Spirax Group PLC (LON:SPX) has announced its 2025 Full Year Results.
Strategy delivering growth well ahead of IP with margin progress; expect continued organic growth in 2026
Twelve months to 31 December
| Statutory (£m/p) | 2025 | 2024 | Reported |
| Revenue1 | 1,702.9 | 1,665.2 | 2% |
| Operating profit | 265.4 | 304.6 | (13)% |
| Operating profit margin | 15.6% | 18.3% | (270)bps |
| Profit before taxation | 226.5 | 258.9 | (13)% |
| Basic earnings per share | 221.7 | 259.6 | (15)% |
| Dividend per share | 170.0 | 165.0 | 3% |
| Adjusted6 (£m/p) | 2025 | 2024 | Reported | Organic4 |
| Revenue1 | 1,702.9 | 1,665.2 | 2% | 5% |
| Adjusted operating profit | 339.9 | 333.9 | 2% | 6% |
| Adjusted operating profit margin | 20.0% | 20.1% | (10)bps | 30bps |
| Adjusted profit before taxation | 301.0 | 288.2 | 4% | |
| Adjusted basic earnings per share | 296.3 | 286.3 | 3% | |
| Adjusted cash conversion | 89% | 87% | 200bps |
| ● | Group revenue up 5% organically and well ahead of global IP2 of 2.1% (IP excluding China: 1.7%) |
| ● | STS3 sales up 1% organically and 3% excluding large projects in China and Korea |
| ● | ETS3 sales up 11% organically, supported by operational progress and improving Semicon5 demand |
| ● | WMFTS3 sales up 6% organically, driven by Biopharm5 recovery and sector focus in Process Industries |
| ● | Group adjusted operating profit up 6%; adjusted operating margin up 30bps organically to 20% |
| ● | Restructuring completed with £40 million of annualised savings funding investment in growth |
| ● | Lower statutory operating profit and margin reflect one-off restructuring costs |
| ● | Improved adjusted cash conversion of 89% and leverage reduced to 1.5x; ROIC higher at 13.1% |
Nimesh Patel, Group Chief Executive Officer, commenting on the results said:
“At our 2024 Capital Markets Day, we set out our path to achieve mid-single-digit organic sales growth, margin progress and improving returns on capital over the medium term. We are delivering on that commitment against a continuing volatile and uncertain macroeconomic backdrop, which is a testament to the strength of our unique business model and the focused implementation of our Together for Growth strategy.
“In 2025, we made good progress across the Group: STS achieved above IP organic growth in MRO and solution-sales globally; continued operational improvement in ETS drove increased throughput and sales growth; and in WMFTS, Biopharm sales growth accelerated through the second half as we had expected, while Process Industries continued to grow well ahead of IP. We delivered these results while also successfully completing a significant operational efficiency and simplification programme, generating material cost savings that are funding disciplined investment in future growth.
“Looking ahead to 2026, we anticipate good organic growth and further margin progress as we continue to build on our long track record of value creation through compounding growth and disciplined capital allocation.”
1 ‘Sales’ is used interchangeably with ‘revenue’ when describing the financial performance of the Group
2 ‘IP’: Industrial Production growth (February 2026)
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 current and prior year acquisitions and disposals
5 ‘Semicon’: semiconductor wafer fabrication equipment manufacturers; ‘Biopharm’: Pharmaceutical & Biotechnology sector
6 See Appendix to the Financial Statements for an explanation of alternative performance measures and reconciliation to IFRS
Audio webcast
The results presentation will be available as a live webcast from 9.30 am on the Company’s website at http://www.spiraxgroup.com/ or via the following link: https://edge.media-server.com/mmc/p/ya5r67dz/
A recording will be made available on the website shortly after the meeting.
