Spirax Group Plc (LON:SPX) has announced its 2025 Half Year Results.
Trading in line with expectations; reiterating full year guidance
Six months ended 30 June
| Statutory (£m/p) | 2025 | 2024 | Reported |
| Revenue1 | 822.2 | 827.0 | (1)% |
| Operating profit | 106.8 | 147.2 | (27)% |
| Operating profit margin | 13.0% | 17.8% | (480)bps |
| Profit before taxation | 87.9 | 124.8 | (30)% |
| Basic earnings per share | 85.0 | 123.8 | (31)% |
| Dividend per share | 48.9 | 47.5 | 3% |
| Adjusted6 (£m/p) | 2025 | 2024 | Reported | Organic4 |
| Revenue1 | 822.2 | 827.0 | (1)% | 3% |
| Adjusted operating profit | 158.8 | 160.3 | (1)% | 7% |
| Adjusted operating profit margin | 19.3% | 19.4% | (10)bps | 70bps |
| Adjusted profit before taxation | 139.9 | 137.9 | 1% | |
| Adjusted basic earnings per share | 137.6 | 137.2 | – | |
| Adjusted cash conversion | 61% | 53% | 800bps |
| ● | Group revenue up 3% organically and ahead of global IP2 of 2.5% (IP excluding China: 1.7%) |
| ● | STS3 sales in line with H1 2024 organically and up 3% excluding large projects in China and Korea |
| ● | ETS3 sales up 10% organically driven by further operational progress and improved Semicon5 demand |
| ● | WMFTS3 sales up 2% organically; over 10% Biopharm5 orders growth to drive higher H2 sales growth |
| ● | Group adjusted operating profit up 7% organically; margin of 19.3% up 70bps organically |
| ● | Statutory profit and margin of 13.0% impacted by one-off restructuring costs and currency headwinds |
| ● | Currency headwinds to revenue (3%) and adjusted operating profit (7%), as expected |
| ● | Improved adjusted cash conversion of 61% reflects capital discipline and working capital efficiency |
| ● | Interim dividend up 3% to 48.9 pence |
Nimesh Patel, Spirax Group Chief Executive Officer, commenting on the results said:
“We have delivered first half results in line with expectations despite the challenging macroeconomic environment, demonstrating the strength of the Group’s direct sales Business Model. Our focus on driving demand in MRO and solution-sales across STS and WMFTS Process Industries, together with increased manufacturing throughput in ETS, delivered organic sales growth ahead of IP.
“While IP forecasts have been revised down for the remainder of the year, our unchanged full year guidance is supported by strong order books going into the second half, increasing demand from key end markets, and ongoing delivery of operational priorities.
“Colleagues across the Group have successfully stepped up focus on the drivers of growth within our control as we implement our Together for Growth Strategy at pace. Our significant operational efficiency and simplification programme is funding investment in future drivers of accelerated and sustained longer term growth, including digital and decarbonisation, whilst also underpinning our confidence in delivering our medium-term targets.”
1 ‘Sales’ is used interchangeably with ‘revenue’ when describing the financial performance of the Group
2 ‘IP’: Industrial Production growth
3 ‘STS’: Steam Thermal Solutions; ‘ETS’: Electric Thermal Solutions; ‘WMFTS’: Watson-Marlow Fluid Technology Solutions
4 Organic measures are at constant currency and exclude contributions from acquisitions and disposals
5 ‘Biopharm’: Pharmaceutical & Biotechnology customers; ‘Semicon’: Wafer Fabrication Equipment manufacturers
6 See Appendix to the Financial Statements for an explanation of alternative performance measures and reconciliation to IFRS
Audio cast
The results presentation will be available as a live audio cast from 9.15 am on the Company’s website at spiraxgroup.com or via the following link: https://edge.media-server.com/mmc/p/bzjsi944/
A recording will be made available on the website shortly after the meeting.
