Spirax-Sarco Engineering (SPX)

Sector:

Engineering

Index:

FTSE 100

16,195.00p
   
  • Change Today:
    105.00p
  • 52 Week High: 17,135.00
  • 52 Week Low: 10,710.00
  • Currency: UK Pounds
  • Shares Issued: 73.77m
  • Volume: 16,308
  • Market Cap: £11,946m
  • RiskGrade: 124
  • Beta: 0.72

Industrial demand recovery underpins Spirax-Sarco first half growth

By Josh White

Date: Wednesday 11 Aug 2021

LONDON (ShareCast) - (Sharecast News) - Steam and fluid engineering company Spirax-Sarco reported revenue growth of 13% in its first half on Wednesday, to £643.7m, with organic revenue growth of 17%.
The FTSE 100 company said its adjusted operating profit was ahead 37% for the six months ended 30 June, to £162.9m, with organic profit growth standing at 42%, while statutory operating profit was ahead 39% at £153.6m.

Its adjusted operating margin came in at 25.3% for the period, which was up 440 basis points organically, and 450 basis points on a statutory basis.

Operationally, Spirax-Sarco described "strong" order book growth across all three of its businesses, with organic sales growth in Steam Specialties of 13%, and its margin there rising 430 basis points organically.

Electric Thermal Solutions organic sales growth was 6% with the margin up 250 basis points organically, and Watson-Marlow organic sales growth came in at 35%, as the margin there advanced an organic 400 basis points.

Net debt totalled £192.8m at the end of the period, narrowing from £326m year-on-year, while the company's leverage reduced to 0.6x EBITDA.

The board declared an interim dividend of 38.5pence, up 15%, following the 7% total increase in 2020.

"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," said group chief executive officer Nicholas Anderson.

"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."

At 0828 BST, shares in Spirax-Sarco Engineering were up 2.15% at 15,450p.

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Note 1: Prices and trades are provided by Digital Look Corporate Solutions and are delayed by at least 15 minutes.

Note 2: RiskGrade figures are provided by RiskMetrics.

 

SPX Market Data

Currency UK Pounds
Share Price 16,195.00p
Change Today 105.00p
% Change 0.65 %
52 Week High 17,135.00
52 Week Low 10,710.00
Volume 16,308
Shares Issued 73.77m
Market Cap £11,946m
Beta 0.72
RiskGrade 124

SPX Star Ratings

Compare performance with the sector and the market.
more star ratings
Key: vs Market vs Sector
Value
92.15% below the market average92.15% below the market average92.15% below the market average92.15% below the market average92.15% below the market average
87.88% below the sector average87.88% below the sector average87.88% below the sector average87.88% below the sector average87.88% below the sector average
Price Trend
87.98% above the market average87.98% above the market average87.98% above the market average87.98% above the market average87.98% above the market average
82.86% above the sector average82.86% above the sector average82.86% above the sector average82.86% above the sector average82.86% above the sector average
Income
98.38% below the market average98.38% below the market average98.38% below the market average98.38% below the market average98.38% below the market average
100% below the sector average100% below the sector average100% below the sector average100% below the sector average100% below the sector average
Growth
17.36% above the market average17.36% above the market average17.36% above the market average17.36% above the market average17.36% above the market average
81.25% above the sector average81.25% above the sector average81.25% above the sector average81.25% above the sector average81.25% above the sector average

What The Brokers Say

Strong Buy 1
Buy 0
Neutral 10
Sell 0
Strong Sell 4
Total 15
neutral
Broker recommendations should not be taken as investment advice, and are provided by the authorised brokers listed on this page.

SPX Dividends

  Latest Previous
  Interim Final
Ex-Div 14-Oct-21 22-Apr-21
Paid 12-Nov-21 21-May-21
Amount 38.50p 84.50p

Trades for 08-Dec-2021

Time Volume / Share Price
12:54 15 @ 16,195.00p
12:54 8 @ 16,195.00p
12:54 11 @ 16,195.00p
12:54 11 @ 16,200.00p
12:54 22 @ 16,205.00p

SPX Key Personnel

CEO Nicholas John Anderson
Chair Jamie Pike

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