A full year trading update from Spectris this morning bolstered the share price of the FTSE-250 listed precision measurement company. The note is admittedly brief, but investors were quick to lend support to news that adjusted operating profit for the year to December 2024 are expected to be above consensus and at the upper end of the range of analyst expectations. The Spectris share price was trading 12% higher at 8.30am.
Despite posting news of bumper revenues this morning which underlined the success of the company’s recent transformation plan, markets gave a lukewarm reception to the Q3 trading update. Management believe that the momentum already built will carry through into the fourth quarter and whilst this will come against a tough comparative, there’s confidence that full year numbers will show operating profits of around £225m and free cash flow of at least £100m. The note also highlights good progress with customers when it comes to absorbing the increased wage costs following last year’s budget. The Mitie share price was little changed shortly after the open.
The £350m market cap, AIM-listed company published a trading update this morning which is arguably of interest when it comes to the wider economic outlook. Group revenue for the full year was up 11%, significantly outperforming the wider lending market and leaving pre-tax profits set to come in ahead of prior forecasts. However, the note goes on to highlight what management deem as being signs of pent up demand with notable growth seen in the final quarter. With external agencies noting the market will continue to expand for some time yet, there’s clearly something to cheer here, not just for the company but the wider UK economy, too. The Mortgage Advice Bureau share price was trading up 8% in early trade.
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