Judges Scientific Plc · LSE:JDG
Judges Scientific — FY2025 Earnings Presentation
36 slides from Judges Scientific's earnings presentation, Mar 31, 2026
Slide 1: Final Results
Final Results Year ended 31 December 2025 31 March 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 Buy and build strategy Long term drivers Large deal pool Shareholder M&A value Low capital use Extensive and well diversified customer base globally Execution of strategy 2005 – 2025 Other re
Slide 3: An experienced management team with a broad set of skills
An experienced management team with a broad set of skills Tim Prestidge Rik Armitage Chief Executive Group Acquisitions Executive Brad Ormsby John Dunne Chief Financial Officer Portfolio Chief Executive Ian Wilcock Mark Lavelle Operational Group Commercial excellence Director 3
Slide 4: Disappointing FY25 despite a strong start; fundamentals intact
Disappointing FY25 despite a strong start; fundamentals intact A strong start with Geotek Restrictions in US federal Geographic and market Focus on controlling the delivering a coring funding of scientific research had diversification partly mitigated controllables: investing for expedition in Q1 a
Slide 5: Performance Review
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Slide 6: Highlights
Highlights Organic revenue (LFL*) Cash from operations +2% £33.0m Total revenue up 9.1% (2024: £34.0m) Organic order intake (LFL*) Final dividend -6% +10% Organic order book 15.7 weeks 82.3p per share (FY div: 115p) Adjusted operating profit Adjusted net debt Flat £42.6m Starting 2024 with a solid £
Slide 7: Performance
Performance FY 2025 FY 2024 Variance Variance (£m) (£m) (£m) (%) 6% organic revenue growth plus recent acquisitions Revenue 145.8 133.6 12.2 9% Operating costs (117.8) (105.7) (12.1) 11% Adjusted operating 28.0 27.9 0.1 0% Operating margin of 19.2% (2024: profit 20.9%) Interest (3.6) (3.6) Adjusted
Slide 8: Order intake
Order intake £m • LFL Organic order intake 6% below FY24 170 160 • Organic geography: 150 – North America down 23% 140 – China up 8% 130 120 – Rest of Europe up 6% 110 – Rest of the World down 2% 100 – UK down 9% 90 80 • Organic order book of 15.7 weeks at 31 Dec 2025 (31 Dec 2024: 18.7 weeks) 70 60
Slide 9: Profit bridge
Profit bridge Geotek recovery, including a coring 50 expedition 40 Growth at 6 other companies 30 including 5 to records 20 Organic decline at 12 companies 10 including segment-specific declines and product-related challenges 0 2024 Organic growthOrganic decline Acquisitions 2025 contribution* contr
Slide 10: Balance sheet and cash flow
Balance sheet and cash flow Dec 25 Dec 24 Balance Sheet summary (£m) (£m) Cash (cash and o/d) 19.4 19.6 Leverage of 1.5 times (31 Dec 24: Debt (excl. IFRS 16) (62.0) (71.3) 1.7 times) Adjusted net debt (42.6) (51.7) Working Capital 23.3 26.0 Other assets / liabilities 103.0 112.9 Net assets 83.7 87.
Slide 11: Return on Total Invested Capital
Return on Total Invested Capital ROTIC (Trailing 12 months)* 50% GDS March 2012 FTT 40% Scientifica June 2013 Teer August 2024 30% 20% 10% Geotek May 2022 0% *excludes central costs and properties, and the effect of R&D capitalisation 11
Slide 12: Well diversified across the business
Well diversified across the business Group revenue Group organic revenue Group organic orders Group revenue by end by geography by geography market FTT Sircal PFO GDS Armfield DiaStron United Kingdom Geotechnical Geotek Rockwash Rest of Europe Life science/semicon Quorum UHV North America Deben Scie
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 12 13 14 15 16 17 18 19 20 21 22 23 24 25 Revenue H1 Revenue H2 Operating Profit H1 Operating Profit total 90% cas
Slide 14: Growth Strategy
Growth Strategy
Slide 15: Growth strategy: buy and build
Growth strategy: buy and build Acquisitions Organic growth 15
Slide 16: Acquisitions: strict discipline
Acquisitions: strict discipline • Attributes of target businesses: – Strong exporters in global niche markets for scientific instruments and techniques – Cultural alignment: innovation, entrepreneurialism, openness, frugality Acquisition of minority holding in – Robust margins demonstrate differenti
Slide 17: 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 17
Slide 18: 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 18
Slide 19: Example: Addressing challenges
Example: Addressing challenges CHALLENGES IN SPECIFIC PRODUCT LINES Robust Leverage Governance Groupwide and Finance Experience Controls Filling capability gaps 19
Slide 20: Example: Inspiring Disciplined Ambition
Example: Inspiring Disciplined Ambition STRATEGIC PLANS AND ACTIONS Long-term Encourage Focus Ambition Strong Leadership Teams 20
Slide 21: Example: Improving working capital performance
Example: Improving working capital performance GRANULAR FOCUS ON STOCK MANAGEMENT Robust Promote Governance Excellence and Finance Controls Leverage Groupwide Experience 21
Slide 22: Outlook and Investment Case
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Slide 23: Outlook
Outlook GEOPOLITICAL UNCERTAINTIES LOWER-THAN- YTD ORDER INTAKE TURBULENCE REMAIN AROUND DESIRED ORDER BEHIND PY CONTINUING INTO US FEDERAL BOOK BROUGHT 2026 FUNDING INTO 2026 CONFIDENCE IN CONTROL THE NEXT GEOTEK LONG-TERM DRIVERS 2026 GUIDANCE: CONTROLLABLES: CORING EXPEDITION RESTORING EPS 200p -
Slide 24: 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% 24
Slide 25: Appendix
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Slide 26: 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 27: Major shareholders – as at March 2026
Major shareholders – as at March 2026 David Cicurel (including SIPP, SIP and 67,000 non-beneficial) 618,898 9.3% Odin Global 590,000 8.9% Interactive Brokers 328,901 4.9% Liontrust 216,787 3.3% Hargreaves Lansdown 209,915 3.2% Interactive Investor 203,500 3.1% Stephen Upton & Jacqueline Upton 185,05
Slide 28: 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 29: 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 30: 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 31: 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 32: 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 33: 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 34: 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 35: 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 36: 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