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Spectris growth hit by US China trade tariffs

By BFN News | 07:59 AM | Tuesday 30 July, 2019


Testing and control firm Spectris reported a sharp slowdown in organic sales growth in the first half of the year. For the six months to 30 June, like for like revenues grew by just 1% to £759m, with weakness in the Test & Measurement business due to strong growth last year and in Industrial Controls due to the impact of US-China trade tariffs. Chief executive Andrew Heath admitted that organic sales growth reflected 'the more challenging macroeconomic environment' but said the company would 'focus on what we can control; implementing targeted growth initiatives, refocusing the portfolio and driving operating margin expansion'. The weakness was most evident in North America, where like for likes sales fell 3%, and Europe where sales fell 2%. The firm reported an adjusted operating profit of £83.5m in the six months to 30 June, but on a statutory basis reported an operating loss of £46.1m. Story provided by StockMarketWire.com

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