Interim Management Statement

RNS Number : 8030Q

Spectris PLC

18 October 2013

 



Spectris plc: Interim Management Statement

Friday 18 October 2013 - Spectris plc (LSE: SXS), the productivity-enhancing instrumentation and controls company, issues its Interim Management Statement covering the period from 1 July to 17 October 2013. The below stated comparatives are from continuing business excluding Fusion UV.

TRADING UPDATE

On a reported basis, sales for the three months ended 30th September 2013 (the "period") were 5% higher than the comparable period last year, including a contribution of 1% each from acquisitions and currency. On a constant currency organic (like-for-like) basis, sales increased by 3% compared to Q3 2012.

Sales to Europe grew 8% on a like-for-like basis and performance in North America showed improvement on the prior quarter, with sales being flat compared to last year. Sales to Asia Pacific declined 1%, with weak performances recorded in China and Japan partly compensated for by strong growth in South Korea and India. As the year has developed, the anticipated benefit from currency has progressively reduced due to the relative strengthening of Sterling against our major trading currencies.

FINANCIAL POSITION

During the period, we announced the acquisition of NanoSight Limited, a leading provider in the design and development of particle size measurement instrumentation for life-sciences research, for a debt and cash-free net consideration of £15 million.

Operating cash-flow conversion continues to be strong and Spectris maintains a healthy financial position. Net debt at 30 September 2013 was approximately £135 million, a reduction of around £119 million since the start of the year.

BOARD CHANGE

Steve Blair, Business Group Director, will be leaving the Board during the first quarter of 2014 in order to take up a position as Chief Executive of e2v technologies plc.

OUTLOOK

Customer activity remains strong and we are encouraged by quarterly sequential improvements in our short cycle businesses as well as in North America and Europe. However, overall trading conditions are mixed and the timing of recovery in the business to more normalised growth rates continues to be unpredictable. Based upon our current view, we anticipate EBITA performance for 2013 to be around the lower end of market expectations¹.

Spectris is strategically well positioned for the future and we have a strong balanced portfolio of products and technologies. We continue to expand our geographical presence and maintain investments in our R&D pipeline, with further new products on plan for launch in 2014 and beyond.

A conference call for analysts and investors will be held at 08.00 (UK time) today to discuss this statement.

Toll Number	[phone]
Toll-Free Number	0808 237 0030
Participant PIN	33604102#
Playback Number	[phone]
Playback Toll Free	0808 237 0026
Playback Pin Code	642781#

- ENDS -

¹Company compiled consensus range: EBITA £214.0 - £226.5 million

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, England, the Company employs approximately 7,600 people, with offices in more than 30 countries.

For more information, visit www.spectris.com

Copies of this announcement are available from the Company's registered office at Heritage House, Church Road, Egham, Surrey TW20 9QD and on the Company's website at www.spectris.com

Contacts:
Spectris plc
John O'Higgins, Chief Executive	[phone]
Clive Watson, Group Finance Director	[phone]
Cléa Rosenfeld, Head of Corporate Affairs	[phone]
FTI Consulting
Richard Mountain	[phone]
Suzanne Yule	[phone]

 

END

 

 

IMSMRBATMBABBFJ