Precision instrumentation and controls maker Spectris Plc (SXS.L,SEPJF.PK) on Friday reported a drop in its profit for the six-month period to June 30, hurt mainly by lower profit from the disposal of businesses. Sales, however, grew by 16% during the period. Looking forward, Spectris reported that orders to date were encouraging and therefore it expects to meet the targets set for the rest of the year.
The Surrey, U.K. based company's six-month pre-tax profit was GBP 39.1 million, 31% lower than GBP 56.4 million in the prior-year period. However, on an adjusted basis, pre-tax profit increased 16% to GBP 42.6 million from GBP 36.8 million last year.
The company's profit attributable to equity holders during the six-month period was GBP 27.2 million, down from GBP 41.5 million in the year-ago period. Earnings per share declined to 33.2 pence from last year's 23.5 pence.
However, adjusted earnings per share rose 28% to 26.6 pence from 20.8 pence in the year-ago period, helped by the combined impact of higher operating profits, lower tax rate, and a reduction in the average number of shares in issue.
For the period, the company recorded profit on disposal of businesses of GBP 0.3 million, significantly lower than the GBP 19.4 million profit recorded in the last year period.
The company's half-yearly reported sales rose 13% to GBP 358.5 million from GBP 317.3 million in 2007. Sales from continuing businesses increased 16% to GBP 358.5 million from GBP 308.57 million in the comparable period a year ago.
Spectris said that favorable foreign exchange movements contributed to an 8% rise in sales. Of this, acquisitions contributed to around 2% sales growth. Organic sales were up by 6%. The company also noted strong segmental sales at constant currencies. All regions too grew sales at constant currencies, with Asia up by 11%.
In addition, the company's Board has declared an interim dividend of 6.4 pence. The dividend will be paid on November 14 to shareholders on register on October 24, 2008.
Looking forward, Spectris said that orders till date remain encouraging, and that it continues to see results in line with expectations for the remainder of 2008.
SXS.L is currently trading on the LSE at 803.00 pence, down 0.50 pence, or 0.06%, with a volume of 50,090 shares.
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