11 March
2025
2024 Full Year
Results
Organic growth well ahead of
IP and margin stability in a challenging trading
environment
Twelve months to 31 December
|
Statutory (£m/p)
|
2024
|
2023
|
Reported
|
|
Revenue1
|
1,665.2
|
1,682.6
|
(1)%
|
|
Operating profit
|
304.6
|
284.4
|
7%
|
|
Operating profit margin
|
18.3%
|
16.9%
|
140bps
|
|
Profit before taxation
|
258.9
|
244.5
|
6%
|
|
Basic earnings per share
|
259.6
|
249.5
|
4%
|
|
Dividend per share
|
165.0
|
160.0
|
3%
|
|
Adjusted6 (£m/p)
|
2024
|
2023
|
Reported
|
Organic4
|
|
Revenue1
|
1,665.2
|
1,682.6
|
(1)%
|
4%
|
|
Adjusted operating profit
|
333.9
|
349.1
|
(4)%
|
4%
|
|
Adjusted operating profit
margin
|
20.1%
|
20.7%
|
(60)bps
|
10bps
|
|
Adjusted profit before
taxation
|
288.2
|
309.2
|
(7)%
|
|
|
Adjusted basic earnings per
share
|
286.3
|
312.4
|
(8)%
|
|
|
Adjusted cash conversion
|
87%
|
81%
|
600bps
|
|
|
●
|
Group organic revenue growth of 4%
despite weaker than expected global IP2 of
1.7%
|
|
●
|
Exchange rate headwinds adversely
impacted revenue by 5% and adjusted operating profit by
8%
|
|
●
|
STS3 organic revenue
growth of 1% with higher growth in the second half
|
|
●
|
ETS3 organic revenue
growth of 10% supported by operational improvements
|
|
●
|
WMFTS3 organic revenue
growth of 3% driven by Process Industries; Biopharm5
orders starting to recover
|
|
●
|
Group adjusted operating profit
margin modestly improved organically; investing in future
growth
|
|
●
|
Statutory operating profit and
margin higher as 2023 impacted by restructuring and write-down
charges
|
|
●
|
Adjusted cash conversion of 87%
supported by working capital management; leverage reduced to
1.6x
|
|
●
|
2025 restructuring to realise
annualised benefits of approximately £35m for investment in organic
growth
|
|
●
|
2025 organic growth expected to be
consistent with 2024, well ahead of IP, with margin
progress
|
Nimesh Patel, Group Chief Executive Officer, commenting on the
results said:
"All three of our Businesses delivered organic sales growth
with margins in line with our expectations, despite weaker than
expected IP in the second half. I am particularly pleased
with progress in ETS, where improvements to manufacturing
throughput supported higher sales and improved
margin."
"As a new executive team, we developed our Together for Growth
Strategy to deliver on our medium-term financial objectives, while
also better positioning the Group for the significant long-term
growth opportunities ahead of us. We are also well underway
with actions to simplify our organisation and better leverage
resources to support future growth. I thank my colleagues for their
commitment as we continue to focus on the operational priorities
that are within our control and have a meaningful impact on driving
growth in a challenging environment."
"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."
The results are available in full
at http://www.rns-pdf.londonstockexchange.com/rns/0533A_1-2025-3-10.pdf
1 'Sales' is used interchangeably with 'revenue' when describing
the financial performance of the Group
2 'IP': Industrial Production growth
3 'STS': Steam Thermal Solutions; 'ETS': Electric Thermal
Solutions; 'WMFTS': Watson-Marlow Fluid Technology
Solutions
4 Organic measures are at constant currency and exclude
contributions from acquisitions and disposals
5 'Biopharm' refers to WMFTS sales to the Pharmaceutical &
Biotechnology sector
6 See Appendix to the Financial Statements for an explanation of
alternative performance measures and reconciliation to
IFRS
For
further information, please contact:
|
Louisa Burdett, Chief Financial
Officer:
|
+44 (0) 1242 240281
|
|
Mal Patel, Head of Investor
Relations:
|
+44 (0) 1242 240281
|
Media
|
Martin Robinson, Teneo:
|
+44 (0) 20 7260 2700
|
|
spiraxgroup@teneo.com
|
|
Audio
webcast
The results presentation will be
available as a live webcast from 9.30 am on the Company's website
at www.spiraxgroup.com
or via the following link: https://edge.media-server.com/mmc/p/igh234r8/
A recording will be made available
on the website shortly after the meeting.
About Spirax Group plc
Spirax Group is positioned to play a
critical role in enabling the industrial transition to net zero,
aligned to our Purpose to create sustainable value for all our
stakeholders as we engineer a more efficient, safer and sustainable
world. We put solving customers' problems at the heart of our
total solutions approach. Our global thermal energy and fluid
technology solutions improve operating efficiency and safety in our
customers' critical industrial processes. Our new-to-world
decarbonisation* solutions will use our proprietary technologies to
electrify boilers, for the raising of steam, as well as the
electrification of other critical industrial process heating
applications.
Spirax Group comprises three strong
and aligned Businesses: Steam
Thermal Solutions helps customers control and manage steam
within their mission critical industrial applications, such as
cleaning, sterilising, cooking and heating. We are helping to
put food safely on the world's tables and keeping our hospitals
running. Electric Thermal
Solutions has proprietary technologies that deliver
electrification solutions at scale in industrial settings,
including for the raising of steam, supporting our customers to
achieve their net zero goals. We also deliver freeze protection and
defrost solutions critical to aviation and space industries and
ensure thermal uniformity in Semiconductor chip manufacturing to
power the critical electronic systems we rely on.
Watson‐Marlow Fluid
Technology Solutions is engineering vital fluid technology
solutions that optimise the efficient use of resources and support
advancements in global health, such as lifesaving vaccines and gene
therapies.
Spirax Group is headquartered in
Cheltenham (UK). We have over 30 strategically located
manufacturing plants around the world and are committed to creating
a safe and inclusive working culture for our 10,000 colleagues,
operating in nearly 70 countries and serving over 100,000 customers
globally.
The Company's shares have been
listed on the London Stock Exchange since 1959 (symbol: SPX) and we
are a constituent of the FTSE 100 and the FTSE4Good
Indexes.
* Eliminates scopes 1 and 2
greenhouse gas emissions when connected to a green electricity
source.
Further information can be found
at www.spiraxgroup.com
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