Interim Management Statement

RNS Number : 9860B

Spectris PLC

05 November 2009

 



SPECTRIS PLC

PRESS RELEASE

05 November 2009

INTERIM MANAGEMENT STATEMENT

Spectris plc, the productivity-enhancing instrumentation and controls company, today issues its Interim Management Statement covering the period from 1 July to 4 November 2009. 

On a reported basis, sales for the four months ended 31 October 2009 were 4% lower than the prior year, including a contribution from acquisitions (5%) and beneficial effects from currency (10%); on a constant currency organic basis, sales were therefore 19% lower. 

Since we announced our interim results in August, market conditions have remained broadly unchanged. However, we have noted some stabilisation in demand, although visibility is still limited. With continuing low production levels in many of the industries we serve, we are planning for a gradual recovery in our markets commencing in 2010. Our restructuring activities are expected to deliver benefits in 2009 and 2010 in line with projections outlined at the time of our interim statement. We are confident that with our continued focus on new products and applications and the contribution from acquisitions we are well placed as our markets return to growth.

The group continues to maintain a good financial position, with operating cash conversion remaining strong. In September, we replaced the £50 million facility maturing in December with a £40 million three-year term facility on market terms, giving committed bank facilities of £130 million. There have been no other significant events or transactions since the beginning of the period which would have a material impact on the financial position of the group.

Spectris will issue a trading update in January 2010 ahead of its announcement of preliminary results for the year ending 31 December 2009, due to be released on 23 February 2010.  

ENDS

About Spectris

Spectris plc is a leading supplier of productivity-enhancing instrumentation and controls. The company's products and technologies help customers to improve product quality and performance, improve core manufacturing processes, reduce downtime and wastage and reduce time to market. Its global customer base spans a diverse range of end user markets. 

Spectris operates across four business segments which reflect the applications and industries it serves: Materials Analysis, Test and Measurement, In-line Instrumentation and Industrial Controls. Headquartered in Egham, Surrey, the company employs approximately 5,800 people, with offices in 29 countries.

For more information, visit www.spectris.com 

Contacts:

Spectris plc

John O'Higgins, Chief Executive                 01784 470470

Clive Watson, Group Finance Director        01784 470470

FD

Richard Mountain                                     020 7269 7186

Copies of this announcement are available from the company's registered office at Station Road, Egham, Surrey TW20 9NP, and on the company's website at www.spectris.com.

 

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