Judges Scientific Plc · LSE:JDG
Judges Scientific — H1 2025 Earnings Presentation
38 slides from Judges Scientific's earnings presentation, Sep 18, 2025
Slide 1: Interim Results
Interim Results Six months ended 30 June 2025 18 September 2025
Slide 2: Judges Scientific: a buy and build group in the scientific instrument market
Judges Scientific: a buy and build group in the scientific instrument market 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 – 2024 Other
Slide 3: A highly experienced management team
A highly experienced management team Brad Ormsby David Cicurel Chief Financial Chief Executive Officer Tim Prestidge Ian Wilcock Group Business Group Commercial Development Director Director Mark Lavelle Rik Armitage Operational M&A excellence 3
Slide 4: Key messages
Key messages Mixed environment Disappointing performance Strategy Japan coring expedition Weak comparative period Addressing trading challenges Most deferred orders now Material US impact Restore organic growth delivered Other trading challenges at No acquisitions ytd US research funding impact some
Slide 5: Performance Review
e Review on Judges Scientific ple
Slide 6: Highlights
Highlights Organic revenue Cash from operations +7% £12.3m Total revenue up 15.5% (H1 2024: £7.8m) Organic order intake Interim dividend +4% +10% Organic order book 17.4 weeks 32.7p per share (H1 2024: 29.7p) Adjusted operating profit Adjusted net debt +16% £45.7m Starting 2024 with a solid £14.3 mi
Slide 7: Performance
Performance HY 2025 HY 2024 Variance Variance (£m) (£m) (£m) (%) 7% organic revenue growth plus recent acquisitions Revenue 70.2 60.8 9.4 15% Operating costs (55.9) (48.5) (7.4) 15% Adjusted operating 14.3 12.3 2.0 16% Operating margin of 20.4% (H1 profit 2024: 20.2%) Interest (1.7) (1.5) Adjusted P
Slide 8: Order intake
Order intake • H1 Organic order intake 4% above H124 • Organic geography: – North America down 18% – China up 120% – Rest of Europe up 7% – Rest of the World up 2% – UK down 7% • Organic order book of 17.4 weeks at 30 June 2025 (31 Dec 2024: 19.2 weeks) • Total order book of 18 weeks at 30 June 2025
Slide 9: Profit bridge
Profit bridge 25 20 15 10 5 0 H1 2024 contribution* Organic growth Organic decline Acquisitions H1 2025 contribution* *Contribution is EBIT from trading subsidiaries before central costs
Slide 10: Balance sheet and cash flow
Balance sheet and cash flow Jun 25 Dec 24 H1 2025 H1 2024 Balance Sheet summary Cashflow summary (£m) (£m) (£m) (£m) Cash 18.9 17.9 Adjusted EBITDA 16.7 14.2 Debt (excl. IFRS 16) (64.6) (69.6) Working capital movements (4.4) (6.2) Adjusted net debt (45.7) (51.7) Exceptional transaction costs - (0.2)
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 Geotechnical Geotek Rockwash Quorum Life science/semicon UHV Deben Scientifica Industry optimisation CoolLED EWB Ox
Slide 13: Financial history
Financial history Revenue and profit EPS and Dividends (Excluding special dividends) 400.0 150,000 300.0 100,000 200.0 50,000 100.0 - - 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% cash conver
Slide 14: Growth Strategy
on Judges Scientific ple
Slide 15: Growth drivers
Growth drivers Organic M&A growth 15
Slide 16: Acquisitions
Acquisitions @ 8 Judges Scientific plc
Slide 17: Acquisitions
Acquisitions • Strict acquisition discipline • Acquisition attributes: – Strong exporters in their global niche markets; solid EBIT margins – Generate sustainable profits and cashflows – Pay 3 to 7 times EBIT according to size – Borrow up to 3 times EBITDA @ 3 to 8% Reduce debt Long deal Crystallisa
Slide 18: Organic Growth
on Judges Scientific ple
Slide 19: Organic growth: The Fundamentals
Organic growth: The Fundamentals 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 19
Slide 20: Diversifying long-term growth drivers
Diversifying long-term growth drivers Industrial applications of scientific techniques & processes Strong Encourage Leadership Ambition Teams Filling Capability Gaps 20
Slide 21: Improving global sales presence
Improving global sales presence Investment in sales leadership & improving international representation Encourage Promote Ambition Excellence Leverage Groupwide Experience 21
Slide 22: Addressing product-specific challenges
Addressing product-specific challenges Commitment to quality & investment in engineering capability Leverage Promote Groupwide Excellence Experience Filling capability gaps 22
Slide 23: Improving working capital performance
Improving working capital performance Granular focus on stock management Robust Promote Governance Excellence and Finance Controls Leverage Groupwide Experience 23
Slide 24: Outlook and Investment Case
and ent Case on Judges Scientific ple
Slide 25: Outlook
Outlook Secular growth drivers intact H2 started with solid order book but order intake Current positionpoor over summer US research funding constrained Next coring timing uncertain (FY26 or FY27?) Priority to restore performance of those businesses with weaker trading Performance currently expected
Slide 26: Investment Case
Investment Case Long term drivers Shareholder Large deal pool value Low capital use Robust business model pursued with discipline Every acquisition is earnings enhancing Diversified by geography and scientific application Dividend growth of 10+% for 18 years, CAGR 22% 26
Slide 27: Judges Scientific plc
@® Judges Scientific plc
Slide 28: 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 29: Major shareholders – as at Sept 2025
Major shareholders – as at Sept 2025 David Cicurel (including SIPP, SIP and 67,000 non-beneficial) 611,355 9.2% Odin Global 590,000 8.8% Interactive Brokers 403,909 6.1% Broadcrest 241,844 3.6% Liontrust 234,331 3.5% Cannacord Genuity 210,998 3.2% Interactive Investor 205,174 3.1% Hargreaves Landsdo
Slide 30: 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 31: 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 32: 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 33: 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 34: 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 35: 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 36: 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 37: 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 38: 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