The Spectris Board is proposing to pay a final dividend of 43.2 pence per share which, combined with the interim dividend of 21.9 pence, gives a total of 65.1 pence per share for the year, an increase of 6.7%. This is consistent with their policy of making progressive dividend payments based upon affordability and sustainability and represents the 30th year in succession of dividend growth. The dividend will be paid on 22 June 2020 to shareholders on the register at the close of business on 22 May 2020. The ex-dividend date is 26 May 2020.
Other financial highlights include:
• Sales of £1,632.0 million, reflecting a 0.4% LFL sales increase
• Adjusted operating profit increased 3.7%, on a LFL basis, to £258.1 million
• Adjusted operating margin of 15.8%, a 50-basis point expansion on a LFL basis
• Improved adjusted cash flow conversion of 91%; net cash of £33.5 million at year end
• Adjusted earnings per share up 1.9%
• Profit improvement programme delivered annualised benefits of £25.5 million, restructuring costs totalled £52.2 million; activities to continue into 2020
• Further restructuring as part of the strategic review, leading to a non-cash charge of £35.1 million relating to an impairment of goodwill and £47.1 million relating to other intangibles, mostly recorded at the first half results
• Divestment of BTG Group completed and sale of EMS Brüel & Kjær joint venture agreed
• Proposed £175 million special dividend and share consolidation
