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Gloucestershire Business News

Strong finish helps Spirax-Sarco results

Spirax-Sarco Engineering's chief executive said the company is "very pleased" with performance last year after a strong final quarter.

The thermal, energy management and niche pumping specialist, which is based in Cheltenham and employs around 7,900 workers globally, reported revenue of more than £1.19billion in its full-year results.

The three per cent drop in organic revenue came against a four to five per cent contraction in global production.

Adjusted operating profit fell by four per cent on the previous year to £270.4million.

There was a five per cent fall in adjusted profit before taxation to £261.5million.

Group chief executive Nicholas Anderson said: "Following a stronger than anticipated fourth quarter, we are very pleased with the group's performance in 2020, given the unprecedented circumstances caused by the Covid-19 pandemic.

"These results demonstrate our ability to adapt to the changing requirements of our customers, the diverse nature of our end markets and the resilience of our business model.

"Sales were down in the steam specialities and electric thermal solutions business, although their performance was still robust given the challenging market conditions."

Global industrial production is predicted to grow more than seven per cent in 2021.

Richard Gillingwater will join the board as senior independent director in August, part of a succession plan to recruit suitable non-executive directors.

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