Spirax-Sarco Engineering (SPX)

Sector:

Engineering

Index:

FTSE 100

10,340.00p
   
  • Change Today:
      20.00p
  • 52 Week High: 17,135.00
  • 52 Week Low: 10,230.00
  • Currency: UK Pounds
  • Shares Issued: 73.77m
  • Volume: 55,062
  • Market Cap: £7,627m
  • 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.

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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 10,340.00p
Change Today 20.00p
% Change 0.19 %
52 Week High 17,135.00
52 Week Low 10,230.00
Volume 55,062
Shares Issued 73.77m
Market Cap £7,627m
RiskGrade 124

SPX Star Ratings

Compare performance with the sector and the market.
more star ratings
Key: vs Market vs Sector
Value
99.23% below the market average99.23% below the market average99.23% below the market average99.23% below the market average99.23% below the market average
93.94% below the sector average93.94% below the sector average93.94% below the sector average93.94% below the sector average93.94% below the sector average
Price Trend
44.21% below the market average44.21% below the market average44.21% below the market average44.21% below the market average44.21% below the market average
44.44% below the sector average44.44% below the sector average44.44% below the sector average44.44% below the sector average44.44% below the sector average
Income
87.12% below the market average87.12% below the market average87.12% below the market average87.12% below the market average87.12% below the market average
76.47% below the sector average76.47% below the sector average76.47% below the sector average76.47% below the sector average76.47% below the sector average
Growth
16.03% above the market average16.03% above the market average16.03% above the market average16.03% above the market average16.03% above the market average
68.75% above the sector average68.75% above the sector average68.75% above the sector average68.75% above the sector average68.75% above the sector average

What The Brokers Say

Strong Buy 1
Buy 0
Neutral 13
Sell 0
Strong Sell 3
Total 17
neutral
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SPX Dividends

  Latest Previous
  Final Interim
Ex-Div 21-Apr-22 14-Oct-21
Paid 20-May-22 12-Nov-21
Amount 97.50p 38.50p

Trades for 26-May-2022

Time Volume / Share Price
16:35 30,251 @ 10,340.00p
16:29 10 @ 10,365.00p
16:29 14 @ 10,360.00p
16:28 15 @ 10,355.00p
16:28 30 @ 10,355.00p

SPX Key Personnel

CEO Nicholas John Anderson
Chair Jamie Pike

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