Spectris H1 operating profits fall as sales slow

30th Jul 2024 09:10

(Sharecast News) - Precision instruments supplier Spectris said on Tuesday that operating profits had fallen in the six months ended 30 June amid a drop in both sales and operating margins.

Spectris said interim operating profits had sunk 35% to £61.1m, while sales shrunk 10% to £569.7m and operating margins contracted 400 basis points to 10.4%. Basic earnings per share fell from 77.2p in H123 to 47.9p in H124.

However, the FTSE 250-listed group stated that despite softer trading in the first half, it was encouraged by signs that market conditions will improve in the second half, with its order book of £532.0m at the end of the period providing good visibility into the second half.

Chief executive Andrew Heath said: "As I look ahead, I have never been as excited about the future potential of the group as I am today.

"As a result of our financial performance in the first half we will be taking action to accelerate further self-help measures in the second half."

As of 0910 BST, Spectris shares were down 1.67% at 2,952.0p.

Reporting by Iain Gilbert at Sharecast.com