Spectris FY up on higher prices, volumes

Precision measurement maker Spectris said annual profits rose 19% on volume and pricing growth.

The company on Thursday posted annual pre-tax earnings of £219.7m. Sales grew 14% on a like-for-like basis to £1.3bn.

"We enter 2023 with good momentum, while remaining vigilant and alert to signs of changes in demand. The strength and quality of our order book, which is 36% higher than a year ago, gives us confidence into the first half of the year, as we continue to drive operational excellence to improve productivity and efficiency," said chief executive Andrew Heath.

"Our expectation for 2023 is to deliver organic growth consistent with our medium-term objectives of 6-7%, alongside strong progress on expanding margins and driving forward with our ambitions to be a leading sustainable business."

Reporting by Frank Prenesti for Sharecast.com