Full Year Results 

Spectris funds a £100m buyback

Spectris funds a £100m buyback

Although we noted encouraging signs in several of its geographical divisions at its June half year, we still thought Spectris (SXS) needed to demonstrate progress on underlying margins. A 110-basis point uplift in the underlying operating margin provides confirmation on that score, and fed through to an 8 per cent rise in adjusted profits to £224m on a like-for-like basis. In 2017, the group recorded underlying sales growth in each of its four segments and key regions, together with an improved showing from Omega Engineering, reflected in strengthening sales and higher gross margins in the industrial controls business unit.

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