The Spirax-Sarco Engineering Board has declared an interim dividend of 46.0 pence (2022: 42.5 pence) per ordinary share, an increase of 8%, reflecting confidence in the medium and long-term outlook for the Group. This growth in the interim dividend follows an increase of 12% in the total dividend in respect of 2022.
Other financial highlights include:
●Revenues up 13% or 2% organically
●Strong growth in Steam Specialties and ETS offset by lower Biopharm sales in Watson-Marlow
●Statutory operating profit down 7% and margin down 340 bps due to ERP write-down and restructuring
●Adjusted operating margin down 360 bps due to unfavourable sales mix
●Strong sales growth +15% in Steam Specialties; adjusted operating profit margin +190 bps organically
●ETS organic sales growth +7%; adjusted operating profit margin lower due to Semicon WFE weakness
Vulcanic and Durex Industries integration progressing very well
●Watson-Marlow sales down 21% organically; adjusted operating profit lower due to operational gearing
●Underlying Biopharm demand remains strong; growth anticipated to return in 2024
●Adjusted cash conversion 48% in H1; anticipate full year conversion to be over 70%
