Spirax FY outlook unchanged, FX headwinds slightly stronger than expected

Thermal energy and fluid technology solutions group Spirax said on Thursday that its full-year outlook remained unchanged but warned of modest impacts stemming from potentially stronger-than-expected FX headwinds.

Spirax expects mid-single-digit organic revenue growth for the full year and adjusted operating profit margins to be broadly in line with 2023 margins of approximately 20.0%.

However, Spirax also noted that since the time of its H1 results, the British pound has strengthened compared to the main currencies to which it was exposed.

"If exchange rates at the end of September were to prevail for the remainder of 2024, the headwind impact across the full year would be approximately 1% greater on both sales and adjusted operating profit than we had expected in August," cautioned Spirax.

As of 0855 BST, Spirax Group shares were down 1.19% at 7,445.0p.

Reporting by Iain Gilbert at Sharecast.com