- Spirax Group
- 11 March 2025 07:32:52
Source: Sharecast
The thermal energy and fluid technology solutions company posted annual revenues of £1.67bn, up 4% on an organic basis but 1% lower in reported terms due to currency movements. However, this was in line with the guidance given at the pre-close trading update in November.
The Steam Thermal Solutions division saw organic revenue growth of 1% trends improving in the second half; Electric Thermal Solutions experienced 10% organic growth, supported by operational improvements; while the Watson‐Marlow Fluid Technology Solutions business posted organic growth of 3%, driven by Process Industries, while Biopharm orders are said to have started to recover.
Adjusted operating profit totalled £334m, up 4% organically, helped by a 10-basis point organic improvement in the adjusted operating profit margin to 20.1%.
For 2025, Spirax pointed to organic growth consistent with 2024, with further "progress" on the margin front. Meanwhile, restructuring efforts should result in annualised benefits of £35m for investment in organic growth, the company said.
"Mindful of the outlook for IP, I remain confident in the execution of our strategy and in the strength of our business model, which together will sustain organic sales growth well ahead of IP and mid-single digit organic profit growth in 2025," said chief executive Nimesh Patel.