23rd Feb 2023 12:13
(Corrects location of Spectris, which moved to London from Egham, Surrey in February 2022.)
(Alliance News) - Spectris PLC on Thursday reported a profit decline in 2022 due to comparably large gains from disposals in 2021.
The London-based supplier of precision instrumentation and controls said pretax profit fell to GBP151.5 million in 2022, from GBP373.8 million the previous year.
Spectris made gains of GBP226.5 million from the disposals of Bruel & Kjaer Vibro, Millbrook, NDC Technologies and others in 2021. In 2022, it made a negligible GBP300,000 from the disposal of businesses.
The company explained that adjusted pretax profit in 2022 rose 19% to GBP219.7 million from GBP184.7 million a year prior. The profit is adjusted for the disposals, and restructuring costs, among others.
Sales grew 14% to GBP1.33 billion from GBP1.16 billion. "We successfully navigated constrained supply chains and controlled cost in an inflationary environment," Spectris said.
The company declared a dividend of 75.4 pence per share, up 5.0% from 71.8p a year prior.
Looking ahead, Chief Executive Andrew Heath said: "We enter 2023 with good momentum, while remaining vigilant and alert to signs of changes in demand. The strength and quality of our order book, which is 36% higher than a year ago, gives us confidence into the first half of the year, as we continue to drive operational excellence to improve productivity and efficiency.
"Our expectation for 2023 is to deliver organic growth consistent with our medium-term objectives of 6% to 7%, alongside strong progress on expanding margins and driving forward with our ambitions to be a leading sustainable business."
Spectris shares were 6.8% higher at 3,356.50 pence each in London on Thursday afternoon.
By Tom Budszus, Alliance News reporter
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