Spectris PLC

SXS

Equity

ISIN GB0003308607 / Valor 384161

LSE London Stock Exchange, SETS (2024-11-21)

GBP 24.76+0.24%

Spectris PLC
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About company

Spectris PLC is a diversified global company with a focus on providing precision instrumentation and controls for a wide range of industries. The company's strength lies in the expertise, innovation, and performance of its divisions, including Spectris Scientific which encompasses Malvern Panalytical, Particle Measuring Systems, and Servomex, as well as Spectris Dynamics which includes HBK. With a strong emphasis on delivering high-quality products and services, Spectris PLC serves customers in various sectors such as manufacturing, research, and industrial process control.

Summarized from source with an LLMView SourceSector: Technology

Revenue Performance

In the first half of 2024, Spectris PLC reported a revenue of £589.7 million. This figure reflects a 10% decrease on a like-for-like basis compared to the previous year, primarily due to softer underlying trading and temporary delays from the implementation of a new ERP system at Malvern Panalytical. Despite these challenges, the company expects to recover the re-phased sales in the second half of the year.

Operating Profit

Spectris PLC's adjusted operating profit for the first half of 2024 was £61.1 million, resulting in a margin of 10.4%. This represents a decrease from the previous year, influenced by lower revenue and reduced absorption of fixed costs. The company has taken measures to reduce overheads by £19.5 million and plans to accelerate self-help initiatives in the second half to improve profitability.

Divisional Performance - Spectris Scientific

Sales in the Spectris Scientific division were £320 million, 12% lower on a like-for-like basis compared to the same period last year. The division faced lower sales in pharmaceuticals and academia, although there was growth in electronics and semiconductor markets. The adjusted operating profit for this division was £33.4 million, with a margin of 10.4%.

Divisional Performance - Spectris Dynamics

In the Spectris Dynamics division, sales were £249.4 million, a 5% decrease on a like-for-like basis. The division saw higher sales in aerospace, defence, and automotive sectors, but these were offset by declines in machine manufacturing and academia. The adjusted operating profit for this division was £30.6 million, with an operating margin of 12.3%.

Cash Flow and Capital Allocation

Spectris PLC generated an EBITDA of £78.8 million in the first half of 2024. The company released £4.9 million of cash from working capital and spent £15.8 million on capital expenditures. Additionally, Spectris completed a £150 million share buyback programme, continuing its strategy to return capital to shareholders and drive long-term growth.

Summarized from source with an LLMView Source

Key figures

-25.9%1Y

-34.8%3Y

-6.59%5Y

Performance

24.6%1Y

27.0%3Y

27.6%5Y

Volatility