(Alliance News) - Spectris PLC on Thursday said it has made a strong start to 2022 with sales growth and a strengthening order book in the first quarter.
The London-based precision instrument supplier said organic and like-for-like sales were up 12% in the period and order intake was up 29%. Sales growth benefited from the continuing recovery of its end markets, the company explained.
The Industrial Solutions businesses saw the strongest order growth in the quarter at 15%, followed closely behind by Malvern Panalytical at 14%.
This was driven by continued strong demand from pharmaceutical and semiconductor customers, particularly in Asia, for Industrial Solutions, Spectris explained. While demand for Malvern Panalytical was particularly strong into pharmaceutical customers and in metals.
Spectris said it was continuing to mitigate ongoing supply chain issues across the company and said its outlook for the rest of the year is positive.
Chief Executive Andrew Heath said: "Strong organic growth is supported by new products driving market share gains as we take action to mitigate inflation and supply chain challenges. Our strong order book provides confidence in continued sales momentum, supporting our outlook and positive prospects for 2022."
Shares in Spectris were up 5.7% at 2,819.00 pence on Thursday morning in London.
By Heather Rydings; heatherrydings@alliancenews.com
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Spectris (SXS)