SPECTRIS PLC
Spectris: 2012 Year End Trading Update
18 January 2013 - Spectris plc (SXS: LSE), the productivity-enhancing instrumentation and controls company, today issues an update on trading for the twelve months ending 31 December 2012.
TRADING UPDATE
Like-for-like sales in the fourth quarter of 2012 grew by 4%, helping deliver a robust full year performance despite a challenging trading environment. Sales growth for the full year, on a reported basis, was approximately 11%, including 10% from acquisitions, offset by a 2% decline from foreign exchange movements. Therefore, like-for-like sales increased by approximately 3% for the full year.
Regionally on a like-for-like basis, full year sales in Asia Pacific grew by around 6%, with continued strength in China. North America sales were up approximately 5% and Europe declined by around 1%.
Adjusted operating profit was circa £229 million (2011: £201.5 million), giving an adjusted operating margin of approximately 18.6% (2011: 18.2%), with continued progress in the Test and Measurement and Industrial Controls segments.
In November 2012, we announced the acquisition of Analytical Spectral Devices Inc. ("ASD") and this transaction closed on 14 December 2012. In December 2012, we announced the divestiture of Fusion UV to Heraeus Holding GmbH for a total cash consideration of US$172 million and, as previously reported, this transaction is expected to close within the first quarter of 2013.
Cash conversion continued to be strong and our financial position is robust, with net debt in line with expectations.
SUMMARY AND OUTLOOK
Commenting on the results, John O'Higgins, Chief Executive, said: "We are pleased with the performance and the resilience shown by our businesses during the year. For 2013, we are well positioned and will continue to focus on our strategic priorities including further strengthening of our R&D pipeline and the development of our recent acquisitions, whilst our strong balance sheet enables us to seek additional inorganic growth opportunities."
