22nd Oct 2020 11:55
(Alliance News) - Spectris PLC on Thursday said like-for-like sales decline eased in the third quarter of 2020 on "positive momentum in a number of end markets".
The precision instrumentation and controls supplier said like-for-like sales in the third quarter declined 9%, a sharp improvement from a 18% drop in the second quarter. Year-to-date, like-for-like sales were down 12%.
Reported sales were up 11% quarter-on-quarter to GBP329.4 million. Year-to-date reported sales decreased 21% to GBP928.4 million
"All regions saw an improving performance compared with the prior quarter, with North America seeing the most notable improvement. Asia performance was driven by a rebound in activity in China with growth of 6% in the period, with particularly strong growth in September," Spectris said.
On its outlook, the company said: "Our order book provides confidence in meeting our full-year revenue expectations, subject to no major effect from increasing Covid-related restrictions. In particular, the imposition of further lockdowns may impact our ability to access customer sites for product installation and commissioning."
Spectris added that it remains on track to deliver the previously announced GBP50 million of overhead costs savings.
Chief Executive Officer Andrew Heath said: "As we implement the restructuring, we will emerge from this crisis a stronger and even more resilient business. Our strategic objectives of organic growth and margin expansion remain, as well as optimising our portfolio and making acquisitions, to deliver long-term value to our shareholders."
At the end of September, Spectris had net cash of GBP60.2 million, down from GBP94.3 million at June 30.
Shares in Spectris were down 2.9% at 2,589.00 pence each in London on Thursday morning.
By Tapan Panchal; tapanpanchal@alliancenews.com
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