Spirax-Sarco Engineering (SPX)

Sector:

Engineering

Index:

FTSE 100

10,050.00p
   
  • Change Today:
    -50.00p
  • 52 Week High: 11,855.00p
  • 52 Week Low: 8,058.00p
  • Currency: UK Pounds
  • Shares Issued: 73.77m
  • Volume: 151,622
  • Market Cap: £7,414m
  • RiskGrade: 124

Spirax-Sarco experiences 'very strong demand', impacted by supply chain and FX headwinds

By Iain Gilbert

Date: Wednesday 17 Nov 2021

LONDON (ShareCast) - (Sharecast News) - Manufacturing company Spirax-Sarco Engineering said on Wednesday that it had experienced "very strong demand" in the four months ended 31 October but cautioned that it was "not immune" to supply chain challenges and currency exchange headwinds.
Spirax-Sarco stated that in the third quarter, global industrial production grew 4.9%, bouncing back from Covid-19 impacted levels seen in 2020. However, disruptions in global supply chains, which led to material shortages and rising costs, resulted in "a slight" quarter-on-quarter sequential contraction of global IP and led the group to downwardly revise full-year forecasts for 2021 to 7.4% from the 8.6% forecast at the time of its interim results. Full-year 2022 forecasts were also cut to 4.3% from 5.0%.

On the other hand, Spirax-Sarco noted that order books in all three of its businesses had expanded in the four months to the end of October, above expectations at the time of its interim results, with growth in orders highest in its Watson-Marlow unit, driven by continued Covid-19 vaccine-related demand from its customers in the pharmaceutical and biotechnology sector.

However, the FTSE 100-listed firm warned that all three businesses had been "somewhat impacted" by shipment delays, with the effects being greater within the Watson-Marlow and Electric Thermal Solutions divisions.

Spirax-Sarco also cautioned that currency effects had an adverse impact on sales and operating profit, stating that if current exchange rates were to prevail for the remainder of the year, it anticipates close to a 4% adverse impact on full-year sales and profit.

With that said, Spirax still opted to maintain overall full-year guidance and said it expects to report record levels of revenues, profits and operating margins.

As of 0840 GMT, Spirax-Sarco shares were down 4.85% at 16,180.0p.

Email this article to a friend

or share it with one of these popular networks:


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 10,050.00p
Change Today -50.00p
% Change -0.50 %
52 Week High 11,855.00p
52 Week Low 8,058.00p
Volume 151,622
Shares Issued 73.77m
Market Cap £7,414m
RiskGrade 124

SPX Star Ratings

Compare performance with the sector and the market.
more star ratings
Key: vs Market vs Sector
Value
94.3% below the market average94.3% below the market average94.3% below the market average94.3% below the market average94.3% below the market average
88.24% below the sector average88.24% below the sector average88.24% below the sector average88.24% below the sector average88.24% below the sector average
Price Trend
0.34% above the market average0.34% above the market average0.34% above the market average0.34% above the market average0.34% above the market average
14.29% below the sector average14.29% below the sector average14.29% below the sector average14.29% below the sector average14.29% below the sector average
Income
97.22% below the market average97.22% below the market average97.22% below the market average97.22% below the market average97.22% 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
83.55% above the market average83.55% above the market average83.55% above the market average83.55% above the market average83.55% above the market average
69.70% above the sector average69.70% above the sector average69.70% above the sector average69.70% above the sector average69.70% above the sector average

What The Brokers Say

Strong Buy 1
Buy 2
Neutral 8
Sell 5
Strong Sell 0
Total 16
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
  Final Interim
Ex-Div 25-Apr-24 12-Oct-23
Paid 24-May-24 10-Nov-23
Amount 114.00p 46.00p

Trades for 28-Mar-2024

Time Volume / Share Price
16:35 106,488 @ 10,050.00p
16:35 97 @ 10,050.00p
16:35 145 @ 10,050.00p
16:35 51 @ 10,050.00p
16:35 100 @ 10,050.00p

SPX Key Personnel

Chair Jamie Pike
CEO Nimesh Patel

Top of Page