Spectris PLC

Latest Results (11.01.2026):

Spectris PLC — half‑year (H1) 2025 results (six months ended 30 June 2025): reported sales of £636.1m and improving Q2 momentum, with reported order growth and targeted cost actions supporting management’s full‑year expectations; adjusted operating profit was £65.6m and the Board has recommended a recommended cash acquisition by KKR at £41.75 per share (inclusive of the declared interim dividend).

Topline — orders and sales

Group reported orders +5% (‑2% like‑for‑like); Q2 orders +15% reported (4% LFL). Group sales £636.1m, +8% reported, +1% LFL; Q2 sales showed stronger momentum (20% reported, 9% LFL).

Profitability and margins

Adjusted operating profit £65.6m (H1 2024: £61.1m), flat on a LFL basis; adjusted operating margin 10.3% (down 10bps). Statutory operating profit £24.8m (H1 2024: £24.0m). Adjusted basic EPS 38.4p (down 20% year‑on‑year).

Cash generation and balance sheet

Adjusted operating cash conversion 126% (H1 2024: 111%). Net debt £545.7m at 30 June 2025 (leverage 2.3x); management expects leverage to return to the 1–2x target by end‑2025.

Divisional performance

Spectris Scientific: sales £386.0m (+21% reported, +3% LFL), adjusted operating profit £43.0m. Spectris Dynamics: sales £250.1m (flat reported, ‑3% LFL), adjusted operating profit £31.1m.

Cost savings, integrations and R&D

Profit Improvement Programme: >£10m of savings realised in H1; >£30m expected for full year 2025 and a full run‑rate >£50m by end‑2026. R&D investment £50.2m in H1 2025 (c.7.9% of sales). Integration of 2024 acquisitions (SciAps, Micromeritics, Piezocryst) progressing with realised cost synergies and expected revenue synergies.

Recommended acquisition and dividend

The Board has recommended KKR Bidco’s proposed acquisition at £41.75 per share (comprising £41.47 cash + 28.0p interim dividend). The interim dividend of 28.0p has been declared (payable 7 Nov 2025; ex‑div 2 Oct 2025).

Outlook

Management expects full‑year adjusted operating profit to be in line with expectations, supported by improving sales momentum, acquisition benefits and the Profit Improvement Programme, while continuing to monitor market and geopolitical risks (tariffs, macro uncertainty).