Spirax Group PLC

Latest Results (29.09.2025):

Spirax Group PLC has reported its 2025 half-year financial results for the six months ended 30 June 2025, demonstrating results in line with expectations despite a challenging macroeconomic environment. The company has reiterated its full-year guidance, supported by strong order books and increased demand from key end markets.

Revenue Performance

Group revenue slightly decreased by 1% to £822.2 million year-on-year, but grew organically by 3%, surpassing the global Industrial Production (IP) growth forecast of 2.5%.

Operating Profit

Operating profit saw a significant decline of 27% to £106.8 million, while adjusted operating profit increased by 7% organically to £158.8 million, reflecting improved operational efficiency.

Profit Before Taxation and EPS

Profit before taxation fell by 30% to £87.9 million, and basic earnings per share decreased by 31% to 85.0 pence. However, adjusted basic earnings per share remained stable at 137.6 pence.

Dividend Announcement

The interim dividend was increased by 3% to 48.9 pence per share, up from 47.5 pence in the previous year.

Sales Growth by Segment

Sales in Steam Thermal Solutions (STS) and Electric Thermal Solutions (ETS) were up by 3% and 10% organically, respectively, driven by operational progress and higher demand in semiconductor and biopharmaceutical sectors.

Operational Highlights

Adjusted cash conversion improved to 61%, reflecting disciplined capital management and enhanced working capital efficiency. Currency headwinds impacted revenue by 3% and adjusted operating profit by 7%, as anticipated.

CEO's Commentary

Nimesh Patel, Group CEO, highlighted the strength of Spirax's direct sales business model and the successful implementation of the Together for Growth Strategy, emphasizing continued investment in digital and decarbonisation initiatives to support long-term growth.