Spectris plc, the productivity-enhancing instrumentation and controls company, announces results for the year ended 31 December 2009.
Key operational indicators
| 2009
| 2008
| Change
| Change at CER**
| Organic change at CER*** |
| Sales (£m) | 787.3 | 787.1 | 0% | -10% | -16% |
| Adjusted operating profit (£m) * | 79.2 | 118.3 | -33% | -36% | -32% |
| Adjusted profit before tax (£m) * | 68.2 | 110.1 | -38% | | |
Adjusted earnings per share (pence) *
| 45.4 | 72.8 | -38% | | |
| Dividend (pence) | 24.25 | 23.4 | +3.6% | | |
| Statutory | | | | | |
| Profit before tax (£m) | 54.2 | 106.1
| -49%
| | |
| Basic earnings per share (pence) | 36.9 | 70.3 | -47% | | |
| * | Adjusted figures exclude certain non-operational items, as defined in Note 2, but include restructuring and post-acquisition integration costs of £14.0m (2008: £1.2m) |
| ** | Constant exchange rates |
| *** | At constant exchange rates excluding acquisitions |
Highlights
• Decisive action taken to adapt the business to the economic downturn
• Investments to support growth strategy continued, despite challenging environment
• Restructuring costs of £14 million deliver benefits of £15 million in the year
• Results in Test and Measurement segment severely impacted by automotive downturn
• Conversion of operating profit to cash robust at 133%; net debt down by £38 million to £124 million
• Dividend up 3.6%, giving an unbroken track record of increases since the company’s listing in 1988
Commenting on the results, John O’Higgins, Chief Executive, said:
“2009 was a difficult year, in which customer spending in many of our markets was severely curtailed. The actions we have taken, together with our strong strategic and financial position, have enabled us to partially offset the effects of the weaker demand. We had previously noted that year-on-year trading in the last quarter of 2009 was improving and this has continued into 2010. Although we expect further benefits from the restructuring and integration actions, these will be offset by the reversal of some, or all, of the temporary cost savings. We continue to plan for a modest recovery and are confident that our continued focus on new products and applications, together with our reduced cost base, leaves us well positioned as our markets return to growth.”
To download a copy of the full announcement in pdf format click here.
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