Spectris posts 11 per cent rise in annual sales

Productivity-enhancing instrumentation company Spectris posted an 11 per cent rise in annual sales for 2012, contributing to the same percentage rise in adjusted earnings per share.

Sales for the 12 months climbed from £1,106.2m to £1,230.8m year-on-year, while adjusted profit before tax increased to £217.3m from £191.6m, resulting in adjusted earnings per share of 137.5p (2011: 124.1p).

Actual pre-tax profit totalled £186.7m, compared to £166m the previous year. The dividend was increased by 16% from 33.6p to 39.0p per share.

John O'Higgins, Chief Executive, said: "This strong result was achieved through the progress we made on all aspects of our strategy. We will continue to invest in new products and applications which enhance our customers' productivity, seek further geographic growth opportunities across the group, and improve the resilience of the business through organic and acquisition activities.

"The board is confident that Spectris continues to be strategically well-positioned for 2013 and beyond."

The group said it expects to see growth in its Life Sciences sector continue, but said its Mining sector looks set to continue to slow in the first half of 2013.

"We also see potential in the emerging nano-materials sector, creating demand from academic research institutions, as well as in-house research and development laboratories in the pharmaceutical and advanced materials sectors," it said.

Sales in Test & Measurement rose 3.0% on a like-for-like basis, while operating profit grew 0.7%, helped by strong demand from the electronics and telecoms markets and continued growth in automotive.

In-line Instrumentation sales climbed 4.0%, and operating profit rose 0.5%, after it experienced good demand from Asia Pacific, Japan and China in particular.

The share price rose 0.37% to 2,434p by 09:04.

NR