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Judges Scientific shares dive after profit warning
(Sharecast News) - Shares in Judges Scientific plunged on Thursday after the AIM-quoted scientific instruments conglomerate warned on profits following "subdued" trading in the first half. The company, which acquires and develops companies in the scientific instrument sector such as geoscience tech firm Geotek and precision engineering outfit Deben, said difficult market conditions and record prior-year comparatives have resulted in a "challenging environment" across its businesses.
In a trading update ahead of its interim results, Judges Scientific said irganic order intake was 4% lower than last year in the six months to 30 June, with China and Hong Kong seeing a combined 65% decline and North America also down 9%, slightly offset by a 34% increase in the Rest of the World and 2% improvement in Europe.
As a result, organic revenues were down 3% in the first half, while earnings per share are expected to drop by a fifth.
While there is some improvement predicted in the second half, the company now expects to miss current market forecasts for adjusted basic earnings per share of 384.6p, compared with 374.6p in 2023.
"The board now anticipates earnings per share to be between 5 and 10% below the consensus," the company said.
Shares were down 18.8% at 9,175p by 1035 BST.
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