UK’s Spectris warns of downbeat annual profit, taps Royal Mail exec as CFO

UPDATE 1-UK’s Spectris warns of downbeat annual profit, taps Royal Mail exec as CFO

Recasts with share move in paragraph 2, details on new CFO in paragraph 5-6

June 19 (Reuters) –British scientific instruments maker Spectris SXS.L said on Wednesday it expects annual adjusted operating profit to be at or marginally below the bottom end of market view, and also named Royal Mail’s Angela Noon as the new CFO.

The company’s shares fell as much as 14% to its lowest level since October 2022 to 2,754 pence.

Analysts, on average, expect Spectris to post an adjusted operating profit between 232 million pounds and 259 million pounds ($295-$329 million) for the year ending Dec. 31, 2024, according to a company-compiled consensus.

The company cited various reasons for the weak profit projection, including anticipated project delays, muted performance in pharmaceuticals at its Malvern Panalytical business and a slowdown in electric vehicle sales.

Spectris also named Angela Noon as the new chief financial officer, replacing Derek Harding as he takes on the role of president of Spectris Scientific division.

Noon, current CFO at Royal Mail, is scheduled to join Spectris as executive director and CFO on Sept. 1.

($1 = 0.7864 pounds)

Reporting by Yamini Kalia in Bengaluru; Editing by Savio D’Souza and Eileen Soreng