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Spectris estimates higher profit on acquisitions, Asia demand
January 18, 2013 / 7:49 AM / 5 years ago

Spectris estimates higher profit on acquisitions, Asia demand

Jan 18 (Reuters) - British electrical engineering company Spectris Plc estimated a higher adjusted operating profit for the year ended Dec. 31, helped by acquisitions and strong demand from Asia.

The company, a provider of instrumentation, automation and control products, estimated the profit to rise about 14 percent to 229 million pounds ($366 million) from a year earlier.

Spectris, which acquired smaller rivals Omega Engineering and Sixnet in 2011, said sales rose 11 percent, with like-for-like sales up 3 percent.

Like-for-like sales from Asia Pacific rose 6 percent, driven by demand from China, it said.

The company in November said it would meet its expectations for the year even as the turmoil in the euro zone prompted peers like Morgan Crucible to cut their forecasts.

Spectris’s exposure to Asia -- which contributed about a third to the company’s overall revenue in 2011 -- and to maintenance rather than capital budgets has given the business a degree of resilience at a time when the euro zone is struggling with its debt crisis.

Shares in Spectris closed at 2,023 pence on the London Stock Exchange on Thursday. They have risen more than 36 percent over the past year.

Spectris will report full-year results on Feb 20.

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