27th Feb 2014 13:01
LONDON (Alliance News) - Spectris PLC raised its total dividend Thursday as pretax profit increased in 2013, bolstered by the sale of its Fusion business in December.
The instrumentation and controls company raised its total dividend 9.6% to 42.75 pence from 39.0 pence in the previous year.
Pretax profit rose to GBP271.7 million from GBP185.2 million, as a slight decline in revenue to GBP1.20 billion from GBP1.23 billion was more than offset by a GBP98.3 million profit from the sale of its Fusion business.
Spectris sold the Fusion business, part of its In-line Instrumentation segment, to Heraeus Holding GmbH for USD175 million in December.
On a like-for-like basis, sales grew by 2% in Europe and 1% in Asia Pacific, but declined by 3% in North America due to the deferral of orders and a lull of investment in academic research. Like-for- like sales in the rest of the world were up 4%, boosted by good trading activity in South America and Africa, the company said.
Spectris pledged that it will continue to invest in its key growth programmes, new product pipeline, and research and development during 2014. It also will gradually reverse the discretionary cost savings it made throughout 2013 if it returns to sustainable growth.
"We are pleased with the performance of the business in 2013 despite unpredictable trading conditions," said Chief Executive John O'Higgins in a statement Thursday morning. "Overall, our broad geographic and end market exposures, strong financial position, and on-going investment in the business provide the board of Spectris with confidence that the company is well positioned for 2014 and beyond."
Shares in Spectris last traded down 0.5% at 2,446.0 pence Thursday afternoon.
By Hana Stewart-Smith; [email protected]; @HanaSSAllNews
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