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Spectris encouraged by YTD performance

17 May 2017 07:39

Spectris says it is generally encouraged by the performance year to date, which has been in line with expectations, as it named its incoming chairman as Mark Williamson.

"Trading conditions in the period have improved compared with 2016, although performance is still fairly mixed and as a result, the group's underlying outlook for 2017 remains broadly unchanged," said CEO John O'Higgins.

"We continue to focus on transitioning our customer offering towards the provision of solutions and this clear strategic direction, as well as broad geographic and end-market diversification and strong financial position, provide the Board with confidence that the company is well positioned for the future."

Reported sales rose 22% in the period Jan. 1 to April 30. Group like-for-like (LFL) sales increased by 4% against a weak prior year comparator, whilst acquisitions contributed 5% to sales growth and foreign currency exchange movements positively impacted revenues by 13%.

LFL sales grew 11% in Asia Pacific, 4% in Europe and declined by 1% in North America, although in the latter, order growth in certain longer cycle industries such as energy and telecoms outpaced this sales growth.

"All four segments delivered LFL sales growth in the period, with particularly strong growth in the In-line Instrumentation segment," said O'Higgins in a statement.

"The group continues to be highly cash generative and maintains a strong financial position."

He said the Project Uplift initiatives were progressing as planned and that Spectris still expected a net cost in 2017 of £14m.

"Elsewhere, we have identified further restructuring activities to enhance operating performance in certain of our businesses, at a cost of £5m."

On May 15, Spectris completed the acquisition of Setpoint for a purchase consideration of $10m.

Separately, the company added that Mark Williamson has been appointed to the board as non-executive chairman, effective from the conclusion of the AGM on May 26. He would succeed the retiring John Hughes.

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