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%.
Subscribe to MoneyWeek
Subscribe to MoneyWeek today and get your first six magazine issues absolutely FREE
Sign up to Money Morning
Don't miss the latest investment and personal finances news, market analysis, plus money-saving tips with our free twice-daily newsletter
Don't miss the latest investment and personal finances news, market analysis, plus money-saving tips with our free twice-daily newsletter
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
-
What happens if you can’t pay your tax bill, and what is "Time to Pay"?Millions are due to file their tax return this Friday as the self-assessment deadline closes. Though the nightmare is not over until you pay the taxman what you owe - or face a penalty. But what happens if you can't afford to pay HMRC your tax bill, and what is "Time to Pay"?
-
What does Rachel Reeves’s plan for growth mean for UK investors?Rachel Reeves says she is going “further and faster” to kickstart the UK economy, but investors are unlikely to be persuaded
