For six months, the company posted statutory revenue of £822.2 million, down 1%
LONDON: Spirax Group reported half-year results Tuesday that were in line with expectations, reaffirming its full-year guidance despite macroeconomic headwinds and restructuring costs.
For the six months ended June 30, the company posted statutory revenue of £822.2 million, down 1% from £827.0 million in the same period last year. Statutory operating profit fell 27% to £106.8 million, with margins contracting 480 basis points to 13.0%, impacted by one-off restructuring costs and adverse currency movements.
Adjusted figures painted a more resilient picture. Organic revenue rose 3%, outpacing global industrial production (IP) growth of 2.5%. Adjusted operating profit increased 7% organically to £158.8 million, with margins improving 70 basis points to 19.3%. Adjusted profit before tax edged up 1% to £139.9 million, while adjusted cash conversion improved to 61%, reflecting tighter capital discipline.
Segment highlights included:
- STS: Sales flat organically, up 3% excluding large projects in China and Korea.
- ETS: Sales rose 10% organically, driven by operational gains and stronger semiconductor demand.
- WMFTS: Sales up 2% organically, with over 10% growth in Biopharm orders expected to boost H2 performance.
The interim dividend was raised 3% to 48.9 pence per share.
“We have delivered first half results in line with expectations despite the challenging macroeconomic environment,” said Group CEO Nimesh Patel. “Our focus on MRO and solution-sales, coupled with increased manufacturing throughput, delivered organic growth ahead of IP.”
Patel added that strong order books, rising demand in key markets, and continued execution of the company’s “Together for Growth” strategy support the unchanged full-year guidance.