Spectris plc, the productivity-enhancing instrumentation and controls company, announces preliminary results for the year ended 31 December 2010.
| Key operational indicators £m | 2010 | 2009 | Change | Change at CER** | Organic change at CER** |
| Revenue | 901.9
| 787.3 | +14.6% | +13.1% | +11.6% |
| Adjusted operating profit* | 142.1
| 79.2 | +79% | +77% | +75% |
| Adjusted profit before tax* | 132.3
| 68.2 | +94% | | |
| Adjusted earnings per share* | 86.6p
| 45.4p | +91% | | |
| Adjusted return on sales* | 15.8%
| 10.1% | +5.7pp | | |
| Cash conversion | 112%
| 133% | -21pp | | |
| Dividend | 28.0p
| 24.25p | +15% | |
|
| | | | | |
| Statutory |
| | | | |
| Operating profit | 127.9 | 68.5 | +87% | | |
| Profit before tax | 119.9 | 54.2 | +121% | | |
| Basic earnings per share | 83.1p | 36.9p | +125% | | |
| | | | | |
| * Adjusted figures exclude certain non-operational items, as defined in Note 2, but include restructuring and post-acquisition integration costs of £0.8m (2009: £14.0m) | | | | | |
** Constant exchange rates *** At constant exchange rates excluding acquisitions
| | | | |
Highlights
• Much faster recovery in performance achieved than after previous downturns
• Strong sales and profits growth in all business segments, particularly in emerging markets
• Acquisitions strengthen Materials Analysis, In-line Instrumentation and Industrial Controls
• Robust conversion of operating profit to cash at 112%
• Net debt down by £38 million to £86 million; 0.5X EBITDA
• Dividend up by 15%
Commenting on the results, John O’Higgins, Chief Executive, said:
“We are very pleased with the group’s performance in 2010, with trading exceeding our expectations across all four business segments. This performance was strongest in Test and Measurement as a result of both key account wins and the benefits from the integration restructuring carried out in 2009. As trading recovered, the temporary cost savings of 2009 were reversed in a deliberate and measured way.
Looking ahead, we expect a return to more normal sales growth during 2011 and we will continue to pursue our strategy of investing in new products and applications, seeking acquisition opportunities and expanding our market positions and regional presence. As a result, the Board believes Spectris is well positioned to make further progress in 2011.”
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