Buy Rating Affirmed for Judges Scientific Amid EPS Guidance Cut and Growth PotentialWe continue to be positive on the longer-term Judges story, but we do not expect this update to be received well today, particularly given last year's downgrades, and we expect mid-/high-double-digit consensus downgrades to follow. 2H will be challenging, and at this stage, there is a lack of the usual offset from M&A this year, which is unhelpful (but driven by a focus on deal quality). Detail 1H25 Trading Update: Trading has been 'materially impacted by performance in the US' and several business-specific issues. Organic order intake was +4% (vs first 11wks 'slightly ahead'), with all regionsreporting higher order intake, excl. North America -18% & the UK -7% with organic order book at 17.2 wks (FY24: 19.2 wks) and total order book at 18.1 wks.