Surrey-based precision measurement company Spectris profits up 16% to £401.5m
Spectris plc, a Surrey-based supplier of precision instrumentation and controls, saw its profits rise by 16% to £401.5m in 2022.
The company, whose headquarters is in Egham, also saw sales growth of 14% and an adjusted earnings per share increase of 26% to 159.9p. A record order book, up 36% year-on-year, also provides confidence in the year ahead.
Andrew Heath, Spectris Chief Executive, said: “I am delighted by our financial performance and strategic progress in 2022. We continue to grow strongly, reflecting the extraordinary efforts of our people across the Group to deliver for our customers.
"We are compounding our growth by taking share and opening up new opportunities, through increased investment in R&D driving new innovations, and M&A, supported by a strong balance sheet.
"At our Capital Markets Day in October we presented our Strategy for Sustainable Growth. Spectris is now focused on two great premium precision measurement businesses in Spectris Scientific and Spectris Dynamics, aligned with attractive, sustainable, structural growth markets with high barriers to entry."
He added: "With leading technologies and deep technical expertise, our teams are solving some of our customers’ toughest challenges, delivering increasing value and helping to make the world cleaner, healthier and more productive.
"We enter 2023 with good momentum while remaining vigilant and alert to signs of changes in demand. The strength and quality of our order book, which is 36% higher than a year ago, gives us confidence into the first half of the year, as we continue to drive operational excellence to improve productivity and efficiency.
"Our expectation for 2023 is to deliver organic growth, consistent with our medium-term objectives of 6-7%, alongside strong progress on expanding margins and driving forward with our ambition to be a leading sustainable business.”
READ MORE: Spectris sells Omega Engineering to Arcline Investment Management for £403m
Image: Spectris has seen profits rise by 16% in 2022. Credit: Spectris
