13th Jan 2021 09:58
(Alliance News) - Spectris PLC on Wednesday reported like-for-like sales declined in the fourth quarter of 2020, despite seeing a strong performance that was ahead of management's expectations throughout December.
The Egham, England-based precision instrumentation and controls supplier said like-for-like sales in the fourth quarter were down by 7%, which was an improvement from a 9% decline in the third quarter.
As a result of this, Spectris said it expects its full-year like-for-like sales to be down 11% to GBP1.34 billion, compared to GBP1.63 billion in 2019.
"With an 8% impact from disposals, primarily related to BTG, and a limited impact from foreign currency exchange movements, this leads to an expected 18% decrease in reported sales compared to the prior year," it added.
Spectris sold its BTG Group business to Germany's Voith GmbH & Co KGaA in December 2019 for GBP283 million.
Looking ahead, the company now expects its full-year 2020 adjusted operating profit to be around the top end of the consensus range of between GBP150 million and GBP171 million, a substantial decrease compared to GBP258.1 million last year.
Spectris said it will announces its full-year results on February 25.
Shares in Spectris were down 1.6% at 2,960.00 pence in London on Wednesday.
By Zoe Wickens; [email protected]
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