REG - Spectris PLC - Divestment of Omega Engineering completed

SpectrisAnnouncement

05/07/2022 07:00

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RNS Number : 2816R  Spectris PLC  05 July 2022

Divestment of Omega Engineering completed

5 July 2022 - Further to the announcement of 19 April 2022, Spectris plc (SXS:
LSE), the expert in providing insight through precision measurement, today
announces that the divestment of Omega Engineering ('Omega') to Arcline
Investment Management for $525 million has completed, following receipt of the
required regulatory approvals.

Following completion of the sale of Omega, Spectris will be made up of three
businesses:

Malvern Panalytical, HBK and Industrial Solutions, focused on high precision
measurement solutions.

As a result, in the Group's upcoming first half results on 1 August, Omega
will be reported as a discontinued operation under IFRS 5 and therefore
excluded from the segmental analysis. The six months ended 30 June 2021 and
twelve months ended 31 December 2021 will be restated to show continuing
operations, including a reclassification of continuing head office expenses
that were previously allocated to Omega being re-allocated to the three
remaining businesses. These totalled

approximately £2.2 million in the first half of 2021 and £4.8 million for
the full year.

A summary of the Group's re-stated sales and adjusted operating profit is
presented below. This is still subject to final adjustments, with the full
details to be provided in the upcoming first half results.

                                  Malvern Panalytical           HBK                        Omega                        Industrial Solutions           Total
 2021 half year by segment        H1 2021     H1 2021 restated  H1 2021  H1 2021 restated  H1 2021  H1 2021 restated    H1 2021      H1 2021 restated  H1 2021  H1 2021 restated
 Sales (£m)                       178.5       178.5             188.0    188.0             64.3     -                   171.0        171.0             601.8    537.5
 Adjusted operating profit (£m)   23.0        22.3              22.5     21.7              6.5      -                   24.8         24.1              76.8     68.1
 Adjusted operating margin (%)    12.9%       12.5%             12.0%    11.5%             10.1%    -                   14.5%        14.1%             12.8%    12.7%

 

                                  Malvern Panalytical           HBK                        Omega                        Industrial Solutions           Total
 2021 full year by segment        FY 2021     FY 2021 restated  FY 2021  FY 2021 restated  FY 2021  FY 2021 restated    FY 2021      FY 2021 restated  FY 2021  FY 2021 restated
 Sales (£m)                       401.2       401.2             425.5    425.5             129.0    -                   336.3        336.3             1,292.0  1,163.0
 Adjusted operating profit (£m)   72.2        70.6              65.0     63.3              15.0     -                   57.2         55.7              209.4    189.6
 Adjusted operating margin (%)    18.0%       17.6%             15.3%    14.9%             11.6%    -                   17.0%        16.6%             16.2%    16.3%

 

For and on behalf of Spectris plc

LEI Number: 213800Z4CO2CZO3M3T10

Contacts:
Spectris plc

Siobhán Andrews

Head of Corporate Affairs

+44 20 4551 4549/+44 7920 230093

Tulchan Communications

Martin Robinson

Giles Kernick

+44 20 7353 4200

About Spectris

Spectris' global group of businesses are focused on delivering value beyond
measure for all our stakeholders. We target global, attractive and sustainable
markets, where growth and high returns are supported by long-term drivers.
Precision is at the heart of what we do. We provide customers with expert
insight through our advanced instruments and test equipment, augmented by the
power of our software and services. This equips customers with the ability to
reduce time to market, improve processes, quality and yield. In this way,
Spectris know-how creates value for our wider society, as our customers
design, develop, test and manufacture their products to make the world a
cleaner, healthier and more productive place. Headquartered in London, United
Kingdom, the Company employs approximately 7,350 people located in more than
30 countries. For more information, visit www.spectris.com
(http://www.spectris.com) .

 

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