Judges Scientific Plc (JDG.L) said it has acquired 100% of the issued share capital of Scientifica Limited, specialist manufacturers of electrophysiology equipment, for 12.0 million pounds cash and an earn-out capped at 1.0 million pounds. An additional payment would be made to reflect any excess working capital over and above the ongoing requirements of the business. The firm anticipates such payment to be covered by the cash inherited as at the completion date.
Founded in 1996 by Mark Johnson and David Rogerson, Scientifica's unaudited accounts for the year to March 31, 2013 show revenues of 9.2 million pounds and pre-tax profits of 2.2 million pounds. Operating profit adjusted to eliminate non-recurring items and to reflect Judges' practices would have totaled £2.1 million, the company noted.
The earn-out would total 1.0 million pounds, provided Scientifica generates operating profits of 2.17 million pounds or more in respect of the year to March 31, 2014, reducing by six times any shortfall below 2.17 million pounds. The acquisition is likely to be earnings enhancing with immediate effect.
The Group said its trading performance since the beginning of the current financial year has remained satisfactory. Order intake was strong in the first quarter and more subdued since, resulting in 4.7% organic growth in order intake compared to the first 25 weeks of 2012.
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