Spectris Q3 sales down
Precision instrumentation and controls group warned on Thursday that the recovery it had anticipated at the time of its H1 results was "taking longer to materialise".
Spectris said Q3 orders and sales were consistent with H1, with like-for-like orders down 6% and like-for-like sales 10% weaker year-on-year.
The FTSE 250-listed group now expects to deliver full-year adjusted operating profits, including the contribution from its two recently completed acquisitions, of around £200.0m.
Spectris added that its restructuring programme would deliver around £50.0m of run rate benefits, with associated costs of between £15.0m and £20.0m in 2024 with further restructuring and integration-related costs of £20.0m to £25.0m in 2025.
Chief executive Andrew Heath said: "During the third quarter the headwinds that we described at the half year - most notably continued softness in China, pharma and academia - have persisted and, from what we can see today, are likely to continue into the early part of 2025.
"Against this backdrop, we have increased and accelerated cost-reduction activities to improve the Group's productivity and drive profitability. This decisive action on cost, and a strong focus on executing our strategy, means the group is well placed to benefit as our end markets recover."
As of 0930 GMT, Spectris shares were down 3.34% at 2,488.0p.
Reporting by Iain Gilbert at Sharecast.com
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