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A strong finish to 2012 and an improved outlook for the global manufacturing sector have given Spectris renewed confidence for the New Year, prompting investors to drive up shares in the maker of precision instruments. Nevertheless, and like the sector as a whole, through its supply of equipment designed to enhance productivity in the manufacturing sector, Spectris is reliant upon the wider macroeconomic environment, and – like the sector as a whole – has endured a tough few years. At one point it was even forced to cut 10% of its workforce and ask remaining staff to forgo bonuses and take unpaid leave. Since then, the group has recovered its footing, and last year broadened its exposure to the recovering US market with the $475m acquisition of Omega Engineering. The result is that the British group’s revenues are now roughly equally split between North America, Europe and Asia, the Financial Times’ Weekend edition wrote.
Spectris: Jefferies raises target price from 1925p to 2270p reiterating its buy recommendation.
Spectris: UBS raises target price from 2100p to 2300p and maintains a buy recommendation.
Spectris: Panmure Gordon downgrades from buy to hold; Investec upgrades to buy.
Valuation: Recent de-rating reflects global uncertainty The shares de-rated to 10.8x 2013 EPS ahead of the update, reflecting global uncertainty, and consensus already factors in slowing growth so we are not surprised by the share bounce on Friday after the reassuring update. With further benefits yet to flow through from the acquisitions, including greater internationalisation of Omega, we feel there is more to come from the group.
"The board believes that Spectris remains well positioned to deliver on its expectations for the year as it realises both the benefits of its recent acquisitions, especially Omega, and the increase in the proportion of resilient revenues generated in the business," the company said. Net debt at the end of the period was £290m.
Spectris saw a robust performance in the final quarter of its financial year and while like-for-like (LFL) sales growth had slowed from the first half, analysts said that this was as expected. The instrumentation and controls company said that reported sales during the last quarter were up 12%. This included a 13% contribution from acquisitions and a negative currency effect of 3%, the firm said. On a constant currency organic (LFL) basis, sales for the three months to September 30th were up 2%. "The company saw LFL growth across all four segments during the period albeit at a slower pace than in the first half of this year." Jefferies reiterated its 'buy' rating for the stock this morning saying: "Spectris has modest visibility, and hence outlook statements are typically limited in terms of the guidance given to the market (...) This is a resilient performance and better than many will have feared, with slower growth versus 1H12, reflecting the macro-economic environment - this has been anticipated by the market." Asia Pacific LFL sales grew by 6% with China driving growth with LFL sales up 15%. North American LFL sales increased by 1% while European LFL sales were down 2%.
Spectris: Jefferies keeps buy rating and 1,925p target.
i forgot Morgan Crucible ...another gem johnny22
mulldwine your so stale we can read the reports thankyou!! have you seen Melrose and Halma also Diploma ALL GOOD SOLID FUTURE INCOME AND GROWTH POTENTIAL johnny22
OUTLOOK Spectris has made a good start to 2012 although growth rates have, as expected, moderated following the strong recovery in 2011. Nevertheless, the Board is confident that, as a result of continued investment in new products and applications, together with the growth opportunities and resilience which our recent acquisitions provide, Spectris remains strategically well positioned for the remainder of the year. Spectris will publish its interim results on 27 July 2012. A conference call for analysts and investors will be held at 07.45 (UK time) today to discuss this statement. To access the call, please dial +44 (0)203 140 0668, passcode 638392#.
SPECTRIS PLC: AGM AND INTERIM MANAGEMENT STATEMENT Spectris plc issues the following Interim Management Statement, covering the period from 1 January 2012 to date, ahead of its Annual General Meeting to be held later today. TRADING UPDATE Reported sales for the three months ended 31 March 2012 (the "period") were 21% higher than the comparable period last year, including a contribution from acquisitions of 15% and a positive currency effect of 1%. On a constant currency organic (like-for-like) basis, sales increased by 5%. Regionally, on a like-for-like basis, sales to Asia Pacific during the period increased by 7%, North America grew by 7% and Europe was up by 2%. ACQUISITIONS AND FINANCING UPDATE Integration of the Omega Engineering business, acquired in 2011, is on track and the business continues to perform well. There were no significant events or transactions during the period which had a material impact on the financial position of the group. Net debt reduced by £33 million to £323 million at 31 March 2012.
spectris have exceeded my expectations and continue to deliver strong results, Capital and dividend growth to buy for johnny22
Singer Capital kept its "buy" rating for Spectris (SXS) with a 1,950p target price. The precision instrumentation developer exceeded the broker's expectations, with revenue growth of 23% to 1.1 billion pounds in the year ended 31st December 2011 and Singer is confident the group has further growth potential. The broker noted strong cash generation and added that the company could benefit from cross-selling opportunities following a number of acquisitions in 2011
Roger Stephens, Head of Commercial and Company Secretary of Spectris, the FTSE 250 high-flying instrumentation and controls group, has sold a stack of shares in the firm less than a month after the firm unveiled better-than-expected profits before tax and hike in the dividend. Stephens, who joined the firm in 1997, sold 38,343 at 1,763.55p each for a total of £676,194. Having been awarded the shares in 2009, the director was eligible to sell the shares from the 25th of last month. He now holds a total of 69,023. Adjusted profit before tax rose 45% to £191.6m from £132.3m the year before. Statutory profit before tax rose 38% to £166.0m from £119.9m in 2010. Market expectations were for headline profit before tax of £185.5m. Sales broke through the billion pounds barrier, rising 23% to £1,106.2m in 2011 from £901.9m in 2010. Acquisitions contributed 7% to sales and currency had a positive impact of 1%, so with these stripped out sales growth was 15%. The adjusted return on sales - i.e. the operating margin - improved to 18.2% from 15.8% in 2010
Roger Stephens, Head of Commercial and Company Secretary of Spectris, the FTSE 250 high-flying instrumentation and controls group, has sold a stack of shares in the firm less than a month after the firm unveiled better-than-expected profits before tax and hike in the dividend. Stephens, who joined the firm in 1997, sold 38,343 at 1,763.55p each for a total of £676,194. Having been awarded the shares in 2009, the director was eligible to sell the shares from the 25th of last month. He now holds a total of 69,023. Adjusted profit before tax rose 45% to £191.6m from £132.3m the year before. Statutory profit before tax rose 38% to £166.0m from £119.9m in 2010. Market expectations were for headline profit before tax of £185.5m.
Can anyone tell me how these guys sell in emerging markets?
Commenting on the results, John O'Higgins, Chief Executive, said: "We are very pleased with our performance in 2011. The progress we made on all aspects of our strategy was fundamental to delivering these results. Whilst the current macro-economic outlook remains uncertain, the Board is confident that, as a result of continued investment in new products and applications, together with the growth opportunities and resilience which our recent acquisitions provide, Spectris is strategically well positioned for the year ahead."
Highlights · Record sales and operating profit in all segments · Operating margins grew by 2.4pp to 18.2% · Strong growth in all key regions · Healthy cash conversion of 89% · Important acquisitions closed during the year provide additional growth and resilience · Dividend up by 20%
http://www.investegate.co.uk/Article.aspx?id=201202170700125955X
Coverage Instrumentation and controls company Spectris notched up record sales and operating profit in 2011. Sales for the full year, on a reported basis, are expected to be around 23% higher than in 2010, including a contribution from acquisitions of 7% and a positive currency effect of 1%. On a constant currency organic (like-for-like) basis, sales are expected to increase by about 15%.
SPECTRIS PLC: 2011 YEAR END TRADING UPDATE Spectris plc, the productivity-enhancing instrumentation and controls company, today issues an update on trading for the twelve months ending 31 December 2011. TRADING UPDATE Trading in 2011 was strong across all business segments, regions and end markets, resulting in record sales and operating profit. Sales for the full year, on a reported basis, are expected to be approximately 23% higher than in 2010, including a contribution from acquisitions of 7% and a positive currency effect of 1%. On a constant currency organic (like-for-like) basis, sales are expected to increase by approximately 15%. Regionally, sales in Asia Pacific are expected to grow by around 17% on a like-for-like basis, with continued strength in China. North America is expected to grow by approximately 14% and Europe by around 13%. Adjusted operating profit is expected to be in the region of £200 million (2010: £142.1 million), giving an adjusted operating margin of approximately 18% (2010: 15.8%). Margins in each of the four segments will exceed 15%, with the largest year-on-year increase in the Test and Measurement segment. The acquisitions made in the year performed well, in particular Omega Engineering, where results were ahead of our expectations. Operating cash conversion was strong and our financial position remains healthy, with net debt in line with expectations.
http://www.investegate.co.uk/Article.aspx?id=201201130700084903V