Surrey-based Spectris reports strong start to 2023

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Daniel Face

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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.

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.”

Daniel Face

Born and raised in Berkshire, Dan fell into journalism after completing his bachelor’s degree in English at UCL. Writing for The Business Magazine and local Biz News sites has given him the opportunity to chat with all manner of small business owners and share their success stories with a wider audience. Outside of work, Dan enjoys live music, board games and quiz shows, and is making a slow but persistent effort to learn Spanish.