Spectris PLC on Thursday backed annual guidance but reported a ‘slightly softer than anticipated’ first-quarter.
Shares in the company fell 1.4% to 3,226.00 pence each in London on Thursday morning.
The supplier of high-tech instruments, test equipment and software for industrial applications said first-quarter sales were 8% lower on a like-for-like basis. Sales fell 13% on a reported basis to £309.4 million from £354.3 million a year prior.
Chief Executive Andrew Heath said: ‘While conditions in some of our end markets were softer than expected in the first quarter, notably China, we continue to expect to deliver progress this year as markets improve, with progress weighted towards the second half. As a higher quality, more resilient business, facing off to attractive markets, we are well placed to deliver continued organic growth, expand operating margins towards our target of 20%+ and compound growth through M&A.’
Spectris predicts ‘another year of progress in 2024, including margin expansion’. Its full-year outturn is expected to be second-half weighted, the firm said.
Spectris last month sealed the $345 million sale of Red Lion Controls to HMS Networks.
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