Think you may have misread. Transferred not bought, AE
Eric |
CEO just bought £300k's worth. Nice vote of confidence if ever I saw one. |
Worth also remembering from previous judges presentations the importance Mr Cicurel placed on the pound / dollar exchange rate . A high tech manufacturer like Judges has a very UK centric cost base made up of things like wages and rent rather than raw material inputs . The spectacular dollar strength of recent months will not have been in the forecasts , so I would expect margins to be well ahead of expectations |
I wonder whether Mr Cicurel has threaded the needle here to buy a superb world leading business at the bottom of a multi year cycle . Could well be the best time in many years for the analysis of geological cores as there is a renewed interest from mining companies , oil and gas companies and governments in exploration . Looks like a good chunk of revenues are in a rapidly strengthening dollar too |
It’s like football agents. Stupid fees, but they must be worth it to most clubs, so they pay them.
Also, might’ve paid £800k and got the company for £2 million less than expected, so we don’t know the full dynamics. |
He may well have made a number of "introductions" since joining JDG but, presumably, we only hear about (and he'll only get his fee for) those that make it through the filters and DD to final acquisition. |
Yes, to an extent, but I still find it slightly unsettling. Is the world of scientific instruments really so large and disconnected that someone who wants to sell his company and someone who is building a conglomerate can't find each other without paying £800,000 for an introduction? It seems an excessive amount. I'd be interested to know how much work was actually done to earn it. Did Mr Holroyd just bump into someone from Geotek in the pub? Or did he spend months researching and negotiating and persuading... |
zangdook - he's a non-executive director, so does that put a slightly different slant on things? The RNS says that all NED's are incentivised for introductions |
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. |
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? |
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." |
...and they've corrected it |
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%. |
Provided the lumps lead to a smoothed out rise in profit over the medium term, don't think lumps matter too much. |
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. |
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: |
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.👍 |
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/ |
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. |
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. |
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. |
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. |
 ...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 |
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? |
One mustn't ever get complacent but how often have we heard the same words....."ahead of market expectations..."???
Truly remarkable!!!!! |
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