FTSE 250 precision instruments manufacturer Spectris (LON:SXS) tumbled 3.41% by 2,575p (as of 14:25 BST) after posting results for the three months ended 30th September. Like-for-like sales for the period were down by 9% for the quarter, a relative improvement on the 18% decline seen in the second quarter, and management said that the company was on track to deliver £20 million in permanent cost savings.
CEO Andrew Heath commented: “We continue to focus on what we can control and to best position the company for an extended recovery. As we transition from temporary cost saving measures to delivering sustainable benefits, we are executing our restructuring programme and thank our people for their commitment and support through these difficult times.
“Our cash generation continues to be a strength and our balance sheet remains robust. As we implement the restructuring, we will emerge from this crisis a stronger and even more resilient business. Our strategic objectives of organic growth and margin expansion remain, as well as optimising our portfolio and making acquisitions, to deliver long-term value to our shareholders“.