Disruptions to the international supply chain have caused a Gloucestershire firm to reduce its growth forecast - but it still anticipates a record order book.

Thermal energy and pumping specialist, Spirax‐Sarco Engineering - based at Charlton Kings - says shortage of materials and rising costs have had an impact on the firm's income.

Full-year forecasts for 2021 have been revised down to 7.4%, compared to 8.6% forecast earlier, while full-year 2022 forecasts have also been reduced to 4.3% from 5.0%.

The firm is a major employer in the county, at number 13 in the Punchline Top 100 employers in Gloucestershire, with around 1,000 employees.

Worldwide it has 7,900 employees. During the Covid crisis Spirax-Sarco switched production to make a component for breathing aids.

In its latest financial statement, the firm reports 'very strong demand', with order books expanding in the four months to the end of October above expectations.

Growth in orders was highest in the Watson-Marlow division, driven by continued COVID-19 vaccine-related demand from its customers in the pharmaceutical & biotechnology sector.

Demand for its electric thermal solutions has also increased. In 2020, the Group secured an order from the US Navy, the largest single order in its history.

The report says the adverse effect of rising material and freight costs has been offset by 'internal efficiencies and price management practices'.

Despite current challenges, the company expects to end the year with a record order book.