"The difficult market conditions in the second half of 2012 provided a backdrop for Spectris to demonstrate the quality and resilience of its business model," Michael Blogg, an analyst at Investec, commented this morning.

"We have revised our estimates from a basis of ultra-caution to a level achievable in a low-growth environment, with upside potential if markets recover more quickly. The increase in our target price, driven by the 6-7% increase in our earnings per share (EPS) estimates, is not quite enough to justify a more positive recommendation than hold."

He added: "Spectris has the spread and market presence to deliver growth in most circumstances, augmented by its organic and bolt-on investments financed out of cash flows and overseen by a highly-respected management team.

"It is now within striking distance of the FTSE 100, where we believe it would not look out of place in terms of investment quality."

MF

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