2The Omega business has been classified as a discontinued operation and the assets and liabilities have been classified as held for sale.
Accordingly, the financial statements for the current and comparative periods have been amended and show continuing operations.
Commenting on the results, Andrew Heath, Chief Executive, said: “Over the past three years, we have transformed the Group into a more focused, more profitable and more resilient business, with the ability to compound growth at a higher rate through the cycle. Today, Spectris is in a position of strength with a robust balance sheet, well positioned in attractive end markets, with strong fundamentals, supported by key sustainability themes to deliver structural growth. We have fantastic, engaged people all contributing to a purpose-led, high-performance growth culture.
I am pleased with our progress in the first half of 2022. We are continuing to see healthy demand for our products and services, with strong LFL growth in both orders and sales. While vigilant to the macro environment and alert to signs of changes in demand, we have confidence in our business and have increased our investment for growth in R&D, to enhance our customer offerings. With our current order visibility, we expect to deliver high single digit organic sales growth and margin expansion for the full year, supported by the Spectris Business System and pricing already in the order book. The successful sale of Omega delivered significant shareholder value; demonstrating our continued portfolio discipline, as we further improve the quality of the Group.
The next stage of our strategy will advance our ambition to be a leading sustainable business, delivering on our purpose to help make the world cleaner, healthier and more productive. We will build on the platform we have created to deliver strong, sustainable organic growth through the cycle, alongside continued margin expansion. We look forward to sharing more details at our upcoming Capital Markets Day in October.”
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A webcast of the presentation will be made available on-demand from 07.00 and a Q&A conference call for analysts and investors will be hosted by Andrew Heath, Chief Executive, and Derek Harding, Chief Financial Officer, at 10.00 today to discuss this statement. To access the call, please dial +44 (0) 20 3936 2999/0800 640 6441 – Pin code: 441101. Or for replay, please dial +44 (0) 20 3936 3001 – Pin code: 318025. Copies of this press release are available to the public from the registered office at Melbourne House, 44-46 Aldwych, London, WC2B 4LL and on the Company’s website at www.spectris.com.
Spectris’ global group of businesses are focused on delivering value beyond measure for all our stakeholders. We target global, attractive and sustainable markets, where growth and high returns are supported by long-term drivers. Precision is at the heart of what we do. We provide customers with expert insight through our advanced instruments and test equipment, augmented by the power of our software and services. This equips customers with the ability to reduce time to market, improve processes, quality and yield. In this way, Spectris know-how creates value for our wider society, as our customers design, develop, test and manufacture their products to make the world a cleaner, healthier and more productive place. Headquartered in London, United Kingdom, the Company employs< approximately 7,350 people located in more than 30 countries. For more information, visit www.spectris.com.
2022 Half Year Results