18th Oct 2013 06:42
LONDON (Alliance News) - Instrumentation and controls company Spectris PLC Friday said it now expects earnings before interest, tax and amortisation to be at the bottom end of market expectations as trading remained difficult and a recovery elusive.
The company has compiled its own survey of analysts' estimates, and said current consensus is forecasting a full-year EBITA of between GBP214 million and GBP226.5 million.
It said sales were up 5% in the three months to end-September, with acquisitions and currency movements adding 1% growth each. Excluding these factors, sales were up 3% compared with the third quarter of 2012.
It said like-for-like sales to Europe rose 8%, were flat in North America and declined 1% to Asia Pacific, with weak sales to China and Japan only partially offset by growth in South Korea and India.
"Customer activity remains strong and we are encouraged by quarterly sequential improvements in our short cycle businesses as well as in North America and Europe," the company said in a statement.
"However, overall trading conditions are mixed and the timing of recovery in the business to more normalised growth rates continues to be unpredictable," it added.
By Steve McGrath; [email protected]; @SteveMcGrath1
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