Spirax Issues Trading Update; FY Guidance Remains Unchanged

(RTTNews) - Spirax Group reported that Global IP - excluding China - for the first nine months of the year was 1.6% and full year forecasts have been revised down to 1.6%. Third quarter IP was lower than the first half with continued weakness in key markets. Group organic sales growth and adjusted operating profit margin for the ten months ended 31 October were ahead of organic growth and margin in the first half. The Group remains on track to deliver annualised savings of approximately 35 million pounds from restructuring.

Spirax Group guidance for the full year remains unchanged. It continues to expect organic growth in Group revenues consistent with that achieved in 2024 and well ahead of IP. Group adjusted operating profit margin is expected to be ahead of the currency adjusted 2024 margin, driving mid-single digit organic growth in adjusted operating profit.

The Group noted that uncertainty around the broader impact of tariffs on global trade has persisted and continues to dampen business confidence and demand for large projects.