Spirax reiterates full year expectations but sales remain under pressure
Engineering group Spirax-Sarco reiterated expectations for the full year, despite saying were under pressure because of a continued slowdown in industrial production.
FTSE 250
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Industrial Engineering
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Spirax Group
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16:34 04/10/24
The FTSE 250 group said the sluggish output conditions it registered in the first half of the year continued in the second six months, adding it had registered a further slowdown in production in Latin America and Asia.
The company added that in the first 10 months of 2015, sales on a constant currency basis registered a slight slowdown, but it was seeing signs of stabilisation in Europe, Middle East and Africa.
For the full calendar year, Spirax expects sales and operating profit to be down 4% and 5% respectively when compared to last year, although it added its diversification across a number of sectors was providing helpful amid challenging market conditions.
Spirax shares were up 4.02% to 3,025.00p at 0927 GMT on Tuesday.