Judges Scientific plc Q2 2026 Earnings Recap

Judges Scientific’s H1 performance was sharply lower, with revenue down 21% year on year (13% like-for-like) and adjusted EPS down 72%, as challenging market conditions weighed on orders and revenue. The shares fell 2.4% after the results.

Key Takeaways

• Revenue declined 21% year on year; excluding the Geotek coring expedition in the prior-year period, the like-for-like decline was 13%.
• Adjusted EPS fell 72%. Management said lower revenue flowed through disproportionately to earnings given the group’s high-margin businesses.
• Continued uncertainty around U.S. research funding affected orders and revenue; the Geotek expedition’s non-recurrence was also a known headwind.
• CFO Brad Ormsby plans to retire after giving 12 months’ notice and will help identify and transition to a successor.
• Management cited long-term demand drivers, cash generation and the acquisition-led model as intact, while acknowledging the exceptionally weak H1 performance.