25th Apr 2014 08:27
LONDON (Alliance News) - Spectris PLC Friday expressed confidence for 2014, after it saw sales decline in the first quarter to end-March, hit by the strengthening of sterling.
The company produces instrumentation and control technologies. Spectris said reported sales were down 1%, as a 6% decline caused by foreign currency exchange movements was partly offset by 1% growth from acquisitions.
On a like-for-like basis, it said sales were up 4%, with growth in North America of 7%, Asia Pacific of 6% and 1% in Europe.
Spectris had net debt of GBP90 million as at March 31, down around GBP14 million from the start of the year, Spectris said.
"It has been an encouraging start to 2014, although trading conditions remained mixed," said Chief Executive John O'Higgins in a statement.
The company will continue to invest its growth programmes, new product pipeline and research and development during the year. It also will gradually reverse the discretionary cost savings it made in 2013, it said.
Shares in Spectris were trading down 0.5% at 2,294.00 pence Friday morning.
By Hana Stewart-Smith; [email protected]; @HanaSSAllNews
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