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Spirax Group (SPX) investor relations material
Spirax Group H1 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.H1 2025 earnings summary12 Aug, 2025
Executive summary
Organic sales grew 3% and adjusted operating profit rose 7% year-over-year, outpacing industrial production despite macroeconomic and currency headwinds.
Group margin reached 19.3%, up 70bps organically, reflecting pricing, cost discipline, and operational improvements.
Full year guidance reiterated, with strong H2 positioning and robust order books in key segments.
Restructuring program on track to deliver £35m annualised savings, funding investments in digital and decarbonisation initiatives.
Interim dividend increased by 3% to 48.9p per share, reflecting continued commitment to shareholder value.
Financial highlights
Statutory revenue £822.2m, down 1% reported but up 3% organically; adjusted operating profit £158.8m, down 1% reported but up 7% organically.
Adjusted operating margin at 19.3%, up 70bps organically; adjusted EPS 137.6p, flat year-over-year.
Net finance expense reduced to £18.6m; interim dividend up 3% to 48.9p.
Adjusted cash conversion improved to 61% from 53% year-over-year; net debt reduced to £658m, leverage at 1.8x EBITDA.
CapEx at £34m (4% of sales), with major spend on new production facility and ERP design.
Outlook and guidance
Full year guidance unchanged: organic revenue and profit growth expected in line with 2024, with mid-single digit organic growth in adjusted operating profit.
Second half sales growth expected to accelerate, supported by strong order books and operational improvements.
CapEx guidance at 4–5% of sales; net financing costs and corporate costs each expected at ~£40m.
Restructuring charge remains at £40m, with cash outlay spread over 2025–2026; annualised savings of £35m, ~40% achieved in 2025.
Currency headwinds and macroeconomic volatility, especially in China and Korea, remain key risks.
Assess impact of restructuring on 2025.
How does TargetZero electrify steam?
Explain WMFTS's Biopharm order recovery.
How will Watson-Marlow reinvest savings?
Detail Gestra restructuring; why now?
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Next Spirax Group earnings date
Q3 2025 TU13 Nov, 2025
Next Spirax Group earnings date
Q3 2025 TU13 Nov, 2025
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Frequently asked questions
Spirax-Sarco Engineering plc is a global engineering company specializing in thermal energy management and niche pumping solutions. The company operates through three primary segments: Steam Specialties, Electric Thermal Solutions, and Watson-Marlow Fluid Technology Solutions. Its products include steam traps, control systems, electric heaters, and peristaltic pumps, which serve industries such as food and beverage, pharmaceuticals, chemicals, and energy. The company is headquartered in Cheltenham, United Kingdom, and its shares are listed on the LSE (London Stock Exchange).
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