Spirax Group (SPX) Trading update summary

Executive summary

• Organic revenue growth and adjusted operating profit margin for the ten months to 31 October exceeded first half performance, despite challenging industrial production conditions globally.

• Strategic focus on growth and margin, with continued investment in organic growth priorities and restructuring savings being reinvested.

Financial highlights

• Net borrowings (excluding leases) reduced to £596 million at 31 October from £658 million at 30 June.

• Group net debt to EBITDA ratio improved to 1.6x from 1.8x at 30 June.

Outlook and guidance

• Full year guidance reiterated, expecting organic revenue growth consistent with 2024 and well ahead of global industrial production.

• Adjusted operating profit margin anticipated to be above 2024 currency-adjusted margin, supporting mid-single digit organic growth in adjusted operating profit.