Judges Scientific's revenues rose by 9.3% to a record £27.3 million in the six months to the end of June, including 7.0% organic growth.
Adjusted pre-tax profits fell 11.4% to £3.0 million (H1 2015: £3.3 million). The interim dividend of 9.0p is up 11.1%; covered 3.7 times by adjusted earnings.
- CoolLED, Dia-Stron and Fire Instrumentation and Research Equipment (FIRE) acquired during the period for a total consideration of £6.6m
- Organic order intake down 1.6% compared with H1 2015
- Organic order book at 10.7 weeks (H1 2015: 11.7 weeks)
- Adjusted basic earnings per share down 19.2% to 33.2p (H1 2015: 41.1p)
- Cash generated from operations of £2.4 million (H1 2015: £2.3 million)
- Adjusted net debt of £10.3 million as at 30 June 2016 (30 June 2015: £7.5 million and 31 December 2015: £4.0 million)
Chairman Alex Hambro said: "This has been a period of contrast, with success in the pursuit of earnings-enhancing acquisitions and frustration in respect of short-term trading performance. At this stage, the Board therefore believes that the full year results will be significantly below market expectations."