Share Name Share Symbol Market Type Share ISIN Share Description
Spectris Plc LSE:SXS London Ordinary Share GB0003308607 ORD 5P
  Price Change % Change Share Price Bid Price Offer Price High Price Low Price Open Price Shares Traded Last Trade
  -45.00 -1.36% 3,253.00 3,264.00 3,265.00 3,314.00 3,262.00 3,314.00 304,225 16:35:08
Industry Sector Turnover (m) Profit (m) EPS - Basic PE Ratio Market Cap (m)
Electronic & Electrical Equipment 1,336.2 -4.1 -14.6 - 3,779

Spectris Share Discussion Threads

Showing 1 to 12 of 450 messages
Chat Pages: Latest  6  5  4  3  2  1
campbed you write "there was some £13m spending against prior year provisions in 2002" where do you see that in the accounts? balance sheet shows provisions going from 40.3mn (a restatement of the interims restatement of 39.3) to 32.3mn yet note 5 shows reduction in provisions of 14.6mn I am confused can you help?
ldrcvem 1) Like you I cannot explain how in the interims to 30/6/02, the opening shareholders funds at 31/12/00 can be shown as £108.3 in respect of 12 months ending 31/12/01 but only £100.0m in respect of 6 months ending 30/6/01. I presume it is because the effect of deferred tax restatement is deemed to occur in H2 of 2001. 2) The terms of the new debt should be disclosed in footnotes in the forthcoming annual accounts.
thanks for yr analysis campbed i think you are spot on. Could you very kindly answer a minor query i have on sxs. In the 2002 interims under "Reconciliation of movement in shareholders' funds" it shows Opening shareholders funds in the half year to 30th june 2001 as £100.0 mn. It also shows Opening shareholders funds in the year to December 2001 as 108.3 mn. Question: how can these numbers possibly be different? Also where do you find the terms of the new £60mn debt Keep up the good work.
JeremyL -- Your operating company (Malvern Instruments) was said to have had "an excellent year, substantially due to differentiated new products" and so you were right to be optimistic. No other operating company received such an accolade in CEO's report.
SXS profits for 2002 were in line with expectations at headline level at £43m adjusted PBT and 28p adjusted EPS. These numbers plus upbeat outlook commentary support the current 280p price and market sentiment including buy recs from Cazenove (HB) and Merrills. However, it's below the headline P&L that I remain wary because of the high levels of debt and goodwill and the size of previous “fair value” provisions. SXS appear to have borrowed £60m short term to fund part of the PANanalytical acquisition completed in September 2002. Looks like they will have to refinance that borrowing this year. Goodwill at 31/12/02 has increased to £214m and total net debt to £178m as result of that acquisition. Negative net tangible assets of £16m before FRS 17 pension liability of £9m. Current Mkt Cap is £345m. Hence EV is over £520m which is ca. 1 times annual sales. The “fair value” provisions previously charged on acquisitions serve to flatter 2002 profits -- there was some £13m spending against prior year provisions in 2002. Free cash flow before interest is only £32m and so after paying 2002 dividends of £15.3m and annualised interest of £10m there will be very little left to repay debt. Huge non-operating exceptional losses of £13m in relation to the disposal of three businesses (mainly Luxtron) that produced sales of only £22m in 2001 indicate low current realisation prices for the type of small technical businesses making up SXS group - - management are only buyers at distress prices. If banks start to become nervous about overall debt levels and about re-financing the short term debt this year then there will be big problems. Hence continue to be much more inclined to short than to buy at current share price despite better trading outlook but the market sentiment to short is not there yet.
Spectris, Finals are out on Tuesday 11th.
ask again - on what basis seems to get to 3.30 and then drop back again - also for what it is worth, "Evil Knievel" has stated that he is currently shorting this stock - whether this is useful ???
You said that yesterday.
Spectris Moves up on Merill Recomendations Target 375
jonny walker
down again today
big vern
Chart looks quite poor, I'm short DYOR BV
big vern
thanks adamh..........all we need now is doubt he'll be here soon
big vern
Chat Pages: Latest  6  5  4  3  2  1
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