Spectris PLC Divestment of Omega Engineering completed (2816R)
05 July 2022 - 4:00PM
UK Regulatory
TIDMSXS
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 GBP2.2 million in the first half of 2021 and
GBP4.8 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 H1 2021 H1 2021 H1 2021 H1 2021 H1 2021
segment H1 2021 restated H1 2021 restated H1 2021 restated H1 2021 restated H1 2021 restated
---------- ------- ----------- ------- ---------- ------- --------- --------- ---------- ------- ---------
Sales
(GBPm) 178.5 178.5 188.0 188.0 64.3 - 171.0 171.0 601.8 537.5
Adjusted
operating
profit
(GBPm) 23.0 22.3 22.5 21.7 6.5 - 24.8 24.1 76.8 68.1
Adjusted
operating
margin 12.7
(%) 12.9% 12.5 % 12.0% 11.5 % 10.1% - 14.5% 14.1 % 12.8% %
---------- ------- ----------- ------- ---------- ------- --------- --------- ---------- ------- ---------
Industrial
Malvern Panalytical HBK Omega Solutions Total
2021 full
year by FY 2021 FY 2021 FY 2021 FY 2021 FY 2021
segment FY 2021 restated FY 2021 restated FY 2021 restated FY 2021 restated FY 2021 restated
------------- --------- ---------- ------- --------- ------- --------- ------- --------- ------- ---------
Sales (GBPm) 401.2 401.2 425.5 425.5 129.0 - 336.3 336.3 1,292.0 1,163.0
Adjusted
operating
profit
(GBPm) 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 .
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