16th Jan 2015 07:33
LONDON (Alliance News) - Instrumentation and controls company Spectris PLC said Friday it expects its adjusted operating profit to be around GBP198 million for 2014, in line with previous guidance, as it saw sales up 5% in its fourth quarter on both a reported and constant currency basis.
In October, the company had guided that it expected its full-year earnings before interest, tax, and amortisation to be modestly below company-compiled consensus of GBP200 million, due to weaker trading patterns from its second quarter continuing into its third.
Spectris said Friday that, excluding a boost from acquisitions and foreign currency exchange movements which had a negative effect of 5%, reported sales for the full year were down 2% compared to 2013.
Spectris said that sales in all four of its business segments grew in the fourth quarter, and it saw a particularly strong performance from its Industrial Controls business. Good sales into the automotive, electronics, energy and utilities, pharmaceutical and academic research markets offset softness in the metals, mining, pulp and paper sectors.
The company made three acquisitions during its fourth quarter, leading the company to have net debt of around GBP126 million as at the end of 2014.
"Trading in the fourth quarter was good, and we are pleased that Materials Analysis returned to growth in this period. The macro-economic environment remains challenging, but we will continue to progress our strategic initiatives and believe that the group is well positioned for 2015 and beyond," said Chief Executive John O'Higgins in a statement.
By Hana Stewart-Smith; [email protected]; @HanaSSAllNews
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