Surrey-based Spectris reports strong start to 2023
Spectris plc, a Surrey supplier of precision measurement instruments and controls, has reported strong trading in the three-month period up to 31 March 2023.
The firm managed organic sales growth of 24 per cent, up 34 per cent on a reported basis, with net cash of £278.4 million by the end of the quarter.
Its margins have progressed to plan, reflecting improvements in supply chains, pricing and operational efficiency.
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And with a book-to-bill of 1.03x, executives are confident that Spectris can achieve its full year guidance of six to seven per cent organic sales growth.
Chief Executive Andrew Heath said: “We have made a very strong start to the year, building on the momentum from the second half last year, with our revenue performance supported by improving conversion of order backlog, market share gains, recent new product launches and sustainability drivers.
“Our balance sheet provides us with flexibility for continued investment in growth, aligned with our strategy and purpose to make the world cleaner, healthier and more productive.
“Over the medium-term, we remain confident in our ability to drive continued organic growth, while further expanding operating margins, and compounding growth through targeted M&A.”
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