12 Jul 2007
Spectris plc, the precision instrumentation and controls company, issues a trading update ahead of its half year results announcement for the period ending 30 June 2007, due to be released on 24 August 2007.
The company has continued to make good progress during the first half of 2007. We expect sales growth from continuing businesses, on a constant currency basis, to be approximately 7%, although reported sales growth will reflect the strength of sterling. Profit before tax for the half year is expected to have shown strong year-on-year growth despite the adverse effect of currency. Operating margins will be more than 2 percentage points higher than in the corresponding period last year for continuing businesses.
Cash conversion will remain strong. The share buy-back announced in February is continuing, with 3.5 million shares purchased up to the end of June at a cost of £32.5 million.
As reported, the sale of the company's Ircon business was completed on 15 June 2007, concluding the previously announced disposal programme.
Looking forward, we anticipate continued good progress in line with expectations for the remainder of 2007.
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