Judges Scientific PLC (AIM) saw its shares fall sharply in Thursday morning trading following a disappointing trading update ahead of its interim results, which are expected in September.
The company, known for its scientific instruments, cited challenging market conditions and difficult comparisons with the previous year. It reported a 4% drop in organic order intake and a 3% decline in organic revenue.
Judges has revised its earnings guidance, now forecasting earnings per share to fall short of the market consensus of 384.6p by 5% to 10%.
The company anticipates some improvement in the second half of the year, thanks to the completion of delayed projects and increased activity in its Geotek digitalisation business. However, the next Geotek contract is still being negotiated, with a start date set for late 2024, meaning no revenue from this contract will be recognized in the current financial year.
Despite the expected second-half progress, Judges no longer expects to meet current market performance expectations by year-end. In London, shares of Judges were down 18.85%, trading at 9,170p.