Spectris, the precision-measurement specialist, has announced impressive sales growth in the third quarter, supported by a robust order book. The company's sales for the period reached £349.2 million ($424.9 million), a significant increase from the previous year's £332.6 million. Like-for-like sales also saw a remarkable 11% rise, with positive growth experienced across all regions.
While disposals had a slight negative impact of 1% on sales and foreign-currency exchange resulted in a 5% reduction, the overall performance remained strong.
Spectris now expects like-for-like sales growth for the year to be approximately 10%, surpassing their previously stated range of 6% to 7%. Additionally, the company has revised its adjusted operating profit guidance, projecting it to be in the upper half of the £250 million to £265 million range. These positive revisions reflect the company's optimism and confidence in its continued progress.
Chief Executive Andrew Heath acknowledged the potential challenges posed by the wider macro-economic environment. However, he expressed confidence in Spectris' resilience, evidenced by their order momentum, leading product portfolio, and diverse end market exposure. Heath believes that these factors, combined with Spectris' strong self-help strategy, will enable them to achieve their guidance for this year and continue making strides in 2024.