Interim Management Statement

RNS Number : 4870F

Spectris PLC

25 April 2014

 



25 April 2014

Spectris: Interim Management Statement

25 April 2014 - Spectris plc (SXS: LSE), the productivity-enhancing instrumentation and controls company, today issues its Interim Management Statement covering the period from 1 January to 24 April 2014.

TRADING UPDATE*

Reported sales for the first quarter ending 31 March 2014 were down by 1%, adversely impacted by foreign currency exchange movements (-6%) and benefiting from a 1% contribution from acquisitions. On a like-for-like basis, sales were 4% higher than the comparable period last year. Like-for-like sales to North America grew by 7%, Asia Pacific by 6% and Europe by 1%.

FINANCIAL POSITION

Operating cash-flow conversion continues to be strong and Spectris maintains a healthy financial position. Net debt at 31 March 2014 was approximately £90 million, reflecting a reduction of around £14 million since the start of the year.

SUMMARY AND OUTLOOK

Commenting on the trading position, John O'Higgins, Chief Executive, said: "It has been an encouraging start to 2014, although trading conditions remained mixed.  During the year, we will continue to invest in our key growth programmes, new product pipeline and R&D. In addition, as previously highlighted, a return to sustainable growth will lead to a gradual reversal of the discretionary cost savings made in 2013. Overall, our broad geographic and end market exposures, strong financial position, and on-going investment in the business provide the Board with confidence that the company is well positioned for 2014 and beyond."

A conference call for analysts and investors will be held at 08.00 GMT today to discuss this statement. To access the call, please dial [phone], Toll Free 0808 237 0030 - Pin code: 15076176#. Or for replay, please dial [phone], Toll Free 0808 237 0026 - Pin code: 647605#.

Spectris will issue its Interim results on 25 July 2014.

- ENDS -

*All comparatives exclude Fusion UV which was divested in January 2013

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]

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

 

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