Want to see GB:JDG full AI Analyst Report?
Top Page
Judges Scientific
(LSE:JDG)
Select Model
Select Model
Rating:54Neutral
Price Target:
3,672.00 p
▼(-9.33% Downside)
Action:Reiterated
Date:09/28/26
The score is held up by solid underlying financial profile (revenue expansion and positive cash generation) and a balanced earnings-call outlook with guidance reaffirmed. It is pulled down by very weak technicals (downtrend across key moving averages with negative MACD) and limited valuation clarity due to a negative P/E, despite a supportive dividend yield.
Positive Factors
Acquisition-led compounding
The acquisition model has produced sustained revenue and EBIT growth across two decades, while organic expansion shows the portfolio can develop beyond deal activity. A deep pipeline and established operating approach support continued compounding potential over the next several years.
Negative Factors
Sharp earnings deterioration
The sharp first-half contraction shows that Judges Scientific's high-margin businesses have significant operating leverage, making earnings vulnerable when equipment demand weakens. A heavily weighted second half leaves profitability dependent on recovery and successful delivery over the coming months.
Read all positive and negative factors
Positive Factors
Negative Factors
Acquisition-led compounding
The acquisition model has produced sustained revenue and EBIT growth across two decades, while organic expansion shows the portfolio can develop beyond deal activity. A deep pipeline and established operating approach support continued compounding potential over the next several years.
Read all positive factors
Judges Scientific (JDG) vs. iShares MSCI United Kingdom ETF (EWC)
Market Cap
£224.80M
Dividend Yield3.51%
Average Volume (3M)36.07K
Price to Earnings (P/E)―
Beta (1Y)0.77
Revenue Growth-8.18%
EPS Growth-105.44%
CountryUK
Employees791
SectorTechnology
Sector Strength88
IndustryHardware, Equipment & Parts
Share Statistics
EPS (TTM)-0.09
Shares Outstanding6,660,695
10 Day Avg. Volume25,122
30 Day Avg. Volume36,068
Financial Highlights & Ratios
PEG Ratio-1.46
Price to Book (P/B)4.53
Price to Sales (P/S)2.60
P/FCF Ratio18.04
Enterprise Value/Market CapN/A
Enterprise Value/RevenueN/A
Enterprise Value/Gross ProfitN/A
Enterprise Value/EbitdaN/A
Forecast
1Y Price Target
£5,600.00Price Target Upside38.27% Upside
Rating ConsensusModerate Buy
Number of Analyst Covering1
EPS Forecast (FY)2.01
Revenue Forecast (FY)£124.07M
Judges Scientific Business Overview & Revenue Model
Company Description
Judges Scientific plc is a company dedicated to the design, production, and worldwide sale of advanced scientific instruments. Its operations are structured around two core divisions: Materials Sciences and Vacuum. The company provides a wide arra...
How the Company Makes Money
Judges Scientific makes money primarily through revenue generated by its operating subsidiaries that sell specialized scientific instruments, equipment, and associated solutions to research and industrial customers. Key revenue streams typically i...
Judges Scientific Earnings Call Summary
Earnings Call Date:Sep 23, 2026
(Q2-2026)
| % Change Since: |
Next Earnings Date:Mar 24, 2027
Earnings Call Sentiment Neutral
The call presented a sharply weaker first-half financial performance, with revenue down 21%, adjusted earnings per share down 72%, lower operating profit, increased gearing and depressed ROTIC. However, management highlighted improving order intake from down 18% in Q1 to down 1% year-to-date, strong cash conversion, a 10% dividend increase, progress in underperforming businesses, industrial-market opportunities, a healthy acquisition pipeline and reaffirmed full-year guidance. The positive operational momentum and confidence were offset by significant research-funding, China, offshore-wind and execution headwinds, resulting in a balanced overall tone.Positive Updates
Order Intake Momentum Improved
Like-for-like order intake improved from down 18% in Q1 to down 12% at the end of H1 and was just 1% down year-to-date at the end of the week before the presentation. The last four months of orders had been at or around the internal budget level for at least a month, supporting management's confidence in the order book and full-year delivery.
Negative Updates
Sharp H1 Revenue Decline
Total H1 revenue declined 21% year over year, or 13% on a like-for-like basis after excluding the Geotek coring expedition in H1 2025 that was known not to recur.
Read all updates
Q2-2026 Updates
Positive
Negative
Order Intake Momentum Improved
Like-for-like order intake improved from down 18% in Q1 to down 12% at the end of H1 and was just 1% down year-to-date at the end of the week before the presentation. The last four months of orders had been at or around the internal budget level for at least a month, supporting management's confidence in the order book and full-year delivery.
Read all positive updates
Company Guidance
The group is guiding trading in line with FY 2026 market expectations, supported by Q3 order intake in line with expectations, like-for-like order intake year-to-date at almost parity and an improved order book, although revenue will have a significant H2 weighting, indeed a Q4 weighting, with execution risks. Meeting market expectations requires delivering GBP 1.60 in the second half, aided by a lower cost base in H2 this year compared to last year, the Patent Box benefit and operating leverage on higher volumes; the effective rate of tax expected for this year is 18%. The group expects continued headwinds in scientific research, including continued challenges around U.S. federal funding research into 2027, while the next Geotek coring expedition is not now expected earlier than 2028. The total annual dividend policy remains to increase by a minimum 10% annually, and the interim dividend was increased by 10% to GBP 0.36 per share.Judges Scientific Financial Statement Overview
Summary
Income Statement
64
Positive
Balance Sheet
58
Neutral
Cash Flow
62
Positive
| Breakdown | TTM | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 131.30M | 145.80M | 133.60M | 136.10M | 113.21M | 91.29M |
| Gross Profit | 3.80M | 101.00M | 92.00M | 93.60M | 21.01M | 15.34M |
| EBITDA | 22.90M | 32.20M | 30.90M | 32.20M | 29.00M | 20.33M |
| Net Income | -600.00K | 5.50M | 10.40M | 9.50M | 12.50M | 12.68M |
Balance Sheet | ||||||
| Total Assets | 180.90M | 188.10M | 205.10M | 183.50M | 185.79M | 88.98M |
| Cash, Cash Equivalents and Short-Term Investments | 15.60M | 19.40M | 17.90M | 13.70M | 20.83M | 18.41M |
| Total Debt | 63.80M | 65.20M | 73.60M | 65.30M | 59.95M | 21.32M |
| Total Liabilities | 97.70M | 104.20M | 117.90M | 100.90M | 131.33M | 45.58M |
| Stockholders Equity | 83.20M | 83.70M | 86.90M | 82.40M | 54.24M | 42.78M |
Cash Flow | ||||||
| Free Cash Flow | 13.10M | 21.00M | 22.10M | 20.60M | 12.33M | 13.44M |
| Operating Cash Flow | 18.10M | 26.40M | 28.50M | 26.50M | 20.22M | 16.89M |
| Investing Cash Flow | -7.50M | -7.40M | -22.60M | -25.90M | -50.80M | -5.21M |
| Financing Cash Flow | -13.80M | -17.40M | -1.40M | -7.60M | 31.20M | -8.81M |
Judges Scientific Technical Analysis
Negative
4050.00
Price Trends
3697.97
Negative
4093.26
Negative
4288.26
Negative
Market Momentum
-92.35
Negative
34.65
Neutral
34.52
Neutral
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For GB:JDG, the sentiment is Negative. The current price of 4050 is above the 20-day moving average (MA) of 3482.38, above the 50-day MA of 3697.97, and below the 200-day MA of 4288.26, indicating a bearish trend. The MACD of -92.35 indicates Negative momentum. The RSI at 34.65 is Neutral, neither overbought nor oversold. The STOCH value of 34.52 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Negative sentiment for GB:JDG.
Judges Scientific Peers Comparison
UnderperformOutperform
Sector (61)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
78 Outperform | £4.01B | 33.57 | 12.53% | 1.38% | 14.41% | 41.98% | |
64 Neutral | £813.18M | 28.20 | 9.04% | 1.54% | 4.82% | 17.80% | |
61 Neutral | $37.18B | 12.37 | -10.20% | 1.83% | 8.50% | -7.62% | |
58 Neutral | £354.06M | -9.91 | -24.38% | 3.68% | -2.68% | 47.33% | |
54 Neutral | £224.80M | -375.00 | -0.72% | 3.51% | -8.18% | -105.44% | |
50 Neutral | £35.71M | 49.55 | 1.32% | ― | 2.30% | -81.36% |
* Technology Sector Average
GB:JDG
Judges Scientific
3,400.00
-2,139.34
-38.62%
GB:KMK
Kromek Group plc
5.45
-1.25
-18.66%
GB:RSW
Renishaw
5,330.00
1,893.93
55.12%
GB:TTG
TT Electronics
195.00
41.00
26.62%
GB:DSCV
discoverIE Group plc
826.00
256.40
45.01%
Judges Scientific Corporate Events
Business Operations and StrategyExecutive/Board ChangesDividendsFinancial Disclosures
Judges Scientific Endures Tough First Half but Holds Guidance and Lifts Dividend
Negative
Sep 23, 2026
Judges Scientific reported a sharp first-half downturn, with revenue falling 21% to £55.7m and adjusted pre-tax profit dropping 75% to £3.2m, as reduced U.S. research funding, delays in China, postponed offshore wind projects and the abs...
Business Operations and StrategyExecutive/Board Changes
Judges Scientific CFO to Step Down After Decade of Acquisition-Led Growth
Neutral
Sep 23, 2026
Judges Scientific plc, a specialist consolidator in scientific instruments, has built a decentralised portfolio of 25 largely UK-based businesses whose products serve worldwide demand across academia, research, industry and regulatory bodies. The ...
Other
Judges Scientific Reports Share Incentive Plan Purchases by Senior Executives
Neutral
Sep 10, 2026
Judges Scientific plc has disclosed small share purchases in the company by trustees of its Share Incentive Plan for three senior executives. Ordinary shares were acquired on behalf of Chief Executive Officer Tim Prestidge, Chief Financial Officer...
Business Operations and StrategyFinancial Disclosures
Judges Scientific to Host Investor Webinar on Half-Year Results
Positive
Aug 12, 2026
Judges Scientific Plc, an AIM-quoted acquirer and developer of scientific instrument businesses, oversees a portfolio of 25 mainly UK-based companies supplying specialist equipment worldwide to higher education, research institutions, manufacturer...
Business Operations and StrategyExecutive/Board ChangesRegulatory Filings and Compliance
Judges Scientific Executives Receive Shares Under Incentive Plan
Positive
Aug 6, 2026
Judges Scientific has reported a series of director and senior management share dealings linked to its Share Incentive Plan. On 5 August 2026, trustees of the plan purchased small volumes of ordinary shares on behalf of several key executives, inc...
Business Operations and StrategyFinancial Disclosures
Judges Scientific Warns on First-Half Weakness but Confirms Full-Year Earnings Targets
Negative
Jul 23, 2026
Judges Scientific plc has reported a markedly weaker first half, with revenue down 21% and order intake 11% lower than the prior year, reflecting the absence of a Geotek coring expedition and uncertainty around U.S. federal research funding. Addit...
Business Operations and StrategyFinancial Disclosures
Judges Scientific Holds FY2026 Outlook as H1 Revenue Drops on Coring and Funding Headwinds
Negative
Jul 23, 2026
Judges Scientific, the acquisitive U.K. scientific instruments group listed on AIM, reported a markedly weaker first half as revenue fell 21% year-on-year amid the absence of a Geotek coring expedition and funding-related softness in U.S. science ...
Dividends
Judges Scientific Executives Reinvest Dividends into Company Shares
Positive
Jul 20, 2026
Judges Scientific has disclosed that Chief Financial Officer Brad Ormsby, together with his spouse, and Non-Executive Deputy Chair Ralph Elman have acquired additional ordinary shares in the company. The purchases were executed on 17 July 2026 thr...
Business Operations and StrategyExecutive/Board Changes
Judges Scientific Executives Add Shares via Incentive Plan
Positive
Jul 9, 2026
Judges Scientific has disclosed that several senior executives, including the chief executive officer, chief financial officer and other key managers, have had ordinary shares purchased on their behalf under the company’s Share Incentive Pla...
Glossary
BuyA stock rated as a "Buy" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock is likely to deliver higher returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
HoldA stock rated as a "Hold" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly compelling nor unfavorable for investment. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
SellA stock rated as a "Sell" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock may deliver lower returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
Disclaimer
This AI Analyst Stock Report is automatically generated by our AI systems using advanced algorithms and publicly available financial, technical, and market data. While the information provided aims to be accurate and insightful, it is intended for informational purposes only and should not be considered financial advice. Any content created by an AI (Artificial Intelligence) system may contain inaccuracies and/or contain errors. Investing in stocks carries inherent risks, and past performance is not indicative of future results. This report does not account for your personal financial circumstances, objectives, or risk tolerance. Always conduct your own research or consult with a qualified financial advisor before making investment decisions. The analysis and recommendations provided are based on historical and current data and may not fully reflect future market conditions or unexpected developments. Neither the creators of this report nor its affiliated entities guarantee the accuracy, completeness, or reliability of the information presented. Use this report at your own discretion and risk.