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Highlights

  • Spectris PLC reported H1 FY24 sales of GBP 589.70 million, down 16.1% year-over-year.
  • The company’s recent acquisitions include Micromeritics Instruments and Piezocryst Advanced Sensorics.
  • The company plans to invest GBP 52.9 million in R&D and achieve GBP 10 million in cost savings by 2024.

Spectris PLC (LSE: SXS) is an FTSE 250 listed UK-based company that delivers essential insights to its clients through precision measurement, leveraging technical expertise and extensive domain knowledge.

In H1 FY24, Spectris’ group sales reached GBP 589.70 million, a 16.1% decline from GBP 702.50 million in H1 FY23. This drop was primarily driven by a 12% decrease in like-for-like sales, with impacts including GBP 4 million from acquisitions, GBP 12 million from adverse foreign exchange, and GBP 22 million in lower sales due to ERP implementation delays. However, the company anticipates a recovery in sales during the second half of the fiscal year.

Statutory operating profit also fell to GBP 24.00 million from GBP 70.50 million, representing a 66.0% decrease. This decline was largely attributed to GBP 8.9 million in costs related to the investment in the new ERP system. Consequently, the statutory operating margin decreased to 5.1%, down from 14.1% in the previous year.

Recent Business Update

 In August, Spectris plc announced completing the acquisition of Micromeritics Instruments, enhancing its capabilities in analytical instrumentation focused on particle and powder characterization. Additionally, Spectris plc has acquired Piezocryst Advanced Sensorics for GBP 133.5 million. This acquisition not only boosts its precision measurement expertise but also deepens its collaboration with AVL.

Company Outlook

 Top 10 Shareholders

Together, the top 10 shareholders of SXS account for about 43.00% of the total shares. Fidelity Management & Research Company LLC has the largest stake at approximately 9.96%. Following them is Wellington Management Company, LLP, which owns around 5.20% of the shares, as shown in the chart below.

Stock Information

The stock price of SXS has declined by approximately 5.95% over the past month and by around 21.86% in the past six months. The stock’s 52-week range shows a low of GBX 2,486.00 and a high of GBX 3,861.00. Currently, it is trading below the average of this 52-week range. As of 25 Oct 2024, the stock’s closing price is GBX 2558.00.

Note 1: Past performance is not a reliable indicator of future performance.
Note 2: The reference data for all price data, currency, technical indicators, support, and resistance levels is 25 October 2024. The reference data in this report has been partly sourced from EODHD/Others.