Spirax Group PLC

Latest Results (18.11.2025):

Spirax Group PLC’s latest financial report for the period ending 31 October 2025 highlights a resilient performance with Group organic revenue growth and improved margins compared to the first half of the year. The company reported steady progress across its key segments despite headwinds in large project sales in some markets, along with a better financial position and a clear full year outlook.

Organic Growth & Margin Performance

The report shows that both Group organic sales growth and adjusted operating profit margin for the ten months ended 31 October 2025 were ahead of first half performance, reflecting the effectiveness of the company’s focused strategic priorities.

Segment & Regional Performance

In segment terms, Electric Thermal Solutions maintained strong organic sales growth, while Watson-Marlow saw an acceleration with double-digit order growth in its Biopharm division. Meanwhile, Steam Thermal Solutions experienced steady performance in four months’ sales, with large project activity being impacted by challenging industrial production conditions in key markets like the USA and Europe. Regions such as Korea are showing early signs of recovery with improved sales and orders.

Restructuring & Cost Efficiencies

Spirax Group PLC remains on track to deliver annualised savings of approximately £35 million from its ongoing restructuring initiatives, with most savings being reinvested to boost organic growth. The associated costs are as expected, with most being incurred within 2025.

Improved Financial Position

The company reported an improvement in its financial metrics with net borrowings (excluding leases) falling to £596 million as of 31 October 2025 from £658 million at 30 June, alongside a better net debt to EBITDA ratio of 1.6x compared to 1.8x earlier in the year.

Steady Full Year Outlook

Despite external market challenges and uncertainties, Spirax Group PLC has maintained its full year guidance for 2025. The Group expects Group revenues to grow organically at a rate consistent with 2024 performance, and a mid-single digit organic growth in adjusted operating profit, supported by a margin performance ahead of the currency adjusted 2024 figures.