Spectris reports better-than-expected trading in fourth quarter
Measurement equipment company Spectris updated the market on its trading on Wednesday, reporting a 7% fall in like-for-like sales in the fourth quarter, reflecting a stronger trading performance ahead of management's expectations, notably in December.
The FTSE 250 company said that as a result, sales for 2020 were expected to be £1.34bn, subject to audit, reflecting an 11% decline in like-for-like sales.
With an 8% impact from disposals, primarily related to BTG, and a limited impact from foreign currency exchange movements, the board said that led to an expected 18% decrease in reported sales compared to the prior year.
On a segmental basis, Spectris said like-for-like sales were down 13% in its Malvern Panalytical business and 9% lower in HBK, while sales in Omega fell 13% and those in industrial solutions were off 9%.
“Reflecting the stronger than expected sales performance and continued overhead cost control, full year 2020 adjusted operating profit, subject to audit, is now expected to be around the top end of the consensus range of £150m to £171m,” the Spectris board said in its statement.
Spectris said it would announce its full-year results for the 12 months indeed 31 December on 25 February.
At 0804 GMT, shares in Spectris were up 0.63% at 3,028p.