Spectris grows despite Forex pressure

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Spectris grows despite Forex pressure

Instruments and controls manufacturer Spectris (LON:SXS) said that like-for-like sales were up by 6% for the four months ended 30th April, but the negative impact of foreign currency movements meant that revenues only rose by 2% in reported terms. The improvement in sales was driven by strong performances in China, and the pharmaceutical and automotive industries.

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CEO John O’Higgins commented: “Performance in the year to date shows a continuation of the strength in our end markets experienced in 2017, partly offset by adverse foreign currency exchange impact. Performance remains consistent with our expectations for the full year, although noting that visibility on our order book remains limited”. Analysts from Shore Capital said that, “overall this is a strong update, and we retain our buy recommendation”.

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