Spectris posts fall in first-quarter sales

Electrical engineering company Spectris reported an eight per cent fall in sales for the first quarter, reflecting a deferral of orders and shipment delays.

Electrical engineering company Spectris reported an eight per cent fall in sales for the first quarter, reflecting a deferral of orders and shipment delays.

The group experienced weak customer confidence across all its major regions in the first three months of the year, according to an interim statement Friday.

Asia Pacific sales plunged 15% on a like-for-like basis, while North America dropped 10% and Europe decreased 6.0%.

Spectris, which makes testing and control equipment for industries like mining, oil and gas, pharmaceuticals and transportation, expects revenue growth in 2013 to be below its previous forecast.

However, the firm said its opportunity pipeline remained strong and that it has no reason to believe that the deferred orders would be cancelled.

The company has also taken steps to cut about £10m in costs this year.

"Whilst we now expect top-line growth in 2013 to be slightly lower than previously anticipated, our strong opportunity pipeline and cost reduction initiatives leave us optimistic that we will deliver full year performance broadly in line with our expectations at the beginning of the year," Spectris said in a statement.

RD

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