Spectris’s Q3 trading update has confirmed a LFL decline in sales of 1% and deteriorating conditions through the four months, in line with the subdued trading reported by many other groups in the sector. Management has updated guidance and now expects full year adjusted operating profit to be towards the bottom of the range. This appears to imply a downgrade to consensus of c.5% and we expect to reduce our forecasts accordingly. However it seems likely that this level of downgrade was already re ....
