REG - Spectris PLC - Trading update

SpectrisAnnouncement

19/06/2024 07:00

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RNS Number : 9584S  Spectris PLC  19 June 2024

THIS ANNOUNCEMENT CONTAINS INSIDE INFORMATION

 

Trading update

 

Spectris plc (SXS: LSE) ("Spectris" or the "Company"), the expert in providing
insight through precision measurement, today provides an update on trading for
the second quarter and outlook for the full year.

As announced in our first quarter trading update on 2 May, we successfully
rolled out our new ERP system globally across Malvern Panalytical in April.
While the implementation went well and the system is fully functioning, the
anticipated disruption to operations, that is typically associated with
projects of this type, has lasted longer than we originally expected.  As a
result, we expect around £15 million of sales and £10 million of operating
profit to move into the second half with no impact on the full year as
operations return to normal.

Additionally, in Malvern Panalytical, the combination of weaker demand in
China, a significant reduction in battery development, associated with the
slowdown in sales of electric vehicles, and continued, subdued trading in
pharmaceuticals, is expected to reduce sales and operating profit by a further
£15 million and £10 million respectively in the first half.

Trading across our other businesses is in line with our expectations.

As a result of our performance in the first half, and our revised expectations
for the second half, we now expect adjusted operating profit to be at, or
marginally below, the bottom end of the range of consensus analyst
expectations 1  for the full year.

Our results for the first six months to the end of June 2024 will be published
on Tuesday 30 July.

Conference call

A conference call for analysts and investors will be hosted by Andrew Heath,
Chief Executive, and Derek Harding, Chief Financial Officer, at 08.00 BST
today to discuss this statement.

To access the call, please dial +44 (0) 20 3936 2999 - Participant code:
404829.  Or for replay, please dial +44 (0) 20 3936 3001 - Participant code:
752762.

For and on behalf of Spectris plc

LEI Number: 213800Z4CO2CZO3M3T10

END

Contacts:

Spectris plc

Mathew Wootton

Investor Relations Director

+44 7500 078880

Teneo

Martin Robinson/Giles Kernick

+44 20 7353 4200

This Announcement contains inside information for the purposes of article 7 of
the Market Abuse Regulation (EU) 596/2014 which is part of UK law by virtue of
the European Union (withdrawal) Act 2018. The person responsible for arranging
for the release of this Announcement on behalf of the Company is Rebecca Dunn,
Company Secretary.

 

About Spectris

Spectris combines precision with purpose, delivering progress for a more
sustainable world. We provide critical insights to our customers through
premium precision measurement solutions combined with technical expertise and
deep domain knowledge. Precision is at the heart of what we do - our leading,
high-tech instruments and software equip our customers to solve some of their
greatest challenges to make the world cleaner, healthier and more productive.
We are focused on two key divisions - Spectris Scientific and Spectris
Dynamics, which are placed in technology-driven end markets, with strong
fundamentals and attractive growth trajectories. We have leading market
positions in premium segments and employ 7,000 people located in more than 30
countries, all united behind our purpose to deliver value beyond measure for
all our stakeholders. For more information, visit www.spectris.com
(http://www.spectris.com) .

 

 

 1  Company compiled analyst consensus range for adjusted operating profit for
FY24 of £232 million to £259 million.

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