Spectris interim profits fall 8% to £37.6m
Spectris
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16:40 03/05/24
Instrumentation and controls company Spectris said pre-tax profits fell 8% to £37.6m in the first half.
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Sales were up 5% on a like-for-like basis to £710m, there was also a 5% contribution from acquisitions and a beneficial impact of 12% from foreign currency exchange movements.. The dividend was increased to 19p a share from 18p.
The company is in the process of moving from being a supplier of products towards providing a combination of hardware and software and services.
“During the year, we continued to transition along this path with a number of strategic initiatives to ensure we are aligning our customer offering to their evolving requirements,” the company said.
“Our customer proposition has been enhanced by the contribution from the service and software acquisitions made over the past 12 months and by our key account management approach.”
Chief executive John O'Higgins said Spectris would continue to focus on customer solutions, “in particular the growth opportunities from the Malvern PANalytical merger and within the automotive sector, and building on the acquisitions and capital investments we have made over the past 12 months in services and software”.
“Whilst we will continue to make further targeted strategic investments to support our growth ambitions in the second half, overall, our expectations for the full year remain unchanged,” he said.