| Chairman's Statement |
| Chief Executive's Review |
| Financial Review |
| Statement of Directors' Responsibilities |
| Principal Risks and Uncertainties |
Targeted cost reduction limits impact of lower sales on operating profit
Restructuring and acquisition integration actions on track,
benefiting performance in second half
Cash conversion of 164%
Strong balance sheet; ample financing headroom
Dividend maintained
| Financial Highlights | ||||
|---|---|---|---|---|
| 2009 Half year |
2008 Half year |
Change | Change at CER** |
|
| Key operational indicators | ||||
| Sales (£m) | 371.5 | 358.5 | +4% | -13% |
| Adjusted operating profit (£m)* | 20.0 | 46.4 | -57% | -63% |
| Adjusted profit before tax (£m)* | 14.3 | 42.6 | -66% | |
| Adjusted earnings per share (pence)* | 9.4 | 26.6 | -65% | |
| Dividend (pence) | 6.4 | 6.4 | - | |
| Statutory | ||||
| Profit before tax (£m) | 8.6 | 39.1 | -78% | |
| Basic earnings per share (pence) | 6.5 | 23.5 | -72% | |
* Adjusted figures exclude certain non-operational items, as defined in Note 2, but include post-acquisition
integration and restructuring charges of £7.0m (H1 2008: £0.2m).
** Constant exchange rates.
Spectris designs, develops and markets productivity-enhancing instrumentation and controls. Our products, applications and services help customers to improve product quality and performance, improve core manufacturing processes, reduce downtime and wastage and reduce time to market. The group comprises four business segments which reflect the applications and end user industries we serve.
Materials Analysis provides a wide range of analytical instrumentation to the metals and mining, pharmaceutical and life sciences, and semiconductor industries.
Test and Measurement supplies test, measurement and analysis equipment and software for product design optimisation and manufacturing control, principally to the aerospace, automotive and consumer electronics industries. Further applications are in environmental monitoring.
In-line Instrumentation provides process analytical measurement, asset monitoring and on-line controls for both primary processing and the converting industries.
Industrial Controls supplies automation and control products for the discrete manufacturing industries.