10 Jul 2003
In accordance with normal practice, Spectris plc, the precision instrumentation and controls company, today issues a trading update ahead of its half year results announcement for the period ending 30 June 2003, due to be released on Tuesday 9 September 2003.
Demand has continued in line with the May AGM statement resulting in first half organic orders growth of 5% compared with the same period last year. However, sales lagged orders partly as a consequence of the timing of orders received from Asia. First half profits and earnings per share will have increased compared with the first half of 2002, although last year’s significant bias towards the second half will remain.
The assimilation of PANalytical (acquired in September 2002) has been completed and the company is progressing towards the targets established at the time of the acquisition. The profitability of PANalytical has been negatively impacted by the proportion of costs in Euros relative to sales in US dollars and Yen. The net effect of currency movements in the period was slightly adverse for the group as a whole.
Looking forward, we reiterate our expectations of progress for the full year as indicated in the May AGM statement.
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