JUDGES SCIENTIFIC PLC (JDG)

JUDGES SCIENTIFIC PLC (JDG)

Blog posts

LeaderExemplary Remuneration at Judges Scientific

I recently commented negatively on the remuneration section of the Annual Reports of Greggs and Avast. Today I read another Annual Report from Judges Scientific (JDG) and it’s a completely different story. I have held shares in this company which is a scientific instrument maker since 2010. The share price then was 327p. It’s now 4940p. Led by CEO David Cicurel in that period, as the Annual Report says the “Management is focused on shareholder value – profitability, cash generation, debt reduction, ...

Brexit Investment Strategies

Investors may have noticed that the pound is in free fall and heading towards US$1.20. That’s near the low after the initial Brexit vote. Pundits, not that they can be relied on for forex forecasts, suggest it could go lower now that we seem to be heading for a “no-deal” Brexit. With the pound falling, and potential damage to the UK economy from a hard Brexit, investors should surely have been avoiding companies reliant on UK sales, or UK consumers, or those ...

Audit Market Shake-Up, Ocado on TV, and Judges Scientific Presentation

The Competition and Markets Authority (CMA) have issued their final recommendations to improve competition in the audit market after an earlier public consultation. This follows widespread concerns over the dominance of the big four audit firms, the lack of apparent competition on price or quality, and repeated complaints about the quality of audits following several big and small company failures. Audit firms seem to have got off relatively lightly if the CMA’s recommendations are implemented by the Government. Here’s a brief ...

AGM Reports

Judges Scientific Plc (JDG) AGM Report 2016

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 ...

Judges Scientific (JDG) AGM Report 2015

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 (JDG) AGM report May 2014

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 Scientific (JDG) AGM Report 2012

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. ...

Judges Scientific (JDG) AGM Report 2011

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 ...

Leaders and Laggards

LeaderExemplary Remuneration at Judges Scientific

I recently commented negatively on the remuneration section of the Annual Reports of Greggs and Avast. Today I read another Annual Report from Judges Scientific (JDG) and it’s a completely different story. I have held shares in this company which is a scientific instrument maker since 2010. The share price then was 327p. It’s now 4940p. Led by CEO David Cicurel in that period, as the Annual Report says the “Management is focused on shareholder value – profitability, cash generation, debt reduction, ...

Corporate Remuneration Reports

Judges Scientific – commentary on remuneration by Cliff Weight

I attended the Mello event at Beckenham on 18 April 2016 and listened to the presentation by chief executive David Cicurel and finance director Brad Ormsby. This is a company which in my opinion has a very good remuneration structure. First, management own 19% of the company, with the Chief Executive earning a 15% stake, currently worth about £18 million and the other directors some 3.7%. This provides the basis for a strong alignment with long-term shareholders. Options have been awarded over 256,176 shares, ...