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Spectris' FY pretax profit tumbles on impairments

14 February 2017 07:25

Spectris' FY pretax profit has tumbled to £31.9m, from £141.6m, as a raft of impairments, adjustments and amortisations weighed heavily on operating profit.

Dividend was 52p a share, from 49.5p a year ago.

It reported impairment of goodwill and other acquisition-related intangible assets of £115.3m, from £1.6m a year earlier. Net acquisition-related costs and fair value adjustments were £10.1m, from £2.9m.

Amortisation of acquisition-related intangible assets totalled £36.9m, from £33.0m.

CEO John O'Higgins said Spectris' year ended well with like-for-like sales growth in Q4 following challenging trading conditions in the first three quarters.

"We continue to make good strategic progress as we transition our customer offering from the supply of products towards the provision of solutions encompassing hardware, software and services, responding to our customer's needs," the company said.

He added that end-market growth in the near-term was expected to be modest.

"However, the evolution now underway within Spectris is an exciting time for the business and will further enable and support delivery of our solutions strategy," said O'Higgins.

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