Judges Scientific AIM:JDG
- Founded
- 2002 · London, England
- Incorporated
- United Kingdom
- Chief executive
- David Cicurel
- Employees
- 822
- Reports in
- GBP
- Companies House
- 04597315
Buy-and-build group acquiring niche scientific instrument manufacturers, owning over 20 businesses making instruments for materials testing, fire research, oceanographic coring (Geotek) and other scientific applications, largely for export. A celebrated AIM compounder built on disciplined acquisition pricing.
Read straight from the annual reports
3,610p at close on 2 Oct 2026 · 12 reported years, 2014–2025
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GBP millions, negatives in brackets. Per-share lines in pence, share counts in millions. later is what a following report restated the figure to; vs is a second reading that disagrees. The figure shown is the one the original filing printed, and both readings are kept. Click any figure: opens the report page it was read from, highlighted; shows how it was calculated. The share price above is drawn to the same columns: each close sits over the financial year it fell in.
12 years, at a glance
Dashed: Operating margin, in % on its own scale — read its shape, not its height against the bars.
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Organic order intake, the Group's main bellwether for revenue
Order intake is the main driver of our business...Total Organic order intake (including Geotek's coring expedition) was down 10% year on year
page 4Acquisitions contributing full-year revenue
Revenue from acquisitions reflected a full year of trading at Teer Coatings, Luciol, and Rockwash
page 9Operating leverage / volume
Given the operational leverage in the Group, the most important driver of Judges' operating margins is volume...the other businesses combined saw EBIT fall by approximately a third
page 5UK employer National Insurance Contributions increase (1.5%)
the contribution of the coring expedition was offset by the stagnation in like-for-like Organic revenue coupled with increasing costs, partly attributable to the UK Government's 1.5% increase to employers' National Insurance Contributions
page 5£13.9m charge: Amortisation and impairment of acquired intangible assets and goodwill
page 71Given the above headwinds and continuing wider macro uncertainties, as guided in the group's trading update in January 2026, the Board expects 2026 Adjusted EPS to be in the range of 200p – 250p. This range assumes the absence of a coring expedition until early 2027 and no recovery in trading in the USA.
page 728 January 2026: Tim Prestidge awarded 60,000 share options (reflecting promotion to CEO); Brad Ormsby and Ian Wilcock each awarded 10,800 options; all at exercise price 5200p, vesting subject to 5% compound growth in adjusted EPS over three years
page 48Progressive dividend policy with a minimum annual increase of 10%, subject to adequate cover and provided the Group retains sufficient cash and borrowing resources for acquisitions. Final dividend of 82.3p proposed (2024: 74.8p), total 2025 dividend 115.0p (2024: 104.5p), covered 2.4x by Adjusted EPS (2024: 2.7x)
page 2Directors adopted the going concern basis, assessing the period to end of June 2027, considering a plausible downside scenario of a repeat of the 13% order reduction seen in 2020, concluding no significant challenges to continued existence and no covenant breach. Auditor BDO LLP issued an unqualified opinion with no material uncertainty related to going concern; key audit matters were fraud risk in revenue recognition and valuation of Group goodwill/parent company investments
page 52- Political tensions between the West and China potentially disrupting sales to China/Taiwan and worldwide industrial activityp.34
- US market: freezing or reduction of federal funding for scientific research, and the uncertainty it creates, given US represents ~25% of Group revenuep.34
- Acquisitions: risk that acquired companies do not meet or maintain expected profitability, or that suitable targets become unavailable/too competitively pricedp.34
- Economic conditions: customers are internationally located and often state-owned or liquidity linked to government spendingp.34
Read from C000726-AR-2025-ch.
11 annual reports read, FY2015 to FY2025
Open a year to see what its report said. Every line in it carries the page it was read from.
Sources: Companies House (11)
FY2026Next report expected 29 Mar 2027