LONDON (dpa-AFX) - Spirax Group plc (SPX.L), on Thursday, reported that group organic sales growth for the ten months ended 31 October was ahead of the first half of the year with sales above the prior year comparator in all three Businesses, excluding currency effects.
In the four months ended 31 October, Steam Thermal Solutions (STS) returned to organic sales growth. In Electric Thermal Solutions (ETS), organic sales growth was higher than in the first half. In the Industrial Process Heating segment, the company increased shipments from its strong order book through delivery of ongoing operational improvements. In the Industrial Equipment Heating segment, organic sales growth was modestly positive against a weak prior year comparator as the company has yet to see a recovery in demand from customers in the Semicon sector.
In Watson-Marlow, sales to Biopharm customers were supported by order book that has continued to normalise towards lower historic levels. Process Industries organic sales growth improved further, above the first half of the year, supporting overall organic sales growth in Watson-Marlow.
In the four months ended 31 October, Steam Thermal Solutions (STS) experienced a return to organic sales growth. In the Electric Thermal Solutions (ETS) segment, organic sales growth surpassed that of the first half of the year. The Industrial Process Heating segment saw increased shipments, driven by a robust order book and ongoing operational enhancements.
Meanwhile, the Industrial Equipment Heating segment reported modestly positive organic sales growth against a weak comparative from the prior year, as the company has yet to observe a recovery in demand from customers within the Semicon sector. In the Watson-Marlow division, sales to Biopharm clients were substantiated by an order book that has continued to normalize towards historically lower levels.
The organic sales growth within Process Industries further improved, exceeding that of the first half of the year, thereby contributing to the overall organic sales growth in Watson-Marlow.
The company further stated that it expects mid-single digit organic revenue growth for the full year and an adjusted operating profit margin broadly in line with the 2023 margin of about 20.0% - adjusted for currency headwinds.
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