Confirmation of record sales and operating profit at Spectris in 2011 sparked earnings upgrades and propelled shares in the instrumentation and controls expert sharply higher. A strong end to the year pushed revenue up 23 per cent, helped by a 7 per cent contribution from acquisitions, especially Omega Engineering, where results exceeded expectations.
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Like-for-like sales grew 15 per cent, led by Asia Pacific, particularly China. That helped generate a forecast-beating 41 per cent surge in adjusted operating profit to £200m, producing an operating margin of 18 per cent. While management said little of prospects for 2012, acquisitions should mean more resilient earnings and chance to expand in growth markets.
