Sales growth slows as expected at Spectris

Instrumentation and controls group Spectris said that after a storming 2011, sales growth rates have, as expected, moderated in 2012.

The provider of productivity-enhancing instrumentation and controls saw sales rise 21% year-on-year in the first quarter of 2012, helped by a contribution from recently acquired operations.

The contribution from acquisitions provided a 15% uplift and there was a positive currency effect of 1%. On a constant currency organic (like-for-like) basis, sales increased by 5%.

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Regionally, on a like-for-like basis, sales to Asia Pacific during the period increased by 7%, North America grew by 7% and Europe was up by 2%.

The group said integration of the Omega Engineering business, acquired in 2011, is on track and the business continues to perform well.

Net debt had reduced by £33m to £323m at the end of March.

"Spectris has made a good start to 2012 although growth rates have, as expected, moderated following the strong recovery in 2011. Nevertheless, the board is confident that, as a result of continued investment in new products and applications, together with the growth opportunities and resilience which our recent acquisitions provide, Spectris remains strategically well positioned for the remainder of the year," the company said.

Shares eased 9p to 1,848p in the first half hour of trading.

JH