Spectris plc: Interim Management Statement
Friday 19 October 2012 - Spectris plc ("Spectris" or the "Company") (LSE: SXS), the productivity-enhancing instrumentation and controls company, today announces its Interim Management Statement covering 1 July until 18 October 2012.
TRADING UPDATE
On a reported basis, sales increased by 12% during the last quarter. This included a 13% contribution from acquisitions and a negative currency effect of 3%. Therefore, on a constant currency organic (like-for-like) basis, sales for the three months ended 30 September 2012 (the "period") were 2% up on the same period last year.
The Company saw like-for-like growth across all four segments during the period albeit at a slower pace than in the first half of this year. Regionally, sales in Asia Pacific grew by 6% on a like-for-like basis, with continued strength in China delivering 15% like-for-like growth over the same period last year. North America grew 1% and Europe declined 2% in the quarter compared with the third quarter of last year.
FINANCIAL POSITION
There were no significant events or transactions during this period which resulted in a material impact on the financial position of the group.
Net debt at 30 September 2012 was £290 million. The Company continues to maintain a healthy financial position, with operating cash conversion remaining strong.
OUTLOOK
The Board believes that Spectris remains well positioned to deliver on its expectations for the year as it realises both the benefits of its recent acquisitions, especially Omega, and the increase in the proportion of resilient revenues generated in the business.
The Company continues to focus on its strategic initiatives and manages a well balanced portfolio of products and technologies across a broad spectrum of markets and geographical presence. Spectris will continue to invest in its R&D pipeline driving productivity and innovation, as well as operational efficiencies across all segments of the business.
