Judges Scientific (LSE:JDG) reported a 21% decline in first-half revenue to £55.7 million, while adjusted pre-tax profit fell 75% to £3.2 million.
The scientific instruments group also recorded a statutory loss and lower cash generation during the period.
The company attributed the reduction in first-half performance to lower research funding in the US, delays in China, the postponement of offshore wind projects and the absence of a Geotek coring expedition.
Despite the first-half decline, Judges Scientific maintained its full-year earnings guidance and increased its interim dividend by 10%.
Order Intake Improves in Early Second Half
Judges Scientific said order intake improved during the early part of the second half and was running close to the levels recorded in the corresponding period last year.
The improvement follows the factors that affected demand during the first six months, including conditions in the US and China and delays to offshore wind-related activity.
The company has maintained its earnings guidance for the full year.
Banking Facilities Extended to 2030
Judges Scientific has also extended its multibank facilities to 2030, providing the group with longer-term financing arrangements.
The company announced a 10% increase in its interim dividend despite the year-on-year reduction in first-half revenue and adjusted pre-tax profit.
Separately, the group is preparing for a change in its senior management team. Chief Financial Officer Brad Ormsby is due to step down from his position next year.
Judges Scientific Owns 25 Scientific Instrument Businesses
Judges Scientific is a UK-based group focused on acquiring businesses operating in the scientific instruments sector.
The group owns 25 predominantly UK-based businesses whose products are sold internationally to customers including universities, research institutions, manufacturers and regulators.
Its acquisition model combines the operation of its existing businesses with further acquisitions, while its stated financial objectives include profit and cash generation, debt reduction, organic growth and dividend payments.
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