On Friday Spectris Plc (SXS) issued an Interim Management Statement, which was unfortunate timing in some regards as their AGM took place later the same day. The statement reported that sales had fallen by 8% in the first quarter (excluding the impact of the sale of the Fusion UV operation). Weakness was reported across all regions and segments. But the “opportunity pipeline remains strong” with revenue growth still anticipated during the year, “albeit at a more moderate rate than previously anticipated”. The share price fell by 15% on the day on quite high volumes, reducing the price to 1,908p which is pretty well where it was last November. At one point it had reached 2,470p in March (i.e. a 30% rise in a few weeks on a quite racy valuation),
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