Spectris has reported a slow start to 2016 with LFL sales down 4% and declines in each region apart from Asia Pacific. Despite this, management reiterated existing expectations, which were clarified as adjusted operating profit of c.£182-183m, reflecting a combination of its broad spread of end markets and self-help measures to improve profitability. We have reduced our estimates by 4% pa, to adjusted operating profit of c.£181m. With the share price almost in line with our 1765p target price and a year of no profit growth in prospect, we remain at Hold.
