JUDGES SCIENTIFIC PLC (JDG)

Background Judges Scientific was established in 2003, with the intention of acquiring niche businesses manufacturing scientific instruments. Since launch, it has been highly successful, having acquired some 25 businesses and most of those businesses have grown organically. It has done this without needing to raise much fresh capital. Since launch, the share count has grown from 2.1m 6.6m, whilst the market capitalisation has grown from £2.2m to £524m today. This was the first of two very different AGMs in London that I attended ...

Today I attended the 13th Annual general Meeting of Judges Scientific at the Lansdowne Club in the West End of London. Judges Scientific Plc is a company that is engaged in the acquisition and development of a portfolio of scientific instrument businesses. 5 shareholders were present today, which is 4 more than last year – maybe todays profit warning encouraged a higher than usual turnout. The profit warning contained the following: "At the time of the release of the 2015 annual results on ...

The Annual General Meeting of Judges Scientific Plc (JDG) took place on May 27th at the Landsdowne Club in the West End of London. This company has grown primarily by acquisition in the last few years, mainly by taking over companies operating in the scientific instrument field and often where the existing owners were looking to retire. Cash generated from operations has been used to pay down debt taken on board to finance these acquisitions, and with a high return on ...

Judges Scientific held their Annual General Meeting in central London on the 28th May. This company has grown primarily by acquisition in the last few years, mainly by taking over companies operating in the scientific instrument field where the existing owners were looking to retire. In the last 5 years revenue has grown from £7m per annum to £36m. The earnings picture is somewhat confused though because of the presence of large numbers of convertible shares in the past - when ...

Judges (AIM:JDG) is a mini-conglomerate of niche, highly specialist, scientific instrument and related supplies companies. Each of its subsidiaries is a dominant player in its own specific niche. Acquisitions have focussed on highly cash-generative businesses, available at prices offering an excellent return on capital. See the annual report for details. Though Judges’ shares have risen considerably over the last year, they remain on an attractive multiple and PEG ratio, as long as you adjust out the distortion caused by the required IAS39 treatment of convertible shares. ...

On the 31st May in London, the Judges Scientific AGM was attended by only three shareholders, one of whom was a company employee (he was a former director of one of the companies they took over – at least he appeared to be happy working for them as he had even bought more shares after receiving some from the takeover). The formal business was fairly routine, although it transpired that the resolution to permit allotment of shares (no. 7) actually enables the ...