SXS15 Jul 2011 08:29
SPECTRIS PLC
2011 FIRST HALF TRADING UPDATE
Spectris plc ("Spectris", "the company" or "the group"), the productivity-enhancing instrumentation and controls company, today issues an update on trading for the six months ended 30 June 2011. The company's half year results will be released on 23 August 2011.
Our May Interim Management Statement reported strong trading conditions for the first four months of 2011, and these continued for the remainder of the half year, with healthy demand in all regions and end markets. As a result, we expect sales for the first six months of 2011, on a constant currency organic ("like-for-like") basis, to be 21% higher than the comparable period last year. On a reported basis, sales are expected to increase by approximately 25%, including a contribution from acquisitions (+5%) and the effects of currency (-1%).
All four segments and major regions will show double-digit like-for-like sales growth. Regionally, Asia Pacific is expected to grow by around 21%, North America by approximately 26% and Europe by around 18%.
Adjusted operating profit is expected to be in the region of £80 million (2010:£49.9 million), giving an adjusted operating margin of approximately 16%. This compares with 12.3% for the same period last year.
Operating cash conversion was in line with our expectations and our financial position remains strong, with net debt of approximately £74 million at the end of June.