Spectris Share Discussion Threads

[dasv] 19/4/2013 07:27

Disappointing - I wasn't expecting such a severe drop in revenue. The asian falls surprised me in particular. I sold at a loss but will continue to watch.

[dasv] 19/4/2013 07:09

TRADING UPDATE

On a reported and constant currency organic basis, sales for the three months ended 31 March 2013 declined by 8% and 9% respectively, delivering a slower than expected start to the year. The decline is due to a combination of the strong comparative prior year period and weaker customer confidence leading to deferral of orders and shipment delays.

This weakness was experienced across all of our major regions, all reporting segments and the majority of our end markets. Regionally, sales in Asia Pacific declined by 15% on a like-for-like basis, North America declined 10% and Europe declined 6% in the quarter compared with the first quarter of last year.

At this stage we have no reason to believe that any deferred orders will be cancelled and our opportunity pipeline remains strong and supportive of revenue growth for the full year, albeit at a more moderate rate than previously anticipated. Therefore, we have taken actions to reduce our cost base for 2013 by approximately £10 million which underpins our full year profit.

FINANCIAL POSITION

Beyond the disposal of Fusion UV, there was no significant event or transaction during this period which resulted in a material impact on the financial position of the group.

The company continues to maintain a healthy financial position. Net debt at 31 March 2013 was approximately £138 million, a reduction of around £116 million in the quarter reflecting the receipt of the gross proceeds from the sale of Fusion UV and continued strong operating cash flow.

OUTLOOK

Whilst we now expect top-line growth in 2013 to be slightly lower than previously anticipated, our strong opportunity pipeline and cost reduction initiatives leave us optimistic that we will deliver full year performance broadly in line with our expectations at the beginning of the year.

[broadwood] 18/4/2013 15:06

IMS tomorrow.

[broadwood] 11/4/2013 09:32

pearl - well done. Share price running up ahead of IMS.

[pearlfisher] 09/4/2013 09:22

AGM and Interim Statement on Apr 19. Bought back in today at average of 2266 having sold around the 2400 mark some weeks ago. Will add a few more if we see 2200.

[bluebelle] 25/3/2013 11:12

One of the stocks mentioned in a 'great British high tec companies' type article in the Sunday Times.

[enami] 14/3/2013 13:57

Aye heading for 2500 again.

[broadwood] 14/3/2013 09:52

Compelling story with the amount of cash being thrown off.

I'm with BlackRock - they are a superb indicator.

We reduced our net debt by GBP102 million thanks to strong cash flow conversion, with 93% of our operating profit being converted into operating cash flow due to good working capital management. At the end of December 2012, our net debt stood at GBP254 million, just over 1.0x our EBITDA of GBP249 million. On 18 December 2012, we signed an agreement to sell Fusion UV to Heraeus Holding GmbH for a total consideration of $172 million. This transaction completed on 31 January 2013

[broadwood] 13/3/2013 07:21

Nice increase in TP.

Jefferies International Spectris PLC 13/03/2013
Reiterates
Buy Buy 0 2,270.00 2,675.00 2,380.00 405 2

[broadwood] 12/3/2013 16:10

Probably the best indicator of all - BlackRock holding now over 10%.

[enami] 12/3/2013 15:55

Boosted today, Blackrock buying, bullish engulfing candle so far and up off bottom of trend channel.

[enami] 08/3/2013 10:47

Eye of the storm?

A step down following director sale 25 Feb. Directors have awarded themselves a bunch of options.

Almost at bottom of uptrend channel.

[broadwood] 22/2/2013 10:00

Looks like another South Wester a blowin' up Cap'n.

[broadwood] 22/2/2013 09:24

Took a breather for a day. Normal service resumed.

[broadwood] 20/2/2013 09:37

I've hoisted the mainsail again Cap'n.

[broadwood] 20/2/2013 09:06

Productivity-enhancing instrumentation company Spectris posted an 11 per cent rise in annual sales for 2012, contributing to the same percentage rise in adjusted earnings per share.

Sales for the 12 months climbed from £1,106.2m to £1,230.8m year-on-year, while adjusted profit before tax increased to £217.3m from £191.6m, resulting in adjusted earnings per share of 137.5p (2011: 124.1p).

Actual pre-tax profit totalled £186.7m, compared to £166m the previous year. The dividend was increased by 16% from 33.6p to 39.0p per share.

John O'Higgins, Chief Executive, said: "This strong result was achieved through the progress we made on all aspects of our strategy. We will continue to invest in new products and applications which enhance our customers' productivity, seek further geographic growth opportunities across the group, and improve the resilience of the business through organic and acquisition activities.

"The board is confident that Spectris continues to be strategically well-positioned for 2013 and beyond."

The group said it expects to see growth in its Life Sciences sector continue, but said its Mining sector looks set to continue to slow in the first half of 2013.

"We also see potential in the emerging nano-materials sector, creating demand from academic research institutions, as well as in-house research and development laboratories in the pharmaceutical and advanced materials sectors," it said.

Sales in Test & Measurement rose 3.0% on a like-for-like basis, while operating profit grew 0.7%, helped by strong demand from the electronics and telecoms markets and continued growth in automotive.

In-line Instrumentation sales climbed 4.0%, and operating profit rose 0.5%, after it experienced good demand from Asia Pacific, Japan and China in particular

[bluebelle] 20/2/2013 08:51

Healthy cash position too.

[broadwood] 20/2/2013 08:27

Oriel Securities Spectris PLC 20/02/2013
Reiterates
Buy Buy 0 2,700.00 2,700.00 2,425.00 0 2

[broadwood] 20/2/2013 08:21

Instrumentation and controls company Spectris booked double-digit percentage rises in full-year sales and pretax profit, driven by both organic and acquisitive growth.

The company posted a pretax profit of £186.7 million, up 12% year on year, while sales rose to £1.23 billion, up 13%.

Chief executive John O'Higgins said the strong result was achieved through the progress on all aspects of Spectris' strategy.

"We will continue to invest in new products and applications which enhance our customers' productivity, seek further geographic growth opportunities across the group, and improve the resilience of the business through organic and acquisition activities," he said.

"The board is confident that Spectris continues to be strategically well-positioned for 2013 and beyond," O'Higgins added.

[broadwood] 20/2/2013 08:18

Had a superb run and , as suspected, no nasty surprises.

[enami] 20/2/2013 07:18

Sales +11%
Adjusted operating profit +14%
Adjusted profit before tax +13%
Adjusted earnings per share +11%
Dividend +16%
Statutory Operating profit +12%
Profit before tax +12%
Basic earnings per share +11%

The Board is proposing to pay a final dividend of 25.5 pence which, combined with the interim dividend of 13.5 pence, gives a total for the year of 39.0 pence (2011: 33.6 pence), an increase of 16%. The dividend will be paid on 26 June 2013 to shareholders on the register at the close of business on 31 May 2013 (XD 29 May).

[broadwood] 19/2/2013 16:26

Looks like L&G are happy with their holding.

[broadwood] 19/2/2013 15:01

Results tomorrow - price staying firm.

[broadwood] 13/2/2013 15:35

The higher the share price, the lower the yield becomes.

But whose complaining. Certainly its been comprehensively re-rated.