Spectris, the FTSE 250 precision-measurement specialist, announced a significant increase in pretax profit for the first half of 2022. The company reported a pretax profit of £68.5 million ($88 million), compared to £41.8 million in the same period last year.
Driven by this growth in profit, Spectris also upgraded its guidance for the full year. Revenue for the first half of 2022 rose to £702.5 million, up from £570.2 million in the previous year. This represents a sales increase of 23% and a like-for-like rise of 19%.
As a result of these positive developments, the board now expects organic sales growth for the full year to surpass the previously projected range of 6% to 7%. Additionally, Spectris anticipates strong progress on margins and projects a full-year adjusted operating profit in the range of £250 million to £265 million, reflecting robust double-digit on-year growth.
Chief Executive Andrew Heath expressed confidence in the company’s performance for the rest of the year, stating, “While we remain vigilant and alert to the broader macro environment, the strong first-half performance and strength of our order book means we are upgrading our guidance for the full year.”
Spectris’ strong results reinforce its position as a leader in precision measurement, demonstrating its ability to adapt to changing market conditions and capitalize on growth opportunities.