Spectris Gains the Most in Almost Six Months as Net Rises
Stock Chart for Spectris PLC (SXS)
Spectris Plc (SXS), the U.K.’s biggest maker of production-testing gear, surged 7.3 percent in London trading after first-half profit rose on “strong customer demand” and acquisitions.
Spectris shares advanced to 1,373 pence at the 4:30 p.m. close in London, its biggest gain since February. Net income for the six months to June 30 jumped 62 percent to 53.6 million pounds ($88 million), the Egham, England-based company said today in a statement. Revenue climbed 25 percent to 507.2 million pounds.
“Five percent of sales came from six acquisitions that all performed well,” Chief Executive Officer John O’Higgins said today in a telephone interview. “We expect that our sales growth will revert to more normal levels from here on out, which is historically about 6 percent for us.”
This month, Spectris bought Omega Engineering for $475 million and IRM Group for about $11 million.
O’Higgins said there “may well be” further acquisitions later in the year, but probably “nothing the size of Omega.”
The company raised its half-year dividend 15 percent to 8.2 pence.
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