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Egham, Surrey, United Kingdom, 2011/07/15 - Spectris plc ("Spectris", "the company" or "the group"), the productivity-enhancing instrumentation and controls company, today issues an update on trading for the six months ended 30 June 2011 - Spectris.com. LSE: SXS
The company's half year results will be released on 23 August 2011.
Our May Interim Management Statement reported strong trading conditions for the first four months of 2011, and these continued for the remainder of the half year, with healthy demand in all regions and end markets. As a result, we expect sales for the first six months of 2011, on a constant currency organic ("like-for-like") basis, to be 21% higher than the comparable period last year. On a reported basis, sales are expected to increase by approximately 25%, including a contribution from acquisitions (+5%) and the effects of currency (-1%).
All four segments and major regions will show double-digit like-for-like sales growth. Regionally, Asia Pacific is expected to grow by around 21%, North America by approximately 26% and Europe by around 18%.
Adjusted operating profit is expected to be in the region of £80 million (2010:£49.9 million), giving an adjusted operating margin of approximately 16%. This compares with 12.3% for the same period last year.
Operating cash conversion was in line with our expectations and our financial position remains strong, with net debt of approximately £74 million at the end of June.
Commenting on the results, John O'Higgins, Chief Executive, said: "We are very pleased with the excellent start we have made to the year, delivering sales growth in all four of our business segments. Looking ahead, growth rates in the second half of 2011 are likely to revert to more normal levels following the strong recovery in the second half of 2010. We remain confident that Spectris will make good progress for the full year."
A conference call for analysts and investors will be held at 08.00 (UK time) on Friday 15 July to discuss this statement. For dial-in details please contact Financial Dynamics on +44 (0)20 7269 7291.