Spectris has issued a subdued AGM trading update for the first four months of the year, with LFL sales down 4% and underlying declines in all regions apart from Asia Pacific. Given this backdrop, the group remains focused on aligning costs to sales and improving efficiency. Management has reiterated guidance for 2016 based on its self-help measures to improve profitability and the diversified nature of its business, but notes that forward visibility is limited. With trading so far weaker than the 2% LFL decline in our estimates, we anticipate trimming our forecasts.
