Spectris H1 Pre-tax Income Jumps On Robust Sales

Spectris Plc (SEPJF.PK,SXS.L), a supplier of precision instrumentation and controls, on Monday reported an increase in pre-tax profit for the first-half, amidst strong sales supported by volume growth, market share gains, and pricing.

Andrew Heath, Chief Executive, said: “…In Spectris Dynamics and Spectris Scientific, we have two great premium precision measurement businesses on attractive growth trajectories, more aligned than ever to markets with a strong sustainability focus. Demand for our solutions is being amplified by new products and services addressing these trends.”

For the six-month period to June 30, the London-based firm recorded a pre-tax profit of 68.5 million pounds, higher than 41.8 million pounds posted for the same period of previous year. Excluding items, pre-tax earnings were at 103.4 million pounds as against last year’s 70.3 million pounds.

Post-tax income stood at 52.2 million pounds or 49.7 pence per share, higher than 39.4 million pounds or 35.6 pence per share a year ago. Operating income improved to 70.5 million pounds, versus 54.3 million pounds of previous year.

Adjusted operating earnings also moved up to 102.1 million pounds, compared with 72.3 million pounds of 2022.

With a like-for-like sales growth of 19 percent, the British firm generated revenue of 702.5 million pounds, higher than previous year’s 570.2 million pounds.

Spectris will pay an interim dividend of 25.3 pence per share, to be paid on November 10 to shareholders on the register as of October 5.

Looking ahead, for full year 2023, the Spectris still expects strong progress on margins and projects adjusted operating profit to be in the range of 250 million pounds – 265 million pounds, representing strong double-digit year on year growth.

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