Judges Scientific shares have lost nearly two-thirds of their value since reaching an all-time high in 2024, after a period in which they rose 10,300% between March 2004 and March 2024.
The Aim-listed group, which owns 23 core businesses serving scientific and testing markets, reported revenue of £55.7 million in the first half of its fiscal year, down 21% year on year, with adjusted pre-tax profit down 75%. Order intake fell 12% in the first half, driven by lower demand from the US and China and softer sales from renewable energy customers.
Judges said momentum has picked up since the period ended, with order intake running just 1% behind the levels of the prior year. The company has extended its banking facilities to 2030 and reported net debt of £41 million, equivalent to roughly 1.9 times Ebitda.
The shares now trade at 19 times forward earnings, compared with around 43 times in 2024. Analysts at Berenberg expect margins to stabilise and sales to improve next year as funding and spending recover, with a small recovery pencilled in for 2028 and growth returning in 2029.