For the 12 months ended 31st December 2017, Spectris PLC has reported a 13% increase in sales (6% on a like for like basis (LFL)) to £1,525 million. Operating profit is up 11% and profit before tax 12% higher than the previous year.
Commenting on the results, John O’Higgins, Chief Executive, said: “Our performance in 2017 was good with LFL increases in both sales and profit as we executed on our strategy, and helped by a recovery in the USA and certain key end markets. In 2018, we expect to see the benefit of organic sales growth, partly offset by the investment in our strategic growth initiatives and foreign currency exchange headwinds.
We remain focused on increasing productivity and reducing complexity through Project Uplift. The magnitude and phasing of the benefits and costs from this programme have varied from those originally envisaged, primarily due to a re-scoping of the IT project. As a result, we now expect Phase 1 to deliver annual savings of £25 million at a total cost of £35 million over the period to the end of 2019.
Our key priority remains the implementation of the strategy to provide a broader offering to our customers. Our balance sheet remains strong and we will continue to make acquisitions to support this strategy as we expand our software and services capability.”