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Spectris sales down 9% as cost saving drive continues
StockMarketWire.com
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FTSE 250-listed Spectris has reported a like-for-like sales decline of 9% in the third quarter of 2020.
The company highlighted that this was an improvement of the 18% decline recorded in the second quarter, and said it was seeing "positive momentum in a number of end markets".
Group sales were 11% ahead of of the previous quarter, with North America seeing the most notable improvement.
Spectris has launched a restructuring programme that it said was on track to deliver "permanent benefits" of £20 million in 2021 after costs of £25 million. This was on top of overhead cost savings of £50 million, of which £20 million was permanent.
CEO Andrew Heath said: "As we implement the restructuring, we will emerge from this crisis a stronger and even more resilient business. Our strategic objectives of organic growth and margin expansion remain, as well as optimising our portfolio and making acquisitions, to deliver long-term value to our shareholders."
At 8:20am: (LON:SXS) Spectris PLC share price was -50p at 2616p
Story provided by StockMarketWire.com
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