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Spectris LFL sales flat in 20137, profits in line with forecasts

- LFL sales flat in 2013
- Profit guidance in line with estimates

Instrumentation and controls firm Spectris said that like-for-like (LFL) sales for 2013 were broadly flat on the year before, as growth in the second half offset a poor start to the year.

The Surrey-headquartered company said that reported and LFL sales for the fourth quarter of 2013 were up 3% compared with the year before, with a strong performance in Asia making up for more subdued growth in North America and Europe.

This follows the 3% LFL growth in the third quarter, making up for 3% decline in LFL sales in the first half.

Reported sales for 2013 were 2% higher than the previous year, helped by acquisition and foreign exchange movements.

Analyst Jo Reedman from N+1 Singer said this growth implies full-year revenue of £1,255m.

Adjusted operating profit for the year was said to be £214.7m, more or less flat on 2012 and in line with market forecasts, Reedman said.

Commenting on the results, John O’Higgins, Chief Executive, said: ‘We are pleased with the good performance shown by our businesses in the fourth quarter, in view of a strong comparative prior year period.

‘We continue to progress our strategic initiatives and the group is well positioned for 2014 and beyond.’

BC

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