The Spirax Sarco Board is recommending an increase in the final dividend of 8% to 84.5 pence per share (2019: 78.0 pence). Subject to approval of the final dividend by shareholders at the Annual General Meeting (AGM) on 12th May 2021, the total Ordinary dividend for the year will be 118.0 pence per share, an increase of 7% over the 110.0 pence per share for the prior year.
Other financial highlights include:
●Revenue down 4%, organically down 3%; industrial production (IP) down between 4% and 5%
●Adjusted operating margin of 22.7%, 10 bps below 2019; up 120 bps on a statutory basis
●Strong organic sales and profit growth in Watson-Marlow, adjusted operating margin 33.4%
●Steam Specialties organic sales decline broadly in line with IP; margin down 80 bps organically
●Electric Thermal Solutions organic sales decline 12%; margin up 10 bps organically
●Temporary cost containment initiatives reduced overheads by £22 million
●Net debt at year end £229 million; leverage reduced to 0.7x EBITDA
