Spectris sees less China activity due to COVID-19 as FY profits rise

Instrument maker Spectris reported a rise in operating profit and £175m special dividend, but said it was seeing less activity in China due to the coronavirus and anticipated “challenging” markets in the first half of the current year.

Full year adjusted pre-tax profit rose 2.5% to £247.4m while adjusted operating profit was up 3.7% on a like-for-like basis to £258.1m.

“Absent a material impact from coronavirus, for 2020, we anticipate that markets will remain challenging in the first half with a recovery only currently forecasted to emerge later in the year,” the company said on Thursday.

“We expect limited top-line growth and will, therefore, continue to concentrate on self-help initiatives to drive further cost-efficiency and ensure a more resilient and profitable business.”