Shares of Spectris Plc (SXS.L) rose more than 6 percent on Friday morning, as it expects strong sales and operating profit for full year 2011, with improvement across all of its business segments, regions and end markets. The company is also confident that it is strategically well positioned for the coming year.
In a trading update for the year, the British precision instruments maker said it expects adjusted operating profit to be in the region of 200 million pounds, up from 142.1 million pounds reported in the previous year.
Adjusted operating margin is expected to be about 18 percent, compared to 15.8 percent a year ago. Margins in each of its four segments will exceed 15 percent, with the largest year-on-year increase in the Test and Measurement segment, the company stated.
Sales for the year, on a reported basis, are anticipated to be around 23 percent higher than last year, including a 7 percent contribution from acquisitions and a positive currency effect of 1 percent. On a constant currency organic or like-for-like sales are expected to increase around 15 percent.
According to Spectris, acquisitions made in the year performed well, mainly Omega Engineering, where results were ahead of the company's expectations. In last August, the company agreed to acquire Stamford, Connecticut-based Omega Engineering business for $475 million or about 290 million pounds, on a debt and cash-free basis, the acquisition of which was completed in October.
John O'Higgins, chief executive of the company said, "Looking ahead, the macro-economic outlook is uncertain. Our recent acquisitions bring more resilient earnings whilst providing opportunities in growth markets and the Board is therefore confident that Spectris is strategically well positioned for the coming year."
The company said it will release its full year results on February 17.
SXS.L is currently trading at 1,498 pence, up 88 pence or 6.24 percent, on a volume of 358 thousand shares, against a three-month average volume of 281 thousand shares.
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