5 November 2009
Spectris plc, the productivity-enhancing instrumentation and controls company, today issues its Interim Management Statement covering the period from 1 July to 4 November 2009.
On a reported basis, sales for the four months ended 31 October 2009 were 4% lower than the prior year, including a contribution from acquisitions (5%) and beneficial effects from currency (10%); on a constant currency organic basis, sales were therefore 19% lower.
Since we announced our interim results in August, market conditions have remained broadly unchanged. However, we have noted some stabilisation in demand, although visibility is still limited. With continuing low production levels in many of the industries we serve, we are planning for a gradual recovery in our markets commencing in 2010. Our restructuring activities are expected to deliver benefits in 2009 and 2010 in line with projections outlined at the time of our interim statement. We are confident that with our continued focus on new products and applications and the contribution from acquisitions we are well placed as our markets return to growth.
The group continues to maintain a good financial position, with operating cash conversion remaining strong. In September, we replaced the £50 million facility maturing in December with a £40 million three-year term facility on market terms, giving committed bank facilities of £130 million. There have been no other significant events or transactions since the beginning of the period which would have a material impact on the financial position of the group.
Spectris will issue a trading update in January 2010 ahead of its announcement of preliminary results for the year ending 31 December 2009, due to be released on 23 February 2010.
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