2001 was a difficult year but delivered earnings similar to that of 2000. Anticipating market demand, timely management actions were taken which, combined with the strong fundamentals of the business, position us well for the future.

  Financial highlights
  2001 2000
Sales £543.1m £464.0m
Operating profit * £60.7m £57.8m
Normalised earnings per share * 33.6p 34.7p
Dividend per share 12.25p 11.7p

* Before exceptional items and goodwill amortisation
2000 figures have been restated following adoption of FRS 17. Figures prior to 2000 have not been restated

 
     
   
     
 
  • Sales and operating profit increased, despite challenging conditions

  • E.p.s. reduction contained to 3%

  • Gross margins maintained

  • Management actions:
    • Timely reduction of cost base resulted in exceptional restructuring charges of £12m
    • Continued emphasis on new product and market development, with Asia strong
    • Spectris AG businesses met expectations in the first full year

In May 2001 the company changed its name from Fairey Group plc to Spectris plc, reflecting the transformation to a company now entirely focused on precision instrumentation and controls.