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Annual Results

Spirax-Sarco Engineering lifts FY pretax profit

09 March 2017 07:43

Spirax-Sarco Engineering has lifted its FY statutory pretax profit to £171.4m, up 23% from £139.7m, and flagged further progress in 2017.

Dividend per share was 76p, up from 69p. Revenue was £757.4m, up from £67.2m.

CEO Nicholas Anderson was happy with the results delivered, which he said showed the robustness of Spirax-Sarco's strategy and strong direct sales business model.

"We achieved good organic growth and expanded our margin to a record high, against a backdrop of very low global industrial production growth that improved in the latter part of the year," said Anderson.

"We increased investment in 2016 and, during 2017, will prioritise accelerating revenue and capital investments for growth over further margin expansion, to ensure we continue outperforming our markets by delivering organic sales growth," he added in a statement.

"Assuming no significant deterioration in trading conditions, the Board expects to make further progress in 2017."

Story provided by StockMarketWire.com

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