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Spectris: 2012 Year End Trading Update
18 January 2013 - Spectris plc (SXS: LSE), the productivity-enhancing instrumentation and controls company, today issues an update on trading for the twelve months ending 31 December 2012.
Like-for-like sales in the fourth quarter of 2012 grew by 4%, helping deliver a robust full year performance despite a challenging trading environment. Sales growth for the full year, on a reported basis, was approximately 11%, including 10% from acquisitions, offset by a 2% decline from foreign exchange movements. Therefore, like-for-like sales increased by approximately 3% for the full year.
Regionally on a like-for-like basis, full year sales in Asia Pacific grew by around 6%, with continued strength in China. North America sales were up approximately 5% and Europe declined by around 1%.
Adjusted operating profit was circa £229 million (2011: £201.5 million), giving an adjusted operating margin of approximately 18.6% (2011: 18.2%), with continued progress in the Test and Measurement and Industrial Controls segments.
In November 2012, we announced the acquisition of Analytical Spectral Devices Inc. ("ASD") and this transaction closed on 14 December 2012. In December 2012, we announced the divestiture of Fusion UV to Heraeus Holding GmbH for a total cash consideration of US$172 million and, as previously reported, this transaction is expected to close within the first quarter of 2013.
Cash conversion continued to be strong and our financial position is robust, with net debt in line with expectations.
SUMMARY AND OUTLOOK
Commenting on the results, John O'Higgins, Chief Executive, said: "We are pleased with the performance and the resilience shown by our businesses during the year. For 2013, we are well positioned and will continue to focus on our strategic priorities including further strengthening of our R&D pipeline and the development of our recent acquisitions, whilst our strong balance sheet enables us to seek additional inorganic growth opportunities."
A conference call for analysts and investors will be held at 08.00 GMT today to discuss this statement. To access the call, please dial +44 203 139 4830, Toll Free 0808 237 0030 - Pin code: 66269068#. Or for replay, please dial +44 203 426 2807, Toll Free 0808 237 0026 - Pin code: 635868#.
The Company's full year results will be released on 20 February 2013
- ENDS -
John O'Higgins, Chief Executive +44 1784 470470
Clive Watson, Group Finance Director +44 1784 470470
Cléa Rosenfeld, Head of Corporate Affairs +44 1784 470470
Richard Mountain +44 207 269 7186
Spectris plc is a leading supplier of productivity-enhancing instrumentation and controls. The Company's products and technologies help customers to improve product quality and performance, improve core manufacturing processes, reduce downtime and wastage and reduce time to market. Its global customer base spans a diverse range of end user markets. Spectris operates across four business segments which reflect the applications and industries it serves: Materials Analysis, Test and Measurement, In-line Instrumentation and Industrial Controls. Headquartered in Egham, Surrey, England, the Company employs approximately 7,800 people, with offices in more than 30 countries.
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