Iain Gilbert Sharecast News
31 Oct, 2024 09:34 31 Oct, 2024 09:34

Spectris Q3 sales down

dl spectris research development instruments industrial services measuring logo ftse 250
SpectrisSharecast graphic / Josh White

Spectris

2,524.00p

11:49 31/10/24
-1.94%
-50.00p

Precision instrumentation and controls group Spectris warned on Thursday that the recovery it had anticipated at the time of its H1 results was "taking longer to materialise".

Electronic & Electrical Equipment

9,499.71

11:54 31/10/24
-1.48%
-142.75

FTSE 250

20,519.67

11:55 31/10/24
n/a
n/a

FTSE 350

4,471.52

11:55 31/10/24
n/a
n/a

FTSE All-Share

4,430.15

11:55 31/10/24
n/a
n/a

Spectris said Q3 orders and sales were consistent with H1, with like-for-like orders down 6% and like-for-like sales 10% weaker year-on-year.

The FTSE 250-listed group now expects to deliver full-year adjusted operating profits, including the contribution from its two recently completed acquisitions, of around £200.0m.

Spectris added that its restructuring programme would deliver around £50.0m of run rate benefits, with associated costs of between £15.0m and £20.0m in 2024 with further restructuring and integration-related costs of £20.0m to £25.0m in 2025.

Chief executive Andrew Heath said: "During the third quarter the headwinds that we described at the half year - most notably continued softness in China, pharma and academia - have persisted and, from what we can see today, are likely to continue into the early part of 2025.

"Against this backdrop, we have increased and accelerated cost-reduction activities to improve the Group's productivity and drive profitability. This decisive action on cost, and a strong focus on executing our strategy, means the group is well placed to benefit as our end markets recover."

As of 0930 GMT, Spectris shares were down 3.34% at 2,488.0p.

Reporting by Iain Gilbert at Sharecast.com

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