Weak pound, acquisitions help boost Spirax interims

The collapse of sterling after the Brexit vote last year helped boost profits by 16%, the company said, adding that strong UK operations and acquisitions had also contributed to the rise.

Adjusted pre-tax profit increased by 30% to £99.2m.

“In total and at current exchange rates, we expect acquisitions to add approximately 20% sales growth in the full year,” Spirax said.

“We envisage currency effects to be significantly lower in the second half of the year. If spot rates at 30th June 2017 prevail for the remainder of the year we would benefit from a total impact on sales and operating profit for the year of 5% due to translation.”