Spectris sees growth across all sectors

Precision instrumentation and controls company Spectris saw like-for-like revenue growth across all four of its sectors during the period from 1 July to 10 November.

The Materials Analysis, Test and Measurement and Industrial Controls sectors continued to report double-digit sales growth, albeit at a slower pace than that reported in the first half of 2011. Meanwhile, the in-line Instrumentation division, which had a strong recovery in 2010, has now returned to more normalised growth levels.

Since August, trading has remained in line with the firm's expectations. On a like-for-like basis, sales for the four months were 12% higher than the comparable period last year. On a reported basis, sales increased by 21%, including a contribution from acquisitions of 7% and a positive currency effect of 2%.

MoneyWeek

Subscribe to MoneyWeek today and get your first six magazine issues absolutely FREE

Get 6 issues 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

Sign up

Regionally, sales in Asia Pacific in the period grew by 20% on a like-for-like basis, with continued strength in China and a recovery in Japan. European sales increased by 10% and North America was up by 5%.

Like-for-like operating margins increased in line with expectations.

Including the cost of recent acquisitions, net debt at 31 October was £373m and around £120m cash.

In a statement the firm said: "Growth rates have, as expected, reverted to more normal levels following the strong recovery in the second half of 2010. Whilst we are mindful of the tougher macro-economic outlook, the board remains confident that Spectris will make good progress for the full year in line with its expectations."

NR