Spirax-Sarco Engineering PLC on Wednesday reported a sales performance in line with its expectations, and confirmed its guidance for 2023.
For the four months to the end of April, the Cheltenham, England-based thermal energy management and pumping company said organic sales growth was in line with its expectations. This was driven by industrial property growth in its Steam Specialities and Electric Thermal Solutions businesses.
Watson-Marlow sales were lower compared to last year, reflecting the ‘ongoing normalisation of Covid-19 related demand from biotechnology and pharmaceutical customers,’ Spirax-Sarco said. It expects a recovery in its operating profit margin in the second half of 2023, however.
Net debt at April 30 was £710 million, up 2.9% from £690 million at December 31.
Looking ahead, the company has kept its annual guidance for 2023, expecting double-digit sales growth and a full year adjusted operating margin similar to 2022’s at 24%. Spirax-Sarco also noted that the integration of the acquisitions of Vulcanic and Durex is ‘progressing well’.
Shares in Spirax-Sarco were marginally lower at 11,140.00 pence each in London on Wednesday morning.
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