Spectris (SXS)

Sector:

Electronic and Electrical Equipment

Index:

FTSE 250

4,047.00p
   
  • Change Today:
    -36.00p
  • 52 Week High: 4,094.00p
  • 52 Week Low: 2,380.00p
  • Currency: UK Pounds
  • Shares Issued: 111.60m
  • Volume: 307,729
  • Market Cap: £4,516.32m
  • RiskGrade: 107

Spectris reinstates dividend after better-than-expected H1

By Michele Maatouk

Date: Tuesday 04 Aug 2020

LONDON (ShareCast) - (Sharecast News) - Spectris said on Tuesday that it performed better than expected in the first half, with sales down less than forecast and orders faring better, as it reinstated its dividend.
The FTSE 250 supplier of high-tech instruments and test equipment said adjusted pre-tax profit fell 47.7% from the same period a year ago to £40.4m, with sales down 21.1% to £599m and like-for-like sales down 14%. On a statutory basis, pre-tax losses widened to £65.5m from £50.1m.

Spectris said LFL sales declined less than expected during the second quarter, with sales in May down 20%, similar to the 21% decline in April, and June sales 12% lower than last year. Orders in the first half also fared better, down 11%.

The company said all three platform businesses posted a decline in LFL sales, with Malvern Panalytical taking the biggest hit, mainly due to a reduction in demand in metals, minerals and mining and from universities and research institutes being closed during the coronavirus lockdown.

After only a small LFL decline in the first quarter, HBK's sales fell further in the second quarter, resulting in an 8% decline overall, while both Omega and the Industrial Solutions division saw a 13% fall in LFL sales.

All regions saw a decline in sales compared to the previous year.

Spectris said cash performance in the first half was "strong". It ended the period with net cash of £94.3m compared net debt of £312.6m last year.

The group, which said in April that it was postponing payment of the final 2019 dividend, said an additional interim dividend of 43.2p will now be paid to shareholders on 2 October. It declared an interim dividend of 21.9p a share for the first half, which was in line with last year.

Chief executive Andrew Heath said : "Through the support of our people, we were able to move quickly to support our customers in new ways, at a lower cost. The actions we have taken have demonstrated the resilience and quality of the Spectris business model and its cash generative nature.

"As a result, our profit drop-through impact was limited and cash conversion was strong, such that we strengthened our balance sheet and liquidity position in the first half. This has enabled us to reinstate our dividend, restore salaries and bring people back to work, where appropriate."

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Note 1: Prices and trades are provided by Digital Look Corporate Solutions and are delayed by at least 15 minutes.

Note 2: RiskGrade figures are provided by RiskMetrics.

 

Spectris Market Data

Currency UK Pounds
Share Price 4,047.00p
Change Today -36.00p
% Change -0.88 %
52 Week High 4,094.00p
52 Week Low 2,380.00p
Volume 307,729
Shares Issued 111.60m
Market Cap £4,516.32m
RiskGrade 107

Spectris Star Ratings

Compare performance with the sector and the market.
more star ratings
Key: vs Market vs Sector
Value
53.02% below the market average53.02% below the market average53.02% below the market average53.02% below the market average53.02% below the market average
65.71% above the sector average65.71% above the sector average65.71% above the sector average65.71% above the sector average65.71% above the sector average
Price Trend
74.39% above the market average74.39% above the market average74.39% above the market average74.39% above the market average74.39% above the market average
18.92% above the sector average18.92% above the sector average18.92% above the sector average18.92% above the sector average18.92% above the sector average
Income
55.35% below the market average55.35% below the market average55.35% below the market average55.35% below the market average55.35% below the market average
22.22% above the sector average22.22% above the sector average22.22% above the sector average22.22% above the sector average22.22% above the sector average
Growth
50.39% below the market average50.39% below the market average50.39% below the market average50.39% below the market average50.39% below the market average
70.59% below the sector average70.59% below the sector average70.59% below the sector average70.59% below the sector average70.59% below the sector average

What The Brokers Say

Strong Buy 4
Buy 3
Neutral 4
Sell 0
Strong Sell 2
Total 13
buy
Broker recommendations should not be taken as investment advice, and are provided by the authorised brokers listed on this page.

Spectris Dividends

  Latest Previous
  Interim Final
Ex-Div 07-Oct-21 13-May-21
Paid 12-Nov-21 30-Jun-21
Amount 23.00p 46.50p

Trades for 24-Sep-2021

Time Volume / Share Price
16:35 94,723 @ 4,047.00p
16:29 1 @ 4,055.00p
16:29 4 @ 4,055.00p
16:29 1 @ 4,055.00p
16:29 50 @ 4,055.00p

Spectris Key Personnel

CEO Andrew Heath
CFO Derek Harding

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