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Spirax-Sarco Engineering (SPX) another quality UK engineer points to tough times ahead?

05/08/2015 · Spirax-Sarco Engineering (SPX) 

​Yesterday we had results from Rotork and today was the turn of that other highly rated engineering group. Spirax-Sarco Engineering is a world leader in the design and manufacture of steam and thermal energy management solutions and, through its Watson-Marlow Fluid Technology Group, the design and manufacture of world-leading niche peristaltic pumps and associated fluid path technologies. Interim results showed a modest decline in earnings per share with currency the biggest issue, as was the case with Rotork. However, it is the outlook statement that is of greatest interest.

For the 6 months to 30th June 2015 reported revenue was flat at £320m but up 3% on a constant currency basis. Reported adjusted operating profit was £65.8m, down 2%, or flat if one strips out currency impact and adjusted earnings per share down 2% at 60.5p.

The Steam Specialities business is the largest, delivering overall revenue of £247.1m and operating profit of £48.6m (operating margin 19.7%) for…

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