15 Jan 2004
Spectris plc, the precision instrumentation and controls company, today issues a trading update ahead of its results for the year ending 31 December 2003. The full year results will be announced on Tuesday, 16 March 2004.
Following the seasonal pattern experienced in previous years, demand in the second half was consistent with that predicted at the time of the interim results announcement in September. For the year as a whole, a healthy organic sales growth of 6% (including the negative impact of currencies) was supplemented by the first full year’s contribution from PANalytical, acquired in 2002.
The anticipated outcome for 2003 is that Spectris will deliver double digit growth over 2002 both in terms of profit (before tax, exceptional items and goodwill amortisation) and earnings per share. Profit is expected to be towards the lower end of market estimates due to a weakening US dollar, whilst earnings per share is expected to be at the higher end of market expectations helped by a lower tax rate. Cash conversion is expected to have been good.
Looking forward, conditions appear favourable for continuing growth in sales, although the associated profit growth will be significantly impacted by the high proportion of such sales denominated in the weakening US dollar.
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