokers 444,436 6.7% Charles Schwab (NY) 229,209 3.4% Liechtenstein Landesbank 218,500 3.3% Hargreaves Lansdown 210,944 3.2% Interactive Investor 204,4
Slide 29: Environment, Social & Governance
Environment, Social & Governance • Nature of our business is not capital intensive manufacturing and environmental impact is limited. Environment • Aim to minimise environmental impact across all aspects of business, including consideration for energy consumption and packaging of instruments. • Resp
Slide 30: Our businesses
Our businesses 1 2 3 FTT is internationally recognised as the PE.fiberoptics is a leading manufacturer of UHV Design, founded in 1993, specialises in the world’s leading supplier of fire testing test equipment that measures optical and design, manufacture and supply of high precision instrumentation
Slide 31: Our businesses
Our businesses 4 5 6 Aitchee Engineering is a well established East Sussex-based Quorum Technologies Sircal designs, manufactures and distributes precision engineering company that can manufactures market-leading scientific rare gas purifiers typically for use in metal offer high end sheet metalwork
Slide 32: Our businesses
Our businesses 7 8 9 Deben is a precision engineering company GDS designs, develops and manufactures Scientifica is a multi-award winning, globally providing innovative solutions for SEM and equipment and software used for the recognised manufacturer of advanced μX-Ray CT in-situ tensile testing. De
Slide 33: Our businesses
Our businesses 10 11 12 Armfield offers unrivalled experience in the CoolLED designs and manufactures cutting-edge Dia-Stron is the leading manufacturer of design and provision of teaching equipment illumination systems for microscopy and other automated measurement systems for single fibres aligned
Slide 34: Our businesses
Our businesses 13 14 15 EWB Solutions specialises in the design Oxford Cryosystems is a market-leading Moorfield Nanotechnology design and and manufacture of edge-welded metal manufacturer of cryogenic devices. Spun out manufactures R&D/pilot-scale laboratory bellows where a high integrity hermetic
Slide 35: Our businesses
Our businesses 16 17 18 THT is a world leader in the design, Korvus Technology sells and manufactures Geotek Ltd. (UK) specialises in high- manufacture and supply of specialised highly modular thin film deposition systems resolution, non-destructive analysis of calorimeters for use in the chemical a
Slide 36: Our businesses
Our businesses 19 20 21 Henniker designs and manufactures Founded in 2018 by experts in optics and Luciol is active in the field of fiber optic plasma surface treatment systems and non-destructive testing, Bossa Nova Vision is measurement and instrumentation, providing processes for advanced cleanin
Slide 37: Our businesses
Our businesses 22 23 Rockwash Geodata is a geological analysis Teer Coatings is a leading provider of advanced laboratory and service company founded in surface engineering solutions, specialising in the 2010 with headquarters in Llandudno application of cutting-edge coatings to enhance Junction, No