LONDON (dpa-AFX) - Instrumentation and controls company Spectris plc (SEPJF.PK, SXS.L) reported Tuesday that its first-half loss before tax was 65.5 million pounds, wider than loss of 50.1 million pounds a year ago.
Basic loss per share was 57.3 pence, compared to loss of 41.8 pence last year.
Adjusted profit before tax was 40.4 million pounds, compared to last year's 77.2 million pounds. Adjusted earnings per share were 27.2 pence, compared to 52.4 pence a year ago.
Sales declined 21.1 percent to 599.0 million pounds from 759.1 million pounds a year ago. Sales fell 13.7 percent on a like-for-like basis.
In the second quarter, the company recorded a better than expected performance.
Further, the company reinstated its dividend. An additional interim dividend of 43.2 pence per share has been declared and will be paid in October in lieu of 2019 final dividend. Further, an interim 2020 dividend of 21.9p per share has been declared and will be payable on November 6.
Looking ahead, the company expects the third quarter to show an improved performance over the previous quarter, however the outlook into the fourth quarter, which is typically the largest contributor, remains uncertain, given concerns of a potential second wave of COVID-19.
For the year 2020, Spectris continues to expect a profit drop-through in the range of 40-50 percent, depending on the LFL decline in sales year-on-year. The 32 percent drop-through achieved in the first half will not be repeated as the firm translate temporary cost savings to permanent over the coming months.
Copyright RTT News/dpa-AFX