2010 YEAR END TRADING UPDATE
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14 January 2011 |
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SPECTRIS PLC: 2010 YEAR END TRADING UPDATE
· Strong business recovery in the second half
· Operating profit exceeds expectations
· Strong operating cash conversion
Spectris plc ("Spectris" or the "Company"), the productivity-enhancing instrumentation and controls company, today issues an update on trading for the year ending 31 December 2010 ahead of the publication of the Company's full year results due to be released on 25 February 2011.
Trading in the last two months of 2010 exceeded our expectations across all four business segments, but particularly in Test and Measurement. Consequently, we expect that revenues for the full year, on a reported basis, will increase by approximately 15% compared with 2009, including a 3% contribution evenly split between acquisitions and currency. On a constant currency organic ("like-for-like") basis, revenues will therefore be 12% higher. The strong sales performance in Test and Measurement contributed substantially to the higher than expected profits delivered in the last two months of the year. As a result, we now estimate that full year adjusted operating profit for the group will be around £140 million. Operating cash conversion remained strong.
On 24 November 2010, we acquired Delta F Corporation, a US supplier of specialist gas analysers. The purchase consideration of US $25 million was met from existing facilities. This bolt-on acquisition adds to the In-line Instrumentation segment.
Commenting on the results, John O'Higgins, Chief Executive, said: "Our strategy of continuing to invest in growth initiatives, R&D and acquisitions through the downturn underpins this strong performance".
- ENDS -
About Spectris
Spectris plc is a leading supplier of productivity-enhancing instrumentation and controls. The Company's products and technologies help customers to improve product quality and performance, improve core manufacturing processes, reduce downtime and wastage and reduce time to market. Its global customer base spans a diverse range of end user markets.
Spectris operates across four business segments which reflect the applications and industries it serves: Materials Analysis, Test and Measurement, In-line Instrumentation and Industrial Controls. Headquartered in Egham, Surrey, the Company employs approximately 6,000 people, with offices in 29 countries.
For more information, visit www.spectris.com
Copies of this announcement are available from the Company's registered office at
Station Road, Egham, Surrey TW20 9NP and on the Company's website at www.spectris.com
Contacts:
Spectris plc
John O'Higgins, Chief Executive 01784 470470
Clive Watson, Group Finance Director 01784 470470
FD
Richard Mountain 020 7269 7186
This information is provided by RNS
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