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Interim Results

Spirax-Sarco benefits from industrial production growth

09 August 2017 07:56

Spirax-Sarco Engineering (SPX) recorded revenue of £428.6 million in the first half of 2017, an increase of 25% year-on-year or 5% on an organic basis.

Operating profit was £101.2 million, which was 8% higher on an organic basis (at constant currency ad excluding acquisitions and disposals).

The operating profit margin increased from 22.5% to 23.6% and the company increased its dividend by 13% to 25.5p per share.

Nicholas Anderson, chief executive, said there was good organic sales growth in both the Steam Specialties business and Watson-Marlow.

This year the company completed two acquisitions: Gestra and Chromalox.

"Currency effects have been favourable and combined with the growth from the acquisitions that were completed in 2016 and in the first half of this year, we have seen total sales and profit growth of 25% and 31% respectively in the reporting period," said Anderson.

Global industrial production growth rates, which drive the company's underlying markets, improved in the first half with growth modestly above 3%.

Growth rates in developing regions are running at over twice those seen in the developed world.

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