Reported sales decreased 20% in the period, with disposals and a negative foreign currency exchange movement reducing LFL sales by 9% and 2% respectively. Orders in the period fared slightly better, being 8% lower on a LFL basis. Group sales in the period were 11% ahead of the previous three months, albeit Group LFL sales were 9% lower in the period (18% down in the second quarter). Our strategic objectives of organic growth and margin expansion remain, as well as optimising our portfolio and making acquisitions, to deliver long-term value to our shareholders."ĭuring the third quarter, sales momentum improved. As we implement the restructuring, we will emerge from this crisis a stronger and even more resilient business. "Our cash generation continues to be a strength and our balance sheet remains robust.
As we transition from temporary cost saving measures to delivering sustainable benefits, we are executing our restructuring programme and thank our people for their commitment and support through these difficult times. "We continue to focus on what we can control and to best position the company for an extended recovery. Although uncertainties remain, we expect to see momentum going into the fourth quarter. The LFL sales decline improved from 18% in the second quarter to 9% in the third quarter. "During the third quarter, we have seen positive progress in a number of end markets, which we anticipate continuing. Priority remains supporting our people and delivering for our customers Balance sheet and liquidity position strengthened - net cash of GBP60.2 million, after paying additional interim dividend of GBP50.2 million, in lieu of the 2019 final dividend
Restructuring programme underway, expected to deliver further permanent benefits of GBP20 million Reset phase well advanced: employee salaries reinstated On track to deliver GBP50 million of overhead costs savings in 2020, of which GBP20 million is permanent Like-for-like(1) ('LFL') sales decline improving - third quarter LFL sales down 9% versus 18% in second quarter year-to-date LFL sales down 12% Seeing positive momentum in a number of end markets
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22 October 2020 - Spectris plc (SXS: LSE), the expert in providing insight through precision measurement, provides a trading update for the third quarter period to 30 September 2020 ('the period').