Last checked at 5 Jul 2022 07:00
Divestment of Omega Engineering completed
5 July 2022 - Further to the announcement of 19 April 2022, Spectris plc (SXS: LSE), the expert in providing insight through precision measurement, today announces that the divestment of Omega Engineering ('Omega') to Arcline Investment Management for $525 million has completed, following receipt of the required regulatory approvals.
Following completion of the sale of Omega, Spectris will be made up of three businesses:Malvern Panalytical, HBK and Industrial Solutions, focused on high precision measurement solutions.
As a result, in the Group's upcoming first half results on 1 August, Omega will be reported as a discontinued operation under IFRS 5 and therefore excluded from the segmental analysis. The six months ended 30 June 2021 and twelve months ended 31 December 2021 will be restated to show continuing operations, including a reclassification of continuing head office expenses that were previously allocated to Omega being re-allocated to the three remaining businesses. These totalledapproximately £2.2 million in the first half of 2021 and £4.8 million for the full year.
A summary of the Group's re-stated sales and adjusted operating profit is presented below. This is still subject to final adjustments, with the full details to be provided in the upcoming first half results.
Malvern Panalytical | HBK | Omega | Industrial Solutions | Total | |||||||
2021 half year by segment | H1 2021 | H1 2021 restated | H1 2021 | H1 2021 restated | H1 2021 | H1 2021 restated | H1 2021 | H1 2021 restated | H1 2021 | H1 2021 restated | |
Sales (£m) | 178.5 | 178.5 | 188.0 | 188.0 | 64.3 | - | 171.0 | 171.0 | 601.8 | 537.5 | |
Adjusted operating profit (£m) | 23.0 | 22.3 | 22.5 | 21.7 | 6.5 | - | 24.8 | 24.1 | 76.8 | 68.1 | |
Adjusted operating margin (%) | 12.9% | 12.5% | 12.0% | 11.5% | 10.1% | - | 14.5% | 14.1% | 12.8% | 12.7% | |
Malvern Panalytical | HBK | Omega | Industrial Solutions | Total | |||||||
2021 full year by segment | FY 2021 | FY 2021 restated | FY 2021 | FY 2021 restated | FY 2021 | FY 2021 restated | FY 2021 | FY 2021 restated | FY 2021 | FY 2021 restated | |
Sales (£m) | 401.2 | 401.2 | 425.5 | 425.5 | 129.0 | - | 336.3 | 336.3 | 1,292.0 | 1,163.0 | |
Adjusted operating profit (£m) | 72.2 | 70.6 | 65.0 | 63.3 | 15.0 | - | 57.2 | 55.7 | 209.4 | 189.6 | |
Adjusted operating margin (%) | 18.0% | 17.6% | 15.3% | 14.9% | 11.6% | - | 17.0% | 16.6% | 16.2% | 16.3% | |
For and on behalf of Spectris plc
LEI Number: 213800Z4CO2CZO3M3T10
Contacts:
Spectris plcSiobhán Andrews
Head of Corporate Affairs+44 20 4551 4549/+44 7920 230093
Tulchan CommunicationsMartin Robinson
Giles Kernick
+44 20 7353 4200
About Spectris
Spectris' global group of businesses are focused on delivering value beyond measure for all our stakeholders. We target global, attractive and sustainable markets, where growth and high returns are supported by long-term drivers. Precision is at the heart of what we do. We provide customers with expert insight through our advanced instruments and test equipment, augmented by the power of our software and services. This equips customers with the ability to reduce time to market, improve processes, quality and yield. In this way, Spectris know-how creates value for our wider society, as our customers design, develop, test and manufacture their products to make the world a cleaner, healthier and more productive place. Headquartered in London, United Kingdom, the Company employs approximately 7,350 people located in more than 30 countries. For more information, visit www.spectris.com.