'Continued strong organic growth' for Spirax-Sarco Engineering in 2018 half year results
PUBLISHED: 11:38 08 August 2018 | UPDATED: 11:38 08 August 2018
"We are very pleased to report strong organic sales growth of 7% in the first half, ahead of global industrial production growth, and organic operating profit growth of 15%."
Spirax-Sarco Engineering, with headquarters in Cheltenham, announced their half year results ending on June 30 2018.
• Revenue growth of 28%, organic growth of 7%
• Adjusted operating margin of 23.0%
• Good organic growth in both Steam Specialties and Watson-Marlow, Gestra and Chromalox performing to plan; adding 24% to sales, 16% to profit
• Net debt of £373.0 million, 1.3x EBITDA
• Interim dividend increased by 14%
Nicholas Anderson, Chief Executive, commenting on the results said: “We are very pleased to report strong organic sales growth of 7% in the first half, ahead of global industrial production growth, and organic operating profit growth of 15%. We have seen strong organic sales growth in both the Steam Specialties division and Watson‐Marlow, reflecting the benefits of the successful implementation of our strategy.
“In addition, integration of the two significant acquisitions we made in 2017, Gestra and Chromalox, is progressing to schedule and their overall performance continues to be in line with our acquisition plans. The strong first half organic sales growth was in line with our expectations, and for the second half comparisons with the prior year will be tougher. Overall, our full-year expectations remain unchanged.”
For more information, visit the Spirax-Sarco Engineering website here.