A decent top line, but not exactly a victory lap
Judges Scientific just handed in its FY2025 report card, and it’s a mixed bag with a slightly sour aftertaste. Revenue climbed 9.1% to £145.8 million, which sounds nice until you notice adjusted operating profit crawled up just 0.4% to £28.0 million and adjusted basic EPS slipped 2.9% to 275.3p.
The market still has a few sticky floors
The company pointed to a tougher trading backdrop, especially in the US, and said the outlook for 2026 remains challenging thanks to a lower order book and ongoing uncertainty in key markets. In other words: the demand engine is still running, but it’s not exactly revving like a sports car.
Dividend cheer in the middle of the gloom
Here’s the bit that gives income investors something to smile about: Judges Scientific is proposing a 10% increase in its final dividend to 82.3p per share. That takes the full-year payout to 115p, up from 104.5p last year, and signals management still wants to keep its progressive dividend story alive even while the numbers are doing a more awkward shuffle.
Why investors should care
This is the classic “good revenue, meh profit” setup. If you own the stock, you’re probably watching whether Judges can turn that sales growth into something more meaningful on the bottom line — especially with order books weakening. Big picture: the dividend is doing some of the heavy lifting here, but investors will want proof the core business can regain some momentum in 2026.