Spectris to top market forecasts with 2024 profits
By Benjamin Chiou
Date: Thursday 23 Jan 2025
(Sharecast News) - Precision instruments supplier Spectris said it expects to beat market expectations with its 2024 results.
In a brief trading update on Thursday, the company said its fourth-quarter performance was in line with expectations, but strong "operational execution" meant that adjusted operating profit for the year will be above the upper end of analysts' forecasts, which range from £183.3m to £201m. Spectris had said in October that it was targeting an adjusted operating profit or around £200m.
However, that's still significantly down from the £262.5m earned in 2023, as the company had to contend with tough comparatives and softer end markets last year.
Like-for-like sales fell during the first three quarters of 2024, dropping 8%, 12% and 10% on the previous year respectively, prompting the company to accelerate a cost-reduction programme to improvement productivity and help the bottom line.
During 2024, Spectris's share price tumbled by over a third to reach levels not seen since 2020, but have since bounced back by 10% so far in 2025 to sit at a three-month high of 2,718 by Wednesday's close.
Full-year results from the company will be announced on 28 February.
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