Spectris plc (“Spectris” or the “Company”), the productivity-enhancing instrumentation and controls company, announces results for the six months ended 30 June 2010.
| Key operational indicators | H1 2010
| H1 2009
| Change
| Change at CER **
| Organic change at CER*** |
| Sales (£m) | 405.1
| 371.5 | +9%
| +9%
| +8% |
| Adjusted operating profit (£m) * | 49.9 | 20.0
| +150%
| +149%
| +149%
|
| Adjusted profit before tax (£m) * | 44.7 | 14.3 | +213%
|
| |
| Adjusted earnings per share (pence) * | 29.4 | 9.4 | +213%
|
| |
| Dividend (pence) | 7.1 | 6.4 | +11%
|
| |
| Statutory | | | | | |
| Profit before tax (£m) | 40.3
| 8.6
| +369%
| | |
Basic earnings per share (pence)
| 28.7
| 6.5
| +342%
| | |
| | | | | | |
* Adjusted figures exclude certain non-operational items, as defined in Note 2
** Constant exchange rates *** At constant exchange rates excluding acquisitions
Highlights
• Strong demand in first half: sales and profits up in all 4 segments
• Strategies for new products and emerging markets delivering results
• Gross margins improved by 1.9pp to 57.9%, with return on sales up by 6.9pp to 12.3%
• Operating cash flow conversion strong at 133%
• Net debt down by £31 million to £93 million
• Dividend increased by 11% to 7.1p
Commenting on the results, John O’Higgins, Chief Executive, said:
“Trading in the first half of 2010 was encouraging, with signs of recovery throughout most regions and end markets. The actions taken in 2009 to restructure the business, cut costs and focus on emerging markets, together with maintaining our investment in new product development, have strengthened our business and positioned the group well for the future. Whilst the macro-economic outlook remains uncertain, in the near term we expect to continue to make good progress and deliver results for the full year in line with the Board’s expectations.”
To download a copy of the full announcement in pdf format click here.
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