Full year profits up at Spirax Sarco
By Sarah Wood | 1st October 2020
2019 turnover was up by £1.8 million (1.4 per cent), while profits increased by £1.16 million (12.9 per cent) at one of the county's biggest employers.
Cheltenham-based Spirax-Sarco Ltd, part of Spirax-Sarco Engineering plc, is a manufacturer of steam management systems, with bases in 62 countries.
Overall turnover for the year ending 31st December 2019 was £135,746,000, while profit stood at 10,206,000. An increase in sales to the Middle East, Africa and the Americas was partly offset by a reduction in sales in the Asia Pacific region.
The company's products are used around the world in industries from food production to oil refining and drug manufacturing. Steam can be used to heat or sterilise almost any industrial process and provides safe, sustainable and efficient energy.
Looking to the future, Spirax Sarco has made contingency plans for Brexit and warns that Covid-19 will have an impact on its results for the current year.
Kevin Boyd, who has just retired from his executive director post, said: "The Covid-19 situation has been a test of our resilience, creativity and ability to adapt to completely new ways of working while continuing to deliver customer value, efficiency and profitability.
"Despite this challenging period due to the essential industries we supply, including those on the front line of the global pandemic, such as hospitals and healthcare, pharmaceuticals, food and beverage, and per generation, we have seen a good level of demand resiliency and manufacturing has continued throughout the pandemic."
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