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Spectris (SXS) investor relations material
Spectris Q2 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.
Executive summary
Revenue/sales grew 8% in H1 to £636.1m, with Q2 up 20%, reflecting recovery and strong end-market demand.
Adjusted operating profit reached £65.6m, up 3–7% year-over-year; cash conversion at 126%.
Interim dividend of 28.0p per share declared, up 5% year-over-year.
Integration of recent acquisitions (SciAps, Micromeritics, Piezocryst) progressing well, driving synergies and expanded offerings.
Recommended takeover by KKR at £41.75 per share, a significant premium, following a competitive process.
Financial highlights
Orders up 5% reported (down 2% LFL) in H1; Q2 orders up 15% reported (4% LFL); book-to-bill ratio just over 1.
Adjusted operating margin at 10.3%; gross margin at 54.6%.
Net debt at £545.7m–£546m, leverage at 2.3x; strong working capital performance.
Adjusted EPS fell to 38.4p due to higher finance costs; statutory EPS at 5.3p.
Adjusted cash flow conversion improved to 126%.
Outlook and guidance
Over £30m in cost savings expected for the full year, with most to be realized in H2.
H2 profit expected to benefit from higher order intake and acquisition contributions.
Adjusted operating profit expected to be in line with management expectations.
Focus on working capital improvement and deleveraging, targeting leverage within 1–2x by year-end.
Long-term confidence underpinned by strategic investments and high-growth market positioning.
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