2016 Full year results

Adjusted* 2016 2015 Change Change at CER** Like-for-like change*
Reported sales, £m 1,345.8 1,190.0 13% 1% -2%
Adjusted operating profit, £m* 200.8 181.1 11% -2% -6%
Adjusted profit before tax, £m* 195.8 176.3 11%    
Adjusted earnings per share, pence* www.9927.com 114.3p 12%    
Adjusted return on sales, %* 14.9% 15.2% -0.3pp    
Dividend, pence 52.0p 49.5p 5%    
Reported sales, £m 1,345.8 1,190.0 13%    
Reported operating profit, £m*** 38.3 143.6 -73%    
Reported profit before tax, £m*** 31.9 141.6 -77%    
Basic earnings per share, pence*** 8.6p 95.6p -91%    
Reported return on sales, %*** 2.8% 12.1% -9.3pp    

* The adjusted performance measures represent the statutory results excluding certain non-operational items. Like-for-like (‘LFL’) measures include revenue and profit at constant exchange rates and exclude the impact of acquisitions. For a definition of the item and a reconciliation to the closest IFRS equivalent, see Note 2.
** At constant exchange rates (‘CER’) using the prior period’s exchange rates.
*** Main adjusting item to reported profit is the £115 million impairment charge which also reduces EPS by 96.8 pence.


"The year ended well with LFL sales growth in the final quarter following challenging trading conditions in the first three quarters. We continue to make good strategic progress as we transition our customer offering from the supply of products towards the provision of solutions encompassing hardware, software and services, responding to our customer’s needs. As customers increasingly require an integrated solution, we are strategically positioning Spectris to align with their needs and this is transforming our business.

We added further software and service capability to the Group in the acquisitions made during the year, the most significant being Millbrook, a high quality automotive test services platform which enables us to expand our offering to automotive customers in conjunction with our existing products and software. We also took the decision to merge two of our larger operating companies, Malvern Instruments and PANalytical, enabling a more collaborative approach across the customers served by both companies.

We launched Project Uplift, a key enabler in the delivery of our strategy, aimed at reducing complexity, increasing efficiency and effectiveness and freeing up resources to stimulate growth.

End-market growth in the near-term is expected to be modest. However, the evolution now underway within Spectris is an exciting time for the business and will further enable and support delivery of our solutions strategy."


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