Reuters: Hot Stocks: UPDATE 1-Spectris sees revenue growth below forecast, shares tumble

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UPDATE 1-Spectris sees revenue growth below forecast, shares tumble Apr 19th 2013, 08:06 Fri Apr 19, 2013 4:06am EDT (Adds background, details and share movement) April 19 (Reuters) - British electrical engineering company Spectris Plc said it expects revenue growth in 2013 to be below its previous forecast following a slow start to the year, pushing its shares down as much as 13 percent on Friday. First-quarter sales fell 8 percent as weak customer confidence across all its major regions led to a deferral of orders and shipment delays, the company said in an interim statement. Spectris' stock was trading down 11 percent at 1977 pence at 0759 GMT, making it the top percentage loser on the London Stock Exchange. The stock had risen about 6 percent this year to Thursday's close. The company said that on a like-for-like basis, Asia Pacific sales fell 15 percent, while sales in North America dropped 10 percent and Europe declined 6 percent. Spectris added that its opportunity pipeline remained strong and that there was no reason to believe that the deferred orders would be cancelled. The company, which makes testing and control equipment for industries like mining, oil and gas, pharmaceuticals and transportation, said it has taken steps to cut about 10 million pounds ($15.29 million) in costs in 2013. Rivals IMI and Rotork Plc, both of whom warned last year on tougher times ahead, are yet to report first-quarter results. Spectris had reported a rise in profit in 2012, helped by contributions from a string of acquisitions in 2011 and strong demand from Asia. It acquired smaller rivals Omega Engineering and Sixnet in 2011. The two companies were integrated into Spectris' industrial controls unit and contributed 10 percent to total sales growth in 2012. (link.reuters.com/qag57t) The company said on Friday that it had reduced its net debt by 116 million pounds in the quarter using proceeds from the sale of its Fusion UV business late last year. The Surrey, England-based company makes a range of products including digital indication and control systems, infrared equipment for temperature measurement, gas analysis products, and analytical x-ray systems. It has four divisions - test and manufacturing, materials analysis, in-line instrumentation and industrial controls. ($1 = 0.6539 British pounds) (Reporting By Abhirup Roy in Bangalore; Editing by Roshni Menon) Link this Share this Digg this Email Reprints

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