Spectris like-for-like sales grow in Q4

Instrumentation and controls developer Spectris saw full-year reported sales for 2014 fall 2% year-on-year because of acquisitions and strong currency headwinds, but registered underlying growth after a decent fourth quarter.

In a trading update released on Friday, the group said like-for-like sales for the year grew 2%.

Sales for the fourth quarter rose 5% compared to the same period last year on both a reported and constant currency organic basis, and were up 2% on a like-for-like basis.

In North America and in the Asia Pacific region like-for-like sales in the fourth quarter grew by 8% and by 6%, respectively, with full-year like-for-like sales registering a 6% hike in North America and a 1% increase in Asia.

Europe reported flat like-for-like sales for the fourth quarter, which led to a 1% decline in full-year sales on a constant currency basis.

"Trading in the fourth quarter was good, and we are pleased that materials analysis returned to growth in this period,” said group chief executive John O’Higgins.

“The macro-economic environment remains challenging, but we will continue to progress our strategic initiatives and believe that the group is well positioned for 2015 and beyond."

Spectris said it had completed three acquisitions in the fourth quarter, which resulted in net debt of about £126m as of 31 December, and it expected full-year adjusted operating profit to be approximately £198m.

Spectris shares were up 7.33% to 2,109.00p at 08:43 on Friday.