22nd Apr 2021 12:16
(Alliance News) - Spectris PLC said its first quarter revenue had increased 5% compared to the same period in 2020.
The Egham, England-based precision instrumentation and controls supplier said it was "well positioned for a continued market recovery".
Increased revenue was driven by its Asian market, particularly China, with a 24% year-on-year increase albeit against an easier comparator given the impact of Covid-19 there in 2020, Spectris said. Its Malvern Panalytical unit also continued to see a strong recovery, posting a 20% increase in sales for the quarter compared to 2020.
Spectris also pointed to how its order book provided confidence that positive momentum will continue into the year, growing 5% for the quarter compared to the prior year.
At the end of March, Spectris pointed to a healthy cash position of GBP334.8 million in net cash, more than triple the GBP106.1 million at year end, following divestments of GBP212.7 million from Bruel & Kjær Vibro and Millbrook, and reflecting ongoing spending on the GBP200 million share buyback programme.
As of April 21, the group had bought back 816,014 shares for a total cost of GBP27.3 million.
"We have started the year strongly. At the time of our full-year results, we stated that the order intake in the last quarter of 2020 provided good momentum coming into 2021 and that has been borne out," said Chief Executive Andrew Heath.
"I am very pleased with the group's performance, which is ahead of our expectations at the year end. The growth in sales reflects the execution of our strategic growth initiatives and the recovery in many of our end markets.
"Our order book provides confidence that this positive momentum should continue and with our improved cost base, this creates a strong operating leverage opportunity. We are confident that we are well positioned for the continued market recovery in 2021."
Shares in Spectris were trading 0.7% lower at 3,277.00 pence in London.
By Will Paige; [email protected]
Copyright 2021 Alliance News Limited. All Rights Reserved.
Related Shares:
Spectris