Spectris says full year operating profits to be at lower end of range
Spectris said it expected full year operating profits to be at the lower end of expectations after revealing a 1% fall in like-for-like sales in the four months to October 31 due to currency fluctuations.
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The productivity-enhancing instrumentation and controls company added that trading conditions worsened as the period progressed with tough trading conditions in the US, Spectris' largest geographic trading region.
Acquisitions contributed two percentage points of sales growth, whilst foreign currency exchange movements adversely impacted growth by two percentage points.
Chief executive John O'Higgins said: “Within this environment we remain focused on executing specific restructuring programmes and operational initiatives to protect our profitability, whilst continuing to invest in our core research and development programmes.”