Interim Management Statement

RNS Number : 1026H

Spectris PLC

31 October 2008

 



Date: Embargoed until 7.00, Friday 31 October 2008      

SPECTRIS PLC : INTERIM MANAGEMENT STATEMENT

Spectris plc, the productivity-enhancing instrumentation and controls company, today issues its Interim Management Statement for the period from 1 July to 30 October 2008, in accordance with the requirements of the UK Listing Authority's Disclosure and Transparency Rules.

Based on current trading, the company anticipates that results will be in line with expectations for 2008. Organic sales for the period at constant currency have continued to grow, albeit at a rate slightly below that seen in the first half of the year. Total group sales were boosted by positive currency effects of around 12% in the period and by a contribution from acquisitions, including Contrôle Analytique, Viscotek, nCode and the Siemens Machine Vision Business. Organic order intake for the period has slowed and was broadly flat on a constant currency basis. Total group orders increased compared with the prior year period as a result of the contribution from acquisitions and the positive currency effect.

On 1 October, Spectris announced that it had signed an agreement to acquire the LDS Test & Measurement business from SPX Corporation. The purchase consideration will be met from existing cash and bank facilities. The transaction is expected to be completed by the end of the year, subject to certain closing conditions.

The underlying effective tax rate is expected to decline from 28% to 26%, with a further one-off benefit of two percentage points this year. The group's financial position remains strong, with net debt less than EBITDA, which would increase to approximately 1.25 times EBITDA on completion of the LDS Test & Measurement acquisition.

As a result of management actions taken since 2005, operational gearing has been reduced; we continue to monitor market developments closely and are ready to take further measures in the event of any prolonged deterioration in our markets. The diversity of the markets Spectris serves and the increased expenditure on research and development will provide both resilience and growth opportunities. 

Spectris will issue a trading update on 15 January 2009 ahead of its announcement of preliminary results for the year ending 31 December 2008 on 24 February 2009.

- 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 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 6,000 people, with offices in 28 countries.

For more information, visit www.spectris.com

Contacts:

Spectris plc

John O'Higgins, Chief Executive                  01784 470470

Clive Watson, Group Finance Director

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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