Spectris Q3 sales down

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