Spectris says full-year profit to be at lower end of expectations

Fri Oct 18, 2013 2:56am EDT

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Oct 18 (Reuters) - Electrical engineering company Spectris Plc said overall trading conditions were mixed and it anticipated full-year earnings before interest, taxes and amortization (EBITA) to be around the lower end of market expectations.

The company, which makes testing and control equipment for the mining, oil and gas, pharmaceuticals and transportation industries, said the timing of recovery in the business to more normalised growth rates continues to be unpredictable.

The company said the market consensus range for full-year EBITA was 214.0 million pounds to 226.5 million pounds ($346 million to $366 million).

Spectris, formerly called the Fairey Group, reported a 5 percent rise in third-quarter sales, including a 1 percent contribution each from its recent acquisitions and currency fluctuations.

Sales to Europe rose 8 percent on a like-for-like basis, in the quarter ended Sept. 30, while sales to Asia Pacific fell 1 percent due to a weak performance in China and Japan.

Shares in the company closed at 2224 pence on Thursday on the London Stock Exchange.

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