Judges Scientific Share Discussion Threads

[james188] 09/6/2022 13:35

As JDG pursue larger deals, I think it is pretty much inevitable that they will need to pay introduction fees. If they can continue to pay relatively low multiples, I think that such feels are fair enough to access attractive opportunities.

[zangdook] 09/6/2022 13:22

Thanks, I must have skipped that.

Wow, he's getting £800,000. For that sort of fee he could employ a full-time staff to look for acquisitions. Or so could the company - is it really so hard to find targets, or for sellers to make themselves known?

[milesy] 09/6/2022 13:09

Zang - re the introductory fee, see section headed "Deal Origination - Related Party Transaction"



"Based on the experience of the Group, the level of the Introduction Fee is materially lower than the fees charged by independent brokers."

[zangdook] 09/6/2022 07:46

...and they've corrected it

[zangdook] 09/6/2022 03:49

Nearly a quarter of a million pounds to a director as an introduction fee? That's rather a lot. I would have thought it might be considered part of his job as a director to introduce opportunities to the company, anyway.

They have the percentage wrong, too. 4,945 shares is approx 0.1%, not 0.001%.

[grahamburn] 24/5/2022 09:54

Provided the lumps lead to a smoothed out rise in profit over the medium term, don't think lumps matter too much.

[wad collector] 23/5/2022 21:18

Well the market certainly looks positively at the Geotek acquisition. From the outside, it is so hard to judge whether a price being paid is appropriate. Throw in a few words like synergism and visibility, and it sounds good. I like the following phrase; "Revenues tend to be lumpy". Let us hope that they are big lumps.

[davidosh] 23/5/2022 11:22

David Cicurel will be at Mello2022 on Thursday to meet shareholders

Mello2022, our annual flagship two day smaller growth company event will be returning to the popular Clayton Conference Centre in Chiswick, London W4 on Wednesday 25th May and Thursday 26th May.

There will be 60+ LSE Small Cap and AIM listed companies attending including David Cicurel of Judges who has been a great supporter of Mello over the years and first came to present to our community in 2008. There will also be keynote speakers such as Lord John Lee, Andy Brough, Leon Boros, Clarke Carlisle and Gervais Williams.

1 day tickets are £115 and 2 day tickets are £189. However they are available at half price to shareholders so to obtain 50% off just use code MMTADVFN50.

For more information, please visit the event webpage:

[cornishman33] 23/5/2022 07:59

JDG have acquired Geotek. This is the largest acquisition JDG have made and is expected to be materially earnings in the current financial year. Great news.👍

[tomps2] 25/3/2022 12:10

Judges Scientific (JDG) full year 2021 results presentation - March 2022

CEO, David Cicurel, Group FD, Brad Ormsby & COO, Mark Lavelle present the full year 2021 results for the period ended 31 December 2021. The Group delivered record revenue, profits, cash generation and dividends in a year which still presented challenges as a consequence of the pandemic.

Watch the video here: www.piworld.co.uk/company-videos/judges-scientific-jdg-full-year-2021-results-presentation-march-2022/

Or listen to the podcast here: piworld.podbean.com/e/judges-scientific-jdg-full-year-2021-results-presentation-march-2022/

[grahamburn] 23/3/2022 21:34

cornishman33.

Agree with james188 - the busier ae bulletin board for a share, the poorer the quality of discourse plus the potential attaction for traders.

This company is quiet and methodical in its execution which is exactly the right approach for its chosen market sector.

It's true that the dividend is on the low side, but at least the promise of a 10% annual increase has been kept and, often, exceeded.

Perhaps the only concern going forward is how long the company's driving force in the shape of David Cicurel will remain at the helm. At recent presentations he still seems highly motivated, so that's a good sign as well as the evidence that the other two executives are well-attuned to the business model and its execution.

[james188] 23/3/2022 17:09

JDG is an excellent share, but not cheap and it is a low dividend payer, although the total return is first rate. I am very happy for it to attract less attention than many other AIM stocks.

[cornishman33] 23/3/2022 16:59

Another great set of results for the most boring company on AIM.Up over 10% but still a lttle off the recent ath. Judging by the infrequent postings on this board not a very popular stock. Can never understand why a company that has produced consistently increasing returns over nearly 20 years is ignored.

[cornishman33] 14/3/2022 20:14

Some large trades today, both buys and sells, in what is normally a very low volume share. No idea if this was significant or not. Results on the 23rd.

[km18] 21/2/2022 17:52

...from last year...

Company overview:
Judges Scientific is a group specialised in the acquisition and development of scientific instrument companies. The 19 firms currently under the umbrella are primarily UK-based with clients across the world. The acquisition strategy is a classic where they look for international portfolio of clients and sustainable sales and profits, nothing outstanding there. It seems to be working well for them as the goodwill figure is nicely kept at just above 20% of total assets, taking into consideration the fact that they have acquisitions every year in the past decade.
On top of that, fundamentals are strong, with revenues growing at CAGR 7.28% and net profits are seeing 60% CAGR, which is impressive. Returns for investors are healthy, with ROCE standing at 17% for 2020 and rising at 15% CAGR and dividends continuously rising over the past 10 years, reaching 15.5p in 2020. There are some pension deficits that need further analysis, as they boost the gearing to 33.7%. Cash generation is strong with CFO rising in 6 of the last 10 years.
The interim results released today look promising. Revenue is bumped by 14.7% to £43m and PBT is 55.4% ahead of 2020 interim at £6.7m. Net debt (adjusted for the IFRS 16) is significantly improved from £5.7m to £1.7m. The underlying theme is also very positive with organic intake increasing 25%  and even surpassing by 3% the record H1 2019. The company also secured £60m 5y bank facility to support acquisitions in the coming periods. Management expects the full year results to “exceed existing market expectations”.

Short analysis:

Cash cash has increase from December by 13.5%, due to strong CFO and a small issue of share capital
Net debt decreased significantly to £1.7m
CA/CL = 1.92
Cash ratio = 0.72
Interest coverage = 25.66
P/S TTM = 5.54, higher than the industry average
BV ps = 605p, rising from 511p
Operating profit is £7.1m, compared to £4.6m in H1 2020...


.... from WealthOracleAM

[alter ego] 07/1/2022 11:27

perhaps it's time for a share split. The spread can be horrible and must be a deterrent to buying or selling JDG stock. Would more volume traded help?

[jaf111] 07/1/2022 08:14

One mustn't ever get complacent but how often have we heard the same words....."ahead of market expectations..."???

Truly remarkable!!!!!

[cornishman33] 07/1/2022 07:28

'Order intake remains the main driver of performance and consequently the recovery in orders resulted in good progress in revenues. Organic revenue, which was 5% ahead in the first half, accelerated in the second half to reach double-digits for the year as a whole. As a result of the positive performance of the Group, the Board now anticipates that Adjusted Earnings Per Share for the full year ended 31 December 2021 will be ahead of market expectations' Excellent update. The share price is close to it's ath, maybe that could soon be taken out.

[superadams] 16/12/2021 22:26

Could be just technical. Appears to have broken out of a downtrend.

[cornishman33] 16/12/2021 20:15

Nice jump in the price today. No idea if there was any specific reason for the rise, but tried a fairly large dummy sell and was offered a price of £81.20 for 1500. Normally getting a firm offer price for anything over a few hundred is difficult, sugesting the MM's want the stock.

[zangdook] 19/10/2021 09:59

ref post 2042
This link takes you to the start of the Judges segment, avoiding half an hour of even more tedious waffle before it.

[gnome3] 19/10/2021 08:34

Well, you were pretty clever to hang on to this one! Well done.
The original Cornishman must have made off like a bandit back in the day. I have this vision of him sailing his yacht around the Caribbean :-)

[cornishman33] 19/10/2021 07:22

Thanks Gnome3, but I am definitely not as clever as the Cornishman you refer to! Just got lucky with this one.

[gnome3] 19/10/2021 02:16

Congratulations Cornishman. That's an incredible buy and hold!!
Are you THE Cornishman? If so, I owe you a belated thanks from the start of the Millennium!

I began my investing journey in the midst of the Tech bubble and you struck me at the time as one of the few voices of reason in amongst all the insanity. I remember you used to keep a list of your current holdings on your MF profile and I would keep an eye on it for new ideas. Having made a not inconsiderable amount of money, I woke up one morning in early 2000 with a feeling of impending doom. When I checked your holdings, you'd removed the lot and I took the decision then to sell everything - right at the top of the market!

Unlike you probably, I reinvested my profits a few months later in the blue sky dross which was now trading at a mere fraction of its former highs. The rest is history! Without doubt the best and cheapest investment lesson I ever learned.

[davidosh] 18/10/2021 18:12

The interview was only 35 minutes so I am sure you can fit that in before your hair dries lol