Instrumentation and controls company Spectris plc (SEPJF.PK,SXS.L) reported Tuesday that third-quarter sales decreased 20 percent to 329.4 million pounds, impacted by disposals and a negative foreign currency exchange movement.
Group like-for-like or LFL sales were 9 percent lower in the period, compared to 18 percent drop in the second quarter.
Orders in the period fared slightly better, being 8 percent lower on a LFL basis.
Group sales in the period were 11 percent ahead of the previous third quarter.
For the nine-month period to September 30, reported sales decreased 21 percent to 928.4 million pounds, with LFL sales down 12 percent.
Andrew Heath, Chief Executive, said, "During the third quarter, we have seen positive progress in a number of end markets, which we anticipate continuing. The LFL sales decline improved from 18 percent in the second quarter to 9 percent in the third quarter. Although uncertainties remain, we expect to see momentum going into the fourth quarter."
The company further said its order book provides confidence in meeting full-year revenue expectations, subject to no major effect from increasing COVID-related restrictions.
Further, the company said it is on track to deliver 50 million pounds of overhead costs savings in 2020, of which 20 million pounds is permanent.
In London, Spectris shares were trading at 2,632 pence, down 1.28 percent.
For comments and feedback contact: editorial@rttnews.com
Business News