Trading Update
Q3 sales 1.6% higher year-on-year but full-year expected 4% lower on weak semiconductor demand and European uncertainty.
vs expectations: below
- 9M sales change 3.6% lower (prior prior year)
- Q3 sales change 1.6% higher (prior prior year)
- Expected full year sales change c.4% lower (prior prior year on organic constant currency basis)
- Expected adjusted operating profit margin c.10% (prior full year)
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As expected, Group sales for the first nine months of the year to 30 September 2025 were 3.6% lower than the same period last year, on an organic constant currency basis. Revenue for the third quarter was 1.6% higher than the third quarter last year, continuing to reflect signs of stabilisation in a number of our end markets.
2025 Outlook
Demand in Semiconductor markets has remained weak as a result of customer inventories, resulting in further orders being pushed into 2026 and lower than expected revenue in 2025. We also note increasing uncertainty in European industrial markets. We now expect 2025 full year sales to be c.4% lower than the prior year, on an organic constant currency basis.
With under-recovered costs from lower sales volumes in the short-term, a weaker mix and some FX impact, we now expect to deliver an adjusted operating profit margin of c.10% for the year.
Whilst the markets remain challenging the Group continues, as has been our regular practice, to focus on strong cost management and simplification of our business.
We note that the sale of the Molten Metal Systems ("MMS") business is expected to complete in due course. This statement still includes the full year impact on the results of the MMS business.
The Company's LEI number is I4K14LL95N2PHDL7EG85.
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