Spirax Group PLC (LON:SPX) has announced its 2026 Half Year Results
First half in line; on track to deliver full year guidance
Six months ended 30 June
| Statutory (£m/p) | 2026 | 2025 | Reported |
| Revenue1 | 863.8 | 822.2 | 5% |
| Operating profit | 154.2 | 106.8 | 44% |
| Operating profit margin | 17.9% | 13.0% | 490bps |
| Profit before taxation | 135.4 | 87.9 | 54% |
| Basic earnings per share | 132.2 | 85.0 | 56% |
| Dividend per share | 50.4 | 48.9 | 3% |
| Adjusted7 (£m/p) | 2026 | 2025 | Reported | Organic2 |
| Revenue1 | 863.8 | 822.2 | 5% | 5% |
| Adjusted operating profit | 171.1 | 158.8 | 8% | 6% |
| Adjusted operating profit margin | 19.8% | 19.3% | 50bps | 10bps |
| Adjusted profit before taxation | 152.3 | 139.9 | 9% | |
| Adjusted basic earnings per share | 150.0 | 137.6 | 9% | |
| Adjusted cash conversion | 54% | 61% | (700)bps |
| ● | Group revenue up 5% 3 and well ahead of IP5 of 1.5%; margin up 10bps3 |
| ● | STS4 sales up 1%3 with demand growth of over 2x IP; strong orderbook and momentum into second half |
| ● | ETS4 sales up 11%3 with strong demand growth across all three Divisions |
| ● | WMFTS4 sales up 7% 3 with Biopharm6 orders ahead of sales and continuing growth in PI6 |
| ● | STS margin3 reflects phasing of shipments and investment in growth; full year broadly in line with 2025 |
| ● | ETS and WMFTS margins up strongly3 benefiting from operating leverage, mix and operational efficiencies |
| ● | Statutory operating profit up 44% and margin up 490bps due to one-off restructuring costs in 2025 |
| ● | Adjusted cash conversion reflects usual seasonality and planned inventory builds; ROCE up 180bps |
| ● | On track to deliver full year guidance: mid-single-digit organic revenue growth and organic margin progress |
Nimesh Patel, Group Chief Executive Officer, commenting on the results said:
“We have again delivered resilient mid-single-digit organic growth in revenue and profit, well ahead of IP. Driving growth ahead of our markets, in spite of external conditions, is now becoming embedded in how we operate and demonstrates the strengths of our business model and strategic positioning in diversified and attractive end markets.
“Continuing momentum in end markets such as Semicon and Biopharm as well as strong orderbooks, underpin our expectations for second half revenue and profit growth and we are reiterating our full year guidance.
“Our Together for Growth Strategy is strengthening the Group’s differentiated business model, competitive leadership and resilience to drive sustained compounding organic growth at high margins and improving returns on capital. We remain on track to deliver the medium-term targets we set out for the Group in October 2024; and above these targets in the longer term.”
http://www.rns-pdf.londonstockexchange.com/rns/0289Q_1-2026-8-10.pdf
1 ‘Sales’ is used interchangeably with ‘revenue’ when describing the financial performance of the Group
2 ‘Organic measures are at constant currency and exclude contributions from acquisitions and disposals
3 Period on period changes are stated on an organic basis
4 ‘STS’: Steam Thermal Solutions; ‘ETS’: Electric Thermal Solutions; ‘WMFTS’: Watson-Marlow Fluid Technology Solutions
5 ‘IP’: Industrial Production growth excluding China (June 2026)
6 ‘Semicon’: semicon wafer fab equipment manufacturers; ‘Biopharm’: Pharmaceutical & Biotechnology sector; ‘PI’: Process Industries
7 See Appendix to the Financial Statements for an explanation of alternative performance measures and reconciliation to IFRS measures
