23rd Feb 2007 07:02
Spectris PLC23 February 2007 Date: Embargoed until 7.00am, Friday 23 February, 2007 Contact: John O'Higgins, Chief Executive, Spectris plc Tel: 01784 470470 Clive Watson, Finance Director, Spectris plc Tel: 01784 470470 Richard Mountain, Financial Dynamics Tel: 020 7269 7121 2006 PRELIMINARY RESULTS Spectris plc, the precision instrumentation and controls company, announcespreliminary results for the year ended 31 December 2006. 2006 2005 Increase Sales from continuing businesses # (£m) 642.6 599.2 7%Adjusted operating profit from continuing businesses # (£m) * 83.2 71.5 16% Adjusted operating profit (£m) * 85.7 73.5 17%Adjusted profit before tax (£m) * 76.3 60.5 26%Adjusted earnings per share (pence) * 43.7 36.2 21% StatutorySales (£m) 684.5 655.9 4%Profit before tax (£m) 85.6 50.8 69%Basic earnings per share (pence) 49.4 28.8 72%Dividend (pence) 17.5 15.8 11% # Continuing businesses excludes businesses sold and held for sale* For explanation of adjusted figures see Note 2 Highlights • Sales from continuing businesses up 7% (8% at constant currencies)• Operating margins from continuing businesses improved to 12.9%• Net debt reduced by £48 million to £72 million, cash conversion of 107%• Dividend increased by 11%• Share buy-back of up to £75 million over the next twelve months Commenting on the results, John O'Higgins, Chief Executive, said: "2006 was a successful year, both in terms of the results achieved and inpositioning Spectris to deliver improved performance in 2007. The current yearhas started on a strong note, with good order levels across all sectors andgeographies. As the benefits of management actions to improve margins furtherare realised, we are confident of achieving continued good progress." CHAIRMAN'S STATEMENT Overview 2006 was a good year for Spectris, with sales, profits and earnings per shareall increasing compared to the prior year. Total group operating marginsimproved to 12.5% (12.9% in continuing businesses*) as the operational gearingfrom robust growth and management restructuring actions in the past two yearsbegan to deliver the desired benefits. Total group sales increased by 4% to £684.5 million (2005: £655.9 million) andoperating profit increased by 17% to £85.7 million (2005: £73.5 million), or12.5% of sales. Sales from continuing businesses increased by 7% to £642.6million (2005: £599.2 million) and operating profit increased by 16% to £83.2million (2005: £71.5 million), or 12.9% of sales. Profit before tax increased by26% to £76.3 million (2005: £60.5 million) and earnings per share increased by21% to 43.7p (2005: 36.2p). This performance was achieved notwithstanding someadverse currency effects and a charge of £7.7 million (2005: £2.5 million) takenthrough the income statement for restructuring in continuing businesses.Underlying margins were therefore approaching the group's target range.Operating cash conversion was strong at 107% of operating profit. The Board proposes to pay a final dividend of 12.5p which, combined with theinterim dividend of 5.0p, gives a total of 17.5p (2005: 15.8p), an increase of11%. The dividend will be paid on 22 June 2007 to shareholders on the registerat 1 June 2007. An agreement for the sale of the Spectrum Inspection Systems business toIllinois Tool Works Inc was signed on 22 February 2007 for completion on 28February 2007. The total consideration is £16 million on a debt and cash-freebasis and subject to a working capital adjustment. Share buy-back Over the last three years, year-end net debt has reduced to £72 million from£163 million, principally as a result of strong internal cash generation. Inaddition to its ordinary dividend payments, the company now intends to return upto £75 million over the next twelve months by way of a share buy-back programme.This will improve the efficiency of the balance sheet, whilst also allowing thecompany to retain the financial flexibility necessary to fund its continueddevelopment. Board changes Having served for two terms as a non-executive director, Andrew Given, SeniorIndependent Director, who joined the Board in 2001, will retire at the May 2007AGM. I should like to thank Andrew for his contribution to the company and forhis Chairmanship of the Audit Committee during the past six years. John Warrenhas assumed the latter role from 1 January 2007 and Tony Reading will becomeSenior Independent Director with effect from the May 2007 AGM. Outlook 2006 was a successful year, both in terms of the results achieved and inpositioning Spectris to deliver improved performance in 2007. The current yearhas started on a strong note, with good order levels across all sectors andgeographies. As the benefits of management actions to improve margins furtherare realised, we are confident of achieving continued good progress. John PoulterChairman * Unless otherwise stated, all sales and operating profit figures in thenarrative are on a continuing businesses basis and exclude the businesses soldand held for sale. Figures for operating profit, profit before tax and earningsper share are adjusted measures - for explanation of adjusted figures see Note2. CHIEF EXECUTIVE'S REVIEW Introduction Spectris made good progress in 2006, with sales from continuing businessesincreasing by 7% to £642.6 million and adjusted operating profit increasing by16% to £83.2 million. At constant currencies, sales increased by 8%. Marginsimproved to 12.9% (2005: 11.9%), benefiting from the increased volume, ongoingmanagement actions to reduce costs, and the introduction of new products. Cost reduction programmes and active management of working capital continued todeliver results, with the primary focus on reducing overheads and conservingcash. A group-wide initiative to increase the proportion of components purchasedfrom lower-cost regions is progressing well, with many operations expected toachieve significant cost savings. The two businesses which had been loss-makingin the prior year decisively returned to profitability. Cash conversion wasagain strong and average working capital as a percentage of sales reduced by 1.7percentage points to 13.7%. We made some changes to the composition of the group during the year, with thedisposal of Arcom to Eurotech S.p.A., and the acquisitions of SpectralDimensions Inc (SDI), a specialist in chemical imaging for the pharmaceuticalindustry, and IPI LLC, a leader in paper coating applications. In addition,PANalytical added a direct presence in Korea, Brazil and Mexico by acquiring itsdistributors in these key regions. An agreement to sell Spectrum InspectionSystems was signed with Illinois Tool Works Inc on 22 February 2007. Thedisposal of a further small business in the In-line Instrumentation sector isalso underway. All three sectors grew sales from continuing businesses. There was double-digitgrowth in sales and profits in the Process Technology sector, partly due tostrong demand from the pharmaceutical and life sciences markets. The continuingelimination of lower-margin business moderated sales growth in the In-lineInstrumentation sector, where one-off costs for restructuring also reducedprofitability. Sales and profits in the Electronic Controls sector increased andoperating margins also improved in the second half. The focus on service andconsumables continued in the Process Technology and In-line Instrumentationsectors and remains a key requirement for global customers. Individual sectorperformance is described in more detail below. The major geographic regions showed growth during 2006. Expansion into Asiacontinues, with sales from continuing businesses up by 9% (11% at constantcurrencies). This region now represents 28% of group sales, reflecting ourongoing commitment and investment in this region over past years. Sales in NorthAmerica increased by 9% (10% at constant currencies). Sales in Europe increasedby 6% (6% at constant currencies), led by strong growth in Germany which grew by9% (10% at constant currencies). Expenditure on research and development of £44.7 million was maintained at prioryear levels and a number of significant new product platforms were launchedduring the year. These will enable our businesses to maintain their leadingpositions and grow revenues. Sector performance Process Technology The Process Technology sector had an excellent year, with double-digit sales andprofit growth. Sales increased by 11% to £343.6 million with operating profitincreasing by 40% to £45.2 million. Operating margins improved from 10.4% to13.2%. Profitability in this sector was impacted by one-off costs of £1.9million incurred for restructuring operations. Sales into the pharmaceutical industry increased during the year and this is nowSpectris' largest end user market at just over 10% of sales. There was strongdemand for pharmaceutical applications for Malvern, PANalytical and ParticleMeasuring Systems, particularly in Europe and North America. Malvern's solutionsfor the biotech and nanotechnology sectors also grew strongly. The acquisitionof SDI during the year added near-infrared chemical imaging instruments tocomplement Malvern's existing offering to its pharmaceutical customers. Theacquisition has been successfully integrated and has attracted significantinterest from customers. Higher demand for storage devices and flat panel displays in the semiconductorand electronics markets benefited Fusion, PANalytical and Particle MeasuringSystems. Fusion's UV curing systems are used in the production offunctionalised films which are an essential component in flat panel displays.Sales of PANalytical's X-ray technologies and Particle Measuring Systems'contamination detection systems to the semiconductor and electronics industriesincreased as customers continued to invest in new equipment, particularly inAsia. Rising environmental awareness led to increased opportunities for Bruel & KjaerSound & Vibration and PANalytical, partly as a result of new legislation anddirectives. Legislation introduced to limit environmental noise, which isincreasingly affecting major cities, airports and roads around the world,benefited Bruel & Kjaer Sound & Vibration where contracts have been received,amongst others, for noise management systems in the cities of Madrid and Beijingand at airports in Taiwan. PANalytical also benefited from developments in thisarea, providing X-ray instrumentation to measure hazardous substances such ascadmium and other metals, whose elimination from consumer goods is required tocomply with new environmental legislation. Spectris companies providing test and measurement equipment to the automotiveand aerospace industries have seen growth as new development programmes come onstream. Bruel & Kjaer Sound & Vibration, along with two other leading NoiseVibration Harshness (NVH) technology companies, was involved in the creation ofan Application Research Center at Canton, Michigan, USA. This facility, whichopened in June 2006, will help automotive manufacturers and their suppliers tooptimise the sound and vibration characteristics of their products. The mining and minerals industries experienced good growth as customers investedin new production and refining capacity globally, but particularly in Asia andLatin America. Both PANalytical and Malvern provide solutions to improveproductivity in this market. PANalytical has increased its presence in theseregions with the acquisition of its distributors in Korea, Brazil and Mexico,providing direct sales and support operations to customers in these importantmarkets. In-line Instrumentation The In-line Instrumentation sector grew sales by 2% to £164.2 million. Profitsat £21.1 million (2005: £22.6 million) were impacted by one-off costs of £5.1million (2005: £nil) for restructuring operations at Beta LaserMike, Bruel &Kjaer Vibro and BTG. Operating margins were 12.9% (2005: 14.0%), or 16.0% beforerestructuring (2005: 14.0%). Consolidation in the pulp and paper industry continues, with fewer, but larger,mills now in operation. Increased machine speeds mean that the cost of downtimeis rising, which has benefited BTG Duroblade. BTG's high performance bladesgreatly extend operational life, which reduces machine downtime. The acquisitionof IPI enables BTG to offer a broader range of products for coating applicationsworldwide. Spending on higher-value analysers by mill owners is still at a lowlevel, but is expected to recover as pressure to increase production efficiencycontinues to rise. There was strong demand from the converting market in North America followingseveral years of under-investment, which helped drive sales of NDC's webscanning systems. Higher energy prices and the continued investment in new plantresulted in strong demand for Servomex's gas analysis solutions and for Bruel &Kjaer Vibro's safety condition monitoring systems. Electronic Controls Sales in the Electronic Controls sector increased by 6% to £134.8 million, withprofit up by 2% to £16.9 million. Operating margins were 12.5%. Profitabilitywas impacted by one-off costs of £0.7 million incurred for restructuringoperations. HBM recovered in the second half of the year in line with expectations, withstrong sales to automotive and aerospace customers. The recently introduceddigital torque measurement solution for automotive R&D applications was wellreceived. This new product line has an important role to play in the developmentcycle of engines, powertrain components and brakes. Sales to the aerospaceindustry also increased - typical applications in this market include componentstress or functionality testing, landing gear drop tests and wind tunnel andaerodynamic testing. The general manufacturing sector was strong globally. Sales of Microscan'sbarcode scanners grew, with the Quadrus Mini product, a small high resolutionimager, proving particularly successful. The company also launched the MS-4, aminiature imager for reading 2D barcodes in small spaces, which is particularlysuitable for healthcare applications. Red Lion Controls grew sales of its human machine interface (HMI) display andnew network communication products with both end users and original equipmentmanufacturers. Demand for the company's industrial panel meters also increasedfollowing the launch of the CUB5 series which feature all the functionality andperformance of a full-size panel meter condensed into a small, easy-to-mountsolution. Looking ahead We will continue to pursue our objective of margin enhancement and cashgeneration in 2007 as the benefits of management actions are realised and as wedrive cost competitiveness across our businesses. The introduction of newproducts and applications will bring additional organic growth and benefits inthe year. We will increase our focus on the strategic development of Spectrisduring 2007, completing our divestiture activity and continuing the pursuit ofacquisition opportunities which strategically fit our businesses and willenhance shareholder value. John O'HigginsChief Executive FINANCIAL REVIEW Introduction Spectris uses adjusted figures as key performance measures in addition to thosereported under IFRS. Adjusted figures are stated before amortisation ofacquisition-related intangible assets, goodwill charges, profits or losses onthe termination or disposal of businesses or major fixed assets, unrealisedchanges in the fair value of financial instruments, related tax effects andother tax items which do not form part of the underlying tax rate. Unlessotherwise stated all profit and earnings figures referred to below are adjustedmeasures. The Arcom and Spectrum businesses were divested in March 2006 and February 2007respectively (as described further below). In addition, one other business inthe In-line Instrumentation sector is presented in these financial statements as"held for sale" as it is intended that it is divested during 2007. The resultsof these three businesses are not considered to be sufficiently material to bepresented as discontinued operations under IFRS. However, in order to aidunderstanding of the results for the ongoing business, references below to thesales and operating profit results for "continuing businesses" exclude theresults of these three businesses. Operating PerformanceTotal group 2006 2005 IncreaseSales (£m) 684.5 655.9 4%Operating profit (£m) 85.7 73.5 17%Operating margin 12.5% 11.2% 1.3pp Continuing businessesSales (£m) 642.6 599.2 7%Operating profit (£m) 83.2 71.5 16%Operating margin 12.9% 11.9% 1.0pp Total group sales increased by 4% and sales in continuing businesses increasedby 7%. Adverse movements in foreign currency exchange rates had an impact ofapproximately 1% on sales, meaning that total group sales and sales incontinuing businesses increased by approximately 5% and 8% respectively on aconstant currency basis. The year-on-year impact on sales from acquisitions wasapproximately £2.2 million or 0.4% of sales in continuing businesses. Adjusted operating profit rose by 17% overall and by 16% in continuingbusinesses, with operating margins improving from 11.2% to 12.5% overall, andfrom 11.9% to 12.9% on a continuing businesses basis. This growth in operatingprofit was driven by the increase in sales and good cost control, and wasachieved despite the significant one-off cost of restructuring in severalbusinesses which amounted to some £7.7 million in the year (2005: £3.1 millionincluding £0.6 million in one business being divested). The impact on operatingprofit from both acquisitions and foreign currency exchange rate movements(after taking account of the benefit of the group's hedging arrangements) wasminor. Interest costs, including IAS 19 pension charges, reduced from £13.0 million to£9.4 million, reflecting the consistent reduction in the level of net debtduring the year. After taking account of lower interest costs, adjusted profitbefore tax increased by 26% from £60.5 million to £76.3 million. Unadjusted operating profit, after including goodwill charges of £1.2 million(2005: £7.4 million) and acquisition-related intangible asset amortisation of£1.8 million (2005: £1.2 million), increased by 27% from £64.9 million to £82.7million. The goodwill charge of £1.2 million in 2006 relates to a technicalreduction of goodwill under IFRS following the recognition of an equal andopposite deferred tax asset relating to the acquisition of PANalytical in 2002. Unadjusted profit before tax increased by 69% from £50.8 million to £85.6million. In addition to goodwill charges and acquisition-related intangibleasset amortisation charges, the 2006 result includes unrealised gains of £2.8million on the group's cross-currency interest rate swaps (2005: unrealised lossof £1.1 million). Additionally in 2005, income of £1.7 million from thedisposal of Luxtron was offset by an unrealised loss relating to changes in fairvalue of average rate options. Acquisitions and disposals During the year, the group acquired two businesses and, in addition, a number ofdistributors in markets where a direct presence was sought. The totalconsideration, including acquisition expenses and net debt acquired, as well asdeferred and contingent consideration expected to be paid in future years, was£16.5 million. The largest of these acquisitions took place close to the end of2006. These acquisitions contributed £1.6 million of sales during the year. In March 2006, Spectris sold the Arcom business to Eurotech S.p.A for netproceeds (after taking account of transaction costs) of £13.3 million, givingrise to a profit on disposal of £9.5 million. An agreement for the sale of theSpectrum Inspection Systems business to Illinois Tool Works Inc was signed on 22February 2007 for completion on 28 February 2007. The total consideration is £16million on a debt and cash-free basis and subject to a working capitaladjustment. The profit on disposal will be reflected in the 2007 accounts. It is also the intention to divest one other business in the In-LineInstrumentation sector in 2007 and accordingly the assets and liabilities ofthis business, together with those of Spectrum, are presented as "held for sale"in the group balance sheet. Taxation The effective tax rate on profits was 28.8% (2005: 26.9%), an increase ofapproximately 2 percentage points. The effective tax rate continues to be belowthe weighted average statutory tax rate of 32.1% (2005: 32.8%), primarily as aconsequence of the recognition of tax assets arising in prior years in the UK. The increase in the tax rate in 2006 was due to a reduction in the benefit fromtax planning and brought forward loss utilisation. The underlying tax charge isexpected to continue to move closer to the weighted average statutory tax ratein future. Earnings per share Adjusted earnings per share increased by 21% from 36.2p to 43.7p, reflecting thenet impact of a 26% increase in profit before tax, partially offset by therising tax charge. Basic earnings per share increased by 72% from 28.8p to 49.4p. The differencesbetween the two measures are shown in the table below. 2006 2005 Pence Pence Basic earnings per share 49.4 28.8Goodwill charges and acquisition-related intangible asset amortisation 2.4 7.0Profit on disposal of business (7.6) -Income from disposal of Luxtron - (1.4)Unrealised changes in fair value of financial instruments (2.3) 2.3Tax effect of the above and other tax items that do not form part of the underlying tax rate 1.8 (0.5) ____ ____Adjusted earnings per share 43.7 36.2 The weighted average number of shares outstanding during the year increased from122.1 million to 124.3 million. This increase arose as a result of both theexercise of share options in the year and a further disposal of a proportion ofthe own shares held by the Spectris Employee Benefit Trust for cash proceeds of£0.9 million (2005: £9.5 million). Cash Flow 2006 2005Operating cash flow £m £mAdjusted operating profit 85.7 73.5Add back: depreciation 13.2 12.6Working capital movement/other 3.1 4.5 Net cash flow from operating activities before capital expenditure 102.0 90.6Capital expenditure (10.5) (12.2)Operating cash flow 91.5 78.4Cash conversion 107% 107% Non-operating cash flowTax paid (21.5) (15.8)Interest paid (11.2) (12.7)Dividends paid (20.2) (18.1)Acquisitions (13.6) (3.0)Disposals 13.3 -Exercise of share options 5.3 2.5Sale of own shares by Employee Benefit Trust 0.9 9.5Exchange/other 3.7 (1.8)Total non-operating cash flow (43.3) (39.4)Operating cash flow 91.5 78.4Movement in net debt 48.2 39.0 Cash conversion of operating profit to operating cash was 107% (2005: 107%).This was achieved through continued control of both working capital and capitalexpenditure and is also in part attributable to restructuring charges that didnot result in cash outflows in 2006. Inventory turns improved from 4.2 times atDecember 2005 to 4.4 times at the end of 2006. Debtor days outstanding alsoimproved, reducing from 60 days at December 2005 to 58 days at the end of 2006.Over the same period, year end working capital expressed as a percentage ofsales reduced from 15.7% to 14.8% and average working capital expressed as apercentage of sales reduced from 15.4% to 13.7%. Capital expenditure during the year equated to 1.5% of sales (2005: 1.9%) and,at £10.5 million (2005: £12.2 million), was 80% of depreciation (2005: 97%).This unusually low level was primarily due to timing differences which willreverse in 2007. The level of tax paid in 2006 was higher than in 2005 due primarily to theincrease in profits and the reduced utilisation of tax losses brought forward in2006. Overall, net debt fell by £48.2 million (2005: £39.0 million) from £119.9million to £71.7 million. Interest cost, excluding the financing charge arisingfrom IAS 19, was covered by adjusted operating profit 9.4 times (2005: 5.8times), providing significant headroom over and above banking covenants whichrequire a minimum of 3 times cover. Financing and Treasury The group finances its operations from both retained earnings and third partyborrowings, the majority of which are currently at fixed rates of interest. The $100 million 1996 US Private Placement loan notes were repaid on their duedate of 15 July 2006. The repayment was funded predominantly from existing cashresources with the balance funded from available borrowing facilities. Followingthis repayment, the group's principal borrowings relate to its 2000 and 2003 USPrivate Placement loan notes which had been swapped into Euro-denominatedborrowings using cross-currency interest rate swaps. In order to redress thebalance between the group's US dollar and Euro-denominated borrowings, given thegroup's relative investments in Euro and US dollar-denominated assets, the groupcancelled the cross-currency interest rate swap attached to the $75 million 2000US Private Placement loan note borrowings such that they revert to being USdollar-denominated borrowings. No charge to the income statement arose from thecancellation of this cross-currency swap in 2006 since the cost was previouslyfully provided for. At the year end, 97% of group borrowings were at fixed interest rates (2005:99%). The ageing profile at the year end showed that 4% of debt is due tomature within one year (2005: 30%), 31% of debt was due to mature in between oneand five years (2005: 29%) and the remaining 65% in more than five years (2005:41%). Share buy-back Over the last three years, year-end net debt has reduced to £72 million from£163 million, principally as a result of strong internal cash generation. Inaddition to its ordinary dividend payments, the company now intends to return upto £75 million over the next twelve months by way of a share buy-back programme.This will improve the efficiency of the balance sheet, whilst also allowing thecompany to retain the financial flexibility necessary to fund its continueddevelopment. The shares will be held in treasury. Currency The group has both translational and transactional currency exposures.Translational exposures arise on the consolidation of overseas company resultsinto sterling. Transactional exposures arise where the currency of sale orpurchase invoices differs from the functional currency in which each companyprepares its local accounts. The transactional exposures include situationswhere foreign currency denominated trade debtor, trade creditor and cashbalances are held. The largest transactional exposures are to the US dollar and, to a lesserextent, the Euro and the Japanese Yen. The largest translational exposures areto the US dollar, Euro and Danish Krone. The table below shows the key averageexchange rates during 2005 and 2006. Translational currency exposures are nothedged. 2006 2005 (average) (average) US $ 1.84 1.82Euro 1.47 1.46Yen 214 200 Forward exchange contracts are used to hedge forecast sale transactions wherethere is reasonable certainty of an exposure. At 31 December 2006, approximately65% of the estimated US dollar and Japanese Yen exposures for 2007 were hedgedusing forward exchange contacts. Defined benefit pension schemes Operating profit includes a defined benefit pension scheme current servicecharge of £0.8 million (2005: £0.7 million). The net pension liability in thebalance sheet (before taking account of the related deferred tax asset) hasreduced to £18.8 million (2005: £22.6 million), largely as a consequence of cashcontributions into the schemes and actuarial gains on the scheme assets. During2006, the group increased its cash contributions into the defined benefitpension schemes to £3.3 million (2005: £3.2 million). Clive WatsonGroup Finance Director - ENDS - A table of results is attached. The company will broadcast the meeting with analysts in a live webcastcommencing at 8.30 AM GMT on the company's website at www.spectris.com. Copies of this notice are available to the public from the registered office atStation Road, Egham, Surrey TW20 9NP, and on the company's website atwww.spectris.com. CONSOLIDATED INCOME STATEMENTFor the year ended 31 December 2006 Notes 2006 2005 £m £m Continuing operations3 Revenue 684.5 655.9 Cost of sales (288.7) (278.6) Gross profit 395.8 377.3 Indirect production and engineering expenses (60.8) (62.8) Sales and marketing expenses (171.6) (173.5) Administrative expenses (80.7) (76.1) 82.7 64.93 Operating profit Profit on disposal of business 9.5 -4 Financial income 9.0 6.64 Finance costs (15.6) (20.7) Profit before tax 85.6 50.8 5 Taxation - UK (0.5) (0.5)5 Taxation - Overseas (23.7) (15.1) Profit after tax for the year from continuing operations 61.4 35.2 attributable to equity shareholders7 Basic earnings per share 49.4p 28.8p7 Diluted earnings per share 49.2p 28.8p6 Interim dividends paid and final dividends proposed for the 17.5p 15.8p year (per share)6 Dividends paid during the year (per share) 16.2p 14.85p Spectris uses adjusted figures as key performance measures in addition to thosereported under adopted IFRS. Adjusted figures are stated before amortisation ofacquisition-related intangible assets, goodwill charges, profits or losses ontermination or disposal of businesses or major fixed assets, unrealised changesin the fair value of financial instruments, related tax effects and other taxitems which do not form part of the underlying tax rate. Reconciliations showing how the adjusted performance measures are derived fromthose reported under adopted IFRS are set out in Note 2. CONSOLIDATED STATEMENT OF RECOGNISED INCOME AND EXPENSEFor the year ended 31 December 2006 2006 2005 £m £mNet gain/(loss) on effective portion of changes in fair value of 1.7 (1.3)forward exchange contractsDeferred tax on changes in fair value of forward exchange contracts (0.5) 0.4Net gain/(loss) on changes in fair value of effective portion of net 7.6 (1.9)investment hedgeActuarial gain/(loss) arising on pension schemes 1.8 (4.1)Exchange differences on pension schemes 0.4 -Current and deferred tax on actuarial gains and losses on pension (0.6) 1.3schemesForeign exchange difference on translation of overseas operations (19.9) -Current tax on foreign exchange differences (0.1) 0.4 Net expense recognised in equity in respect of year (9.6) (5.2) Profit for the year 61.4 35.2 Total recognised income and expense for the year attributable to 51.8 30.0equity shareholders Changes in accounting policy: adoption of IAS 39 FinancialInstruments: Recognition and Measurement as at 1 January 2005 Hedging reserveFair value of forward exchange contracts - 0.8Deferred tax on forward exchange contracts - (0.2) Retained earningsFair value of cross-currency interest rate swaps - (7.6)Fair value of average rate options - 1.7Deferred tax on the above - 1.8 - (3.5) 51.8 26.5 CONSOLIDATED BALANCE SHEETAt 31 December 2006 2006 2005 £m £mAssetsNon-current assetsGoodwill 207.4 209.5Other intangible assets 8.0 4.1Property, plant & equipment 83.2 92.8Deferred tax asset 37.6 44.6 336.2 351.0Current assetsInventories 81.6 88.2Taxation recoverable 0.5 0.9Trade and other receivables 145.4 150.4Derivative financial instruments 1.3 -Cash and cash equivalents 51.0 77.1Assets held for sale 17.3 5.9 297.1 322.5Total assets 633.3 673.5 LiabilitiesCurrent liabilitiesShort-term borrowings (4.3) (59.4)Derivative financial instruments - (0.6)Trade and other payables (124.2) (132.4)Current tax liabilities (32.9) (32.4)Provisions (21.8) (12.3)Liabilities held for sale (6.0) (3.7) (189.2) (240.8)Net current assets 107.9 81.7Non-current liabilitiesMedium and long-term borrowings (108.6) (121.6)Derivative financial instruments (12.8) (24.7)Other payables (8.8) (6.7)Retirement benefit obligations (18.8) (22.6)Provisions - (0.6)Deferred tax liability (1.0) (1.0) (150.0) (177.2)Total liabilities (339.2) (418.0)Net assets 294.1 255.5 EquityIssued share capital 6.2 6.2Share premium 231.1 229.1Retained earnings 67.3 20.1Translation reserve (15.1) (2.8)Hedging reserve 1.2 (0.5)Merger reserve 3.1 3.1Capital redemption reserve 0.3 0.3Equity shareholders' funds 294.1 255.5Total equity and liabilities 633.3 673.5 CONSOLIDATED CASH FLOW STATEMENTFor the year ended 31 December 2006 2006 2005Notes £m £m Cash flows from operating activities Profit after tax 61.4 35.2 Adjustments for:5 Tax 24.2 15.6 Profit on disposal of business (9.5) -4 Finance costs 15.6 20.74 Financial income (9.0) (6.6) Depreciation 13.2 12.6 Amortisation of intangible assets 1.9 1.3 Goodwill impairment charge - 7.4 Goodwill reduction 1.2 - Loss on sale of property, plant & equipment 0.5 0.3 Equity settled share-based payment expense 0.6 0.3 Operating profit before changes in working capital and 100.1 86.8 provisions Increase in trade and other receivables (8.9) (4.5) (Increase)/decrease in inventories (1.0) 6.2 Increase in trade and other payables 4.4 2.8 Increase/(decrease) in provisions and employee benefits 7.4 (0.7) Corporation tax paid (21.5) (15.8) Net cash from operating activities 80.5 74.8 Cash flows from investing activities Purchase of property, plant & equipment (10.5) (12.3) Proceeds from sale of property, plant & equipment - 0.1 Acquisition of businesses, net of cash acquired (13.6) (2.3) Disposal of subsidiary undertakings 13.3 - Interest received 2.0 1.1 Dividend income - 0.1 Other financial income - 1.7 Net cash flows used in investing activities (8.8) (11.6) Cash flows from financing activities Interest paid (13.2) (13.8)6 Dividends paid to equity holders of the parent (20.2) (18.1) Share options exercised by issue of share capital 1.5 1.3 Share options exercised from shares held by Employee 3.8 1.2 Benefit Trust Sale of own shares by Employee Benefit Trust 0.9 9.5 Cancellation of cross-currency swap (2.9) - Repayment of borrowings (65.9) (0.2) Decrease in finance lease liabilities (0.4) - Net cash flows used in financing activities (96.4) (20.1) Net (decrease)/increase in cash and cash equivalents (24.7) 43.1 Cash and cash equivalents at beginning of year 76.1 34.1 Effect of foreign exchange rate changes (4.4) (1.1) Cash and cash equivalents at end of year 47.0 76.1 Reconciliation of changes in cash and cash equivalents to movements in net debt 2006 2005 £m £m Net (decrease)/increase in cash and cash equivalents (24.7) 43.1 Repayment of borrowings 65.9 0.2 Decrease/(increase) in finance lease liabilities 0.4 (0.5) Borrowings acquired on acquisitions - (0.7) Effect of foreign exchange rate changes 6.6 (3.1) Movement in net debt 48.2 39.0 Net debt at start of year (119.9) (158.9) Net debt at end of year (71.7) (119.9) RECONCILIATION OF MOVEMENT IN CAPITAL AND RESERVESFor the year ended 31 December 2006 Share Share Retained Translation Hedging Merger Capital Total capital premium earnings reserve reserve reserve redemption equity reserve £m £m £m £m £m £m £m £m Equity as at 31 December 2004 6.2 227.8 (1.7) (0.9) - 3.1 0.3 234.8Change in accounting policy: adoption of IAS 39 FinancialInstruments: Recognition andMeasurement - - (4.3) - 0.8 - - (3.5) Equity at 1 January 2005 6.2 227.8 (6.0) (0.9) 0.8 3.1 0.3 231.3 Gains and losses - year ended 31 December 2005Total recognised income and expense - - 33.2 (1.9) (1.3) - - 30.0 Total gains and losses 6.2 227.8 27.2 (2.8) (0.5) 3.1 0.3 261.3 Distributions to and transactions with shareholdersEquity dividends paid - - (18.1) - - - - (18.1)Share-based payments - - 0.3 - - - - 0.3Share options exercised from shares held by Employee BenefitTrust - - 1.2 - - - - 1.2Sale of own shares by Employee Benefit Trust - - 9.5 - - - - 9.5Exercise of equity share options - 1.3 - - - - - 1.3 Equity as at 31 December 2005 6.2 229.1 20.1 (2.8) (0.5) 3.1 0.3 255.5 Gains and losses - year ended 31 December 2006Total recognised income and expense - - 62.4 (12.3) 1.7 - - 51.8 Total gains and losses 6.2 229.1 82.5 (15.1) 1.2 3.1 0.3 307.3 Distributions to and transactions with shareholdersEquity dividends paid - - (20.2) - - - - (20.2)Share-based payments - - 0.6 - - - - 0.6Share options exercised from shares held by Employee BenefitTrust - - 3.8 - - - - 3.8Sale of own shares by Employee Benefit Trust - - 0.9 - - - - 0.9Exercise of equity share options - 2.0 (0.3) - - - - 1.7 Equity as at 31 December 2006 6.2 231.1 67.3 (15.1) 1.2 3.1 0.3 294.1 NOTES TO THE ACCOUNTS 1. PRINCIPAL ACCOUNTING POLICIES AND BASIS OF PREPARATION Spectris plc is a limited company incorporated and domiciled in the UnitedKingdom under the Companies Act 1985, whose shares are publicly traded on theLondon Stock Exchange. The group's financial statements have been prepared and approved by thedirectors in accordance with International Financial Reporting Standards asadopted by the EU (adopted IFRS). The financial statements are prepared rounded to the nearest hundred thousand onthe historical cost basis except that the derivative financial instruments arestated at fair value and non-current assets and disposal groups held for saleare stated at the lower of carrying amount and fair value less costs to sell. The preparation of financial statements in conformity with adopted IFRS requiresmanagement to make judgements, estimates and assumptions that affect theapplication of policies and the reported amount of assets and liabilities,income and expenses. The estimates and associated assumptions are continuallyevaluated and are based on historical experience and various other factors thatare believed to be reasonable under the circumstances. Actual results may differfrom these estimates. The estimates and assumptions that have a significanteffect on the carrying amount of assets and liabilities are noted withinspecific accounting policies. Revisions to accounting estimates are recognisedin the period in which the estimate is revised if the revision affects only thatperiod or in the period of the revision and future periods if the revisionaffects both current and future periods. The accounting policies set out have been applied consistently by group entitiesto all periods presented in these financial statements. The financial statements were authorised for issue by the directors on 23February 2007. 2. ADJUSTED PERFORMANCE MEASURES Spectris uses adjusted figures as key performance measures in addition to thosereported under adopted IFRS. Adjusted figures are stated before amortisation ofacquisition-related intangible assets, goodwill charges, profits or losses ontermination or disposal of businesses or major fixed assets, unrealised changesin the fair value of financial instruments, related tax effects and other taxitems which do not form part of the underlying tax rate (see Note 5). The adjusted performance measures are derived from the reported figures underadopted IFRS as follows: Adjusted sales 2006 2005 £m £mSales as reported under adopted IFRS 684.5 655.9Discontinuing businesses (41.9) (56.7)Adjusted sales for continuing businesses 642.6 599.2 Adjusted sales by segment - 2006 Process In-line Electronic 2006 Technology Instrumentation Controls Total £m £m £m £m Sales as reported under adopted IFRS 343.6 202.2 138.7 684.5Discontinuing businesses - (38.0) (3.9) (41.9)Adjusted sales for continuing businesses 343.6 164.2 134.8 642.6 Adjusted sales by segment - 2005 Process In-line Electronic 2005 Technology Instrumentation Controls Total £m £m £m £m Sales as reported under adopted IFRS 310.1 202.3 143.5 655.9Discontinuing businesses - (40.6) (16.1) (56.7)Adjusted sales for continuing businesses 310.1 161.7 127.4 599.2 Adjusted operating profit 2006 2005 £m £m Operating profit as reported under adopted IFRS 82.7 64.9Amortisation of acquisition-related intangible assets 1.8 1.2Goodwill impairment charge - 7.4Goodwill reduction 1.2 -Adjusted operating profit 85.7 73.5Discontinuing businesses (2.5) (2.0)Adjusted operating profit for continuing businesses 83.2 71.5Restructuring charges for continuing businesses 7.7 2.5Adjusted profit for continuing businesses beforerestructuring charges 90.9 74.0 Adjusted operating profit by segment - Process In-line Electronic 20062006 Technology Instrumentation Controls Total £m £m £m £m Segment result under adopted IFRS 42.6 22.9 17.2 82.7Amortisation of acquisition-relatedintangible assets 1.7 0.1 - 1.8Goodwill reduction 1.2 - - 1.2 Adjusted operating profit 45.5 23.0 17.2 85.7Discontinuing businesses - (2.3) (0.2) (2.5)Corporate cost reallocation (0.3) 0.4 (0.1) -Adjusted operating profit for continuingbusinesses 45.2 21.1 16.9 83.2 Restructuring charges for continuingbusinesses 1.9 5.1 0.7 7.7 Adjusted profit for continuing businessesbefore restructuring charges 47.1 26.2 17.6 90.9 The adjustment for corporate cost reallocation is a consequence of theadjustment for discontinuing businesses and reallocates all corporate costs tothe continuing businesses. Adjusted operating profit by segment - Process In-line Electronic 20052005 Technology Instrumentation Controls Total £m £m £m £m Segment result under adopted IFRS 31.2 15.5 18.2 64.9Amortisation of acquisition-relatedintangible assets 1.2 - - 1.2Goodwill impairment charge - 7.4 - 7.4Adjusted operating profit 32.4 22.9 18.2 73.5Discontinuing businesses - (0.3) (1.7) (2.0)Adjusted operating profit for continuingbusinesses 32.4 22.6 16.5 71.5Restructuring charges for continuing businesses 2.5 - - 2.5Adjusted profit for continuing businessesbefore restructuring charges 34.9 22.6 16.5 74.0 Adjusted profit before tax 2006 2005 £m £m Profit before tax as reported under adopted IFRS 85.6 50.8Amortisation of acquisition-related intangible assets 1.8 1.2Goodwill impairment charges - 7.4Goodwill reduction 1.2 -Profit on disposal of business (9.5) -Unrealised change in fair value of cross-currency interest rate swaps (2.8) 1.1Unrealised change in fair value of average rate options - 1.7Other financial income - (1.7)Adjusted profit before tax 76.3 60.5 Operating cash flow 2006 2005 £m £m Net cash from operating activities under adopted IFRS 80.5 74.8Corporation tax paid 21.5 15.8Purchase of property, plant & equipment (10.5) (12.3)Proceeds from sale of property, plant & equipment - 0.1Operating cash flow for management purposes 91.5 78.4 Adjusted earnings per share 2006 2005 £m £m Profit after tax as reported under adopted IFRS 61.4 35.2Adjusted for:Amortisation of acquisition-related intangible assets 1.8 1.2Goodwill impairment charge - 7.4Goodwill reduction 1.2 -Profit on disposal of business (9.5) -Unrealised change in fair value of cross-currency interest rate swaps (2.8) 1.1Unrealised change in fair value of average rate options - 1.7Other financial income - (1.7)Tax effect of the above 3.4 (1.5)Other tax items not forming part of the underlying tax rate (1.2) 0.8Adjusted earnings 54.3 44.2Weighted average number of shares outstanding (millions) 124.3 122.1Adjusted earnings per share (pence) 43.7 36.2 Adjusted diluted earnings per share 2006 2005 Adjusted earnings (as above) (£m) 54.3 44.2Diluted weighted average number of shares outstanding (millions) 124.7 122.4Adjusted diluted earnings per share (pence) 43.5 36.1 Analysis of net debt for management purposes 2006 2005 £m £m Bank overdrafts 4.0 1.0Bank loans - secured 2.7 3.2Unsecured loan notes 106.1 176.3Cross-currency interest rate swaps - currency portion 9.8 16.0Finance lease liabilities 0.1 0.5Total borrowings 122.7 197.0Cash balances (51.0) (77.1)Net debt 71.7 119.9 Analysis of revenue by geographical destination 2006 2005for continuing businesses £m £m UK 28.6 29.7Continental Europe 244.5 228.8North America 157.0 143.6Japan 55.5 53.5China 49.0 44.0Rest of Asia Pacific 74.7 66.9Rest of the world 33.3 32.7Total continuing businesses 642.6 599.2Discontinuing businesses 41.9 56.7Group total 684.5 655.9 3. SEGMENTAL INFORMATION The group's primary reporting format is business segments and its secondaryformat is geographical segments. Segment revenue Inter-segment External customer Segment result revenue revenue 2006 2005 2006 2005 2006 2005 2006 2005 £m £m £m £m £m £m £m £m Process Technology 344.6 311.6 (1.0) (1.5) 343.6 310.1 42.6 31.2In-line Instrumentation 202.9 202.8 (0.7) (0.5) 202.2 202.3 22.9 15.5Electronic Controls 138.7 143.6 - (0.1) 138.7 143.5 17.2 18.2Eliminate inter-segment sales (1.7) (2.1) 1.7 2.1 - - - - Total continuing operations 684.5 655.9 - - 684.5 655.9 82.7 64.9Profit on disposal of business 9.5 -Financial income 9.0 6.6Finance costs (15.6) (20.7)Profit before tax 85.6 50.8Tax (24.2) (15.6)Profit after tax 61.4 35.2 Inter-segment pricing is on an arm's length basis. Segments are presented on thebasis of actual inter-segment charges made. Profit on disposal of business of£9.5m (2005: £nil) relates to the Electronic Controls sector. Segment assets Segment liabilities 2006 2005 2006 2005 £m £m £m £m Process Technology 277.6 285.7 (94.3) (91.6)In-line Instrumentation 156.4 150.3 (39.8) (35.1)Electronic Controls 107.3 114.7 (26.2) (28.9)Total segment assets and liabilities 541.3 550.7 (160.3) (155.6)Cash and borrowings 51.0 77.1 (112.9) (181.0)Derivative financial instruments 1.3 - (12.8) (24.7)Net pension liability - - (18.8) (22.6)Taxation (including amounts disclosed within 39.7 45.7 (34.4) (34.1)assets and liabilities held for sale)Consolidated total assets and liabilities 633.3 673.5 (339.2) (418.0) Additions to Depreciation and Impairment non-current assets amortisation charges 2006 2005 2006 2005 2006 2005 £m £m £m £m £m £m Process Technology 8.4 42 7.7 6.2 - -In-line Instrumentation 6.7 4.0 3.8 3.8 - 7.4Electronic Controls 2.6 4.9 3.6 3.9 - - 17.7 13.1 15.1 13.9 - 7.4 Geographical segments The group's business operations are each located in several geographicallocations, and sell on to external customers in all parts of the world. The following is an analysis of revenue by geographical destination: 2006 2005 £m £m UK 36.3 41.4Continental Europe 253.5 240.1North America 176.4 169.6Japan 55.8 54.0China 50.1 45.6Rest of Asia Pacific 76.9 70.4Rest of the world 35.5 34.8 684.5 655.9 The following is an analysis of the carrying amount of segment assets, andadditions to property, plant and equipment and intangible assets, analysed bythe geographical area in which the assets are located. Carrying amount of Additions to segment assets non-current assets 2006 2005 2006 2005 £m £m £m £m UK 63.1 67.0 1.8 1.6Continental Europe 355.6 359.4 5.9 8.4North America 84.2 79.8 7.7 1.1Japan 13.9 19.5 0.1 0.3China 10.1 10.7 0.3 1.5Rest of Asia Pacific 11.6 12.2 1.3 0.1Rest of the world 2.8 2.1 0.6 0.1 541.3 550.7 17.7 13.1 4. FINANCE COSTS AND FINANCIAL INCOME 2006 2005Financial income £m £m Bank interest receivable 2.0 1.0Dividend income - 0.1Unrealised change in the fair value of cross-currency interest rate swaps 2.8 -Expected return on pension scheme assets 4.2 3.8Other financial income - 1.7 9.0 6.6 2006 2005Finance costs £m £m Interest payable on bank loans and 0.5 0.9overdraftsInterest payable on other loans 10.6 12.8Total interest payable 11.1 13.7Unrealised change in fair value of cross-currency interest rate swaps - 1.1Unrealised change in fair value of average rate options - 1.7Interest cost on pension scheme liabilities 4.5 4.2 15.6 20.7 Interest costs of £9.1m (2005: £12.6m) for the purposes of the calculation ofinterest cover comprise of bank interest receivable of £2.0m (2005: £1.0m),dividend income of £nil (2005: £0.1m), and interest payable on bank and otherloans and overdrafts of £11.1m (2005: £13.7m). 5. TAXATION UK Overseas 2006 UK Overseas 2005 Total Total £m £m £m £m £m £m Current tax charge 0.9 21.4 22.3 3.5 16.4 19.9Adjustments in respect of current tax of prior years (0.1) (0.5) (0.6) (1.3) (1.8) (3.1)Deferred tax - origination and reversal of temporary differences (0.3) 2.8 2.5 (1.7) 0.5 (1.2) 0.5 23.7 24.2 0.5 15.1 15.6 The standard rate of corporation tax for the year, based on the weighted averageof tax rates applied to the group's profits, is 32.1% (2005: 32.8%). The taxcharge for the year is lower than the standard rate of corporation tax for thereasons set out in the following reconciliation: 2006 2005 £m £m Profit before taxation 85.6 50.8Corporation tax at standard rate of 32.1% (2005: 32.8%) 27.5 16.7Non-taxable income and gains (1.7) (2.7)Non-deductible expenditure 1.2 2.8Movements on unrecognised deferred tax assets (0.6) (3.0)Other current year items (0.1) (0.6)Tax charge on dividends received from EU-based subsidiaries - 2.8Taxation on other dividend flows - 3.6Revision of recognition of opening deferred tax assets - (2.5)Other adjustments to prior year current and deferred tax (2.1) (1.5)chargesTotal taxation 24.2 15.6 The following tax charges/(credits) relate to items of income and expense thatare excluded from the group's adjusted performance measures. Tax on items of income and expense that are excluded from the 2006 2005group's adjusted profit before tax £m £m Tax charge/(credit) on unrealised change in fair value ofcross-currency interest rate swaps 0.8 (0.3)Tax credit on unrealised change in fair value of average rate options - (0.5)Tax credit on amortisation of intangible assets and goodwill impairment charge (0.6) (1.2)Tax charge on disposal of subsidiary undertakings 3.2 -Tax charge on other financial income - 0.5Total tax charge/(credit) 3.4 (1.5) Other tax items not forming part of the underlying tax rate 2006 2005 £m £m Material transfers from unrecognised tax assets (1.2) (2.5)Material changes in deferred tax rates - 0.5Tax charge on dividends received from EU-based subsidiaries - 2.8Total tax (credit)/charge (1.2) 0.8 The tax charge on dividends received from EU-based subsidiaries is £nil (2005:£2.8m). In December 2006 the European Court of Justice ruled in the grouplitigation order test case that the UK's system of taxation for overseasdividends is permissible under the EU treaty, subject to certain caveats andconditions. The case was referred back to the UK courts to interpret thedecision and deliver a specific judgement for the claimants. Pending thedecision of the UK courts, a tax creditor of £12.6m continues to be held for thepotential tax liabilities arising in 2004 (£9.8m) and 2005 (£2.8m). The effective adjusted tax rate for the period was 28.8% (2005: 26.9%) as setout in the reconciliation below: Reconciliation of total tax charge on adopted IFRS basis to adjusted tax charge 2006 2005 £m £m Total tax charge on adopted IFRS basis 24.2 15.6Tax (charge)/credit on items of income and expense that are excluded from the group's adjusted profit before tax (3.4) 1.5Other tax items not forming part of the underlying tax rate 1.2 (0.8)Adjusted tax charge 22.0 16.3Adjusted profit before tax 76.3 60.5Adjusted effective tax rate 28.8% 26.9% 6. DIVIDENDS 2006 2005Amounts recognised and paid as distributions to equity holders in the £m £myearFinal dividend for the year ended 31 December 2005 of 11.2p (2004: 10.25p) per share 14.0 12.4Interim dividend for the year ended 31 December 2006 of 5.0p (2005: 4.6p) per share 6.2 5.7 20.2 18.1 Amounts arising in respect of the year 2006 2005 £m £mInterim dividend for the year ended 31 December 2006 of 5.0p (2005: 4.6p) 6.2 5.7Proposed final dividend for the year ended 31 December 2006 of 12.5p(2005: 11.2p) per share 15.6 14.0 21.8 19.7 The proposed final dividend is subject to approval by shareholders at the AnnualGeneral Meeting and has not been included as a liability in these financialstatements. 7. EARNINGS PER SHARE Basic earnings per share amounts are calculated by dividing net profit for theyear attributable to ordinary equity shareholders of the parent by the weightedaverage number of ordinary shares outstanding during the year. Diluted earnings per share amounts are calculated by dividing the net profitattributable to ordinary shareholders by the weighted average number of ordinaryshares outstanding during the year but adjusted for the effects of dilutiveoptions. Basic earnings per share 2006 2005 Profit after tax (£m) 61.4 35.2Weighted average number of shares outstanding (millions) 124.3 122.1Basic earnings per share (pence) 49.4 28.8 Diluted earnings per share 2006 2005 Profit after tax per income statement (£m) 61.4 35.2Basic weighted average number of shares outstanding (millions) 124.3 122.1Weighted average number of dilutive 5p ordinary shares under option (millions) 1.6 1.5Weighted average number of 5p ordinary shares that would have been issued at average market value from proceeds of dilutive share options(millions) (1.2) (1.2)Diluted weighted average number of shares outstanding (millions) 124.7 122.4Diluted earnings per share (pence) 49.2 28.8 8. COMPANY INFORMATION The financial information set out above does not constitute the company'sstatutory accounts for the years ended 31 December 2006 or 2005 but is derivedfrom those accounts. Statutory accounts for 2005 have been delivered to theRegistrar of Companies. The auditors have reported on those accounts; theirreport was unqualified and did not contain statements under section 237(2) or(3) of the Companies Act 1985. The statutory accounts for 2006 will be deliveredfollowing the company's Annual General Meeting. 9. ANNUAL REPORT Copies of the annual report, which will be posted to shareholders on 22 March2007, may be obtained from the registered office at Station Road, Egham, SurreyTW20 9NP. The report will also be available on the company's website atwww.spectris.com. This information is provided by RNS The company news service from the London Stock ExchangeRelated Shares:
Spectris