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Gloucestershire Business News

Industrial recovery boosts half-year growth for Spirax Sarco

Cheltenham-based steam engineering firm Spirax Sarco has revealed revenue growth of 13 per cent for the first half of 2021, to £643.7m.

The business reported that its adjusted operating profit jumped 37 per cent for the six months to June 30, to £162.9m.

Organic profit also rose 42 per cent, and statutory operating profit 39 per cent to £153.6m.

FTSE 100-listed Spirax Sarco said its order book remained "strong" across its group businesses, with organic sales growth for steam specialities up 13 per cent.

Sales growth at Electric Thermal Solutions also increased by six per cent, and Watson-Marlow's rose 35 per cent off the back of vaccine related demand.

Net debt within the business totalled £192.8m at the end of the period, compared to £326m in 2020.

Group CEO Nicholas Anderson said: "A strong recovery of global industrial production in the first half of this year, combined with exceptional Covid-19 vaccine related demand in Watson-Marlow, has supported strong organic sales and profit growth across all three businesses.

"These results continue to demonstrate the robust business model, strategy and execution of our group, being achieved through the outstanding efforts and dedication of all our employees in managing the higher levels of demand to meet our customers' needs.

"This excellent first half execution underpins our improved full-year profit outlook."

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