Spectris falls on slowing sales growth
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Shares in precision instruments maker Spectris (LON:SXS) tumbled 143p to 2,457p (as at 10:50 BST) as it warned of slowing sales growth and failed to update investors on the next stage of its efficiency drive.
“Our performance in the first half of the year reflects good demand in our end markets,” commented outgoing CEO John O’Higgins. “We are pleased to see 5% organic sales growth although we continue to expect that pace to ease a little in the second half, given the tougher comparator with 2017. ”
Adjusted pre-tax profit for the six months to the end of June rose 6% to £67.4 million as sales rose 3% to £728 million, driven by demand from automotive and pharmaceuticals companies. Organic sales growth was 5% but the company said it was unlikely to maintain that rate of increase.
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