Spectris plc (LON:SXS) revealed financial results for 2018 that were slightly ahead of expectations
Sales, operating profit and pre-tax profit rose by 5%, 4% and 3% respectively compared to the year before.
Chief executive Andrew Heath said the improvement reflects the quality of the instrumentation and controls business.
“We were able to build on the increased momentum across our end markets and delivered good LFL sales growth,” Heath said in a statement.
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“We expect sales growth to moderate in 2019, given the more cautious macroeconomic outlook.
“Consequently, we are focusing on what we can control; increasing productivity and operational efficiency, while driving sales.
“Our profit improvement programme is expected to deliver benefits of £15-20 million during 2019, helping drive margin expansion.
Heath joined the company in the autumn.
In terms of the financial results, adjusted sales amounted to £1.6bn, up 5% from £1.5bn in 2017, while adjusted operating profit totalled £248.3mln up from £239.3mln a year earlier.
Adjusted pre-tax profit came in at £241.4mln compared to £234.2mln.
Statutory pre-tax profit - which included the impact of restructuring costs incurred in 2018 - was reported at 176.4mln, representing a 3% decline from the level reported in 2017, while statutory pre-tax profit amounted to £218mln which was down 22%.
The company announced a 61p dividend per share, up 8% from the previous year.