Spectris sees full-year revenue growth below forecast
April 19 (Reuters) - British electrical engineering company Spectris Plc's first-quarter sales fell 8 percent and the company said it expects revenue growth in 2013 to be below its previous forecast.
Weak customer confidence across all its major regions led to a deferral of orders and shipment delays, the company said in an interim statement.
On a like-for-like basis, Asia Pacific sales fell 15 percent, while sales in North America dropped 10 percent and Europe declined 6 percent.
Spectris added that its opportunity pipeline remained strong and that there was no reason to believe that the deferred orders would be cancelled.
The company, which makes testing and control equipment for industries like mining, oil and gas, pharmaceuticals and transportation, said it has taken steps to cut about 10 million pounds in costs in 2013.
Spectris' shares closed at 2225 pence on Thursday on the London Stock Exchange, valuing the business at about 2.6 billion pounds. The stock has risen about 6 percent since the beginning of the year.