Spectris sees less China activity due to COVID-19 as FY profits rise
Company warns of challenging first half conditions before any virus impact
Spectris
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16:45 04/11/24
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.
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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.”