Spectris offers a sound and attractive investment proposition, based on the following investment attributes that combine to deliver significant shareholder value.

High barriers to entry supported by continuous innovation and long-term customer relationships

Strong intellectual property and continuous innovation, underpinned by sustained investment of around 7% of sales each year in R&D and by frequent bolt-on acquisitions.

Long-term customer relationships, based on our direct selling model and aftermarket business, result in high levels of repeat business (over 80% of sales in any one year are generated from customers who have purchased from us within the last two years).

Application expertise: our people have in-depth know-how and expertise in their chosen fields.

High gross margins, supported by a stable pricing environment.

Focus on customer solutions in niche markets with strong growth potential

Enhancing productivity for customers is an ever-present growth driver for all of our businesses.

We are increasingly focussed not just on the supply of equipment but on the provision of innovative customer solutions, involving services, software and related activities.

We are also focussed on exploiting disruptive growth themes to enhance our own growth prospects.

Broad geographical and end-market exposures, 40% of sales generated from customer operating expenditure budgets

Broad spread of customers, end markets and geographies limits the risk to the Group from adverse changes in any single geography or end market.

40% of sales generated from customer operating expenditure budgets or aftermarket sales.

Strong cash conversion resulting from asset-light manufacturing model

Majority of manufacturing is outsourced, resulting in low capital requirements for our businesses.

High gross margins and low capital requirements result in strong operating cash conversion.


Strong cash conversion enables company to sustain a progressive dividend policy (10% CAGR since 1988 flotation) whilst maintaining a strong balance sheet.

Investments evaluated on cash flow return on invested capital basis, measuring return on investment against weighted average cost of capital.

Strong cash conversion and balance sheet ensures considerable financial firepower and flexibility to fund acquisitions.

Proven acquisition model to supplement organic growth

Acquisitions have been a key component of our growth strategy for many years, historically contributing 3-4% points of sales growth per annum; typically bolt-on in nature, occasionally stand-alone operating companies.

Our existing niche markets continue to offer significant opportunities, whilst we will also consider acquisitions as a way of exploiting disruptive growth themes.

Group strategy
Financial highlights
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