Spirax Group (SPX) Trading update summary

Executive summary

• Achieved low single-digit organic revenue growth in the first four months of 2025, with demand trends consistent with prior year results.

• Maintained full-year guidance despite macroeconomic uncertainty from trade tariffs and negative industrial production in key European markets.

• Operational focus on consultative selling, manufacturing improvements, margin protection, and restructuring, targeting £35 million in annualized savings.

Financial highlights

• Net borrowings (excluding leases) at 30 April 2025 were £603 million, up from £596 million at year-end 2024.

• Net debt to EBITDA ratio stable at 1.6x compared to 31 December 2024.

• Final dividend of 117.5 pence per share, a 3% increase over 2023, with a cash impact of £87 million.

• Adjusted operating profit margin slightly lower year-over-year due to order shipment phasing.

Outlook and guidance

• Full-year 2025 outlook maintained, with organic revenue growth and adjusted operating profit margin expected to be ahead of 2024 currency-adjusted levels.

• Anticipates higher revenue growth and margins in H2 2025, driven by MRO and solution sales, Biopharm and Semicon recoveries, and restructuring savings.

• Cash conversion expected above 80%.

• If current exchange rates persist, 2024 sales and adjusted operating profit would be 3% and 6% lower, respectively.