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Spirax Group (SPX) investor relations material
Spirax Group Trading update summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Economic environment
Macroeconomic uncertainty remains high due to Middle East conflict, trade tariffs, and higher energy costs.
Global industrial production (IP) growth was 1.4% in Q1 2026, weak in key European markets.
IP excluding China was 1.5%, with a full-year forecast of 1.9%, weighted to the second half.
Outlook for IP remains cautious, reflected in company guidance.
Trading performance
Achieved organic growth ahead of IP and margin progression, consistent with prior demand trends.
STS saw demand grow ahead of IP, supported by MRO, solutions, and recovery in large projects.
ETS delivered double-digit demand growth, especially in Semicon; WMFTS demand robust in Process Industries and Biopharm.
Group revenues grew mid-single-digit organically; adjusted operating profit margin improved year-on-year.
Financial position
Net borrowings (excluding leases) at £575 million, net debt to EBITDA ratio stable at 1.5x.
Final dividend of 121.1p per share, up 3% from 2024, with £89 million cash impact, payable 22 May 2026.
- Organic growth, margin expansion, and strong cash flow support further progress in 2026.SPX
H2 202510 Mar 2026 - Organic sales up, reported revenue down; full-year growth and margin stability expected.SPX
H1 20242 Feb 2026 - Organic growth and margin ahead of H1, with full year outlook reaffirmed and net debt reduced.SPX
Trading update22 Jan 2026 - Organic growth outpaced industrial production, with margin stability and a 3% dividend increase.SPX
H2 202422 Jan 2026 - Decarbonization, digitalization, and operational excellence drive growth and margin expansion.SPX
CMD 202419 Jan 2026 - Organic growth and margin expansion support an unchanged full-year outlook despite headwinds.SPX
H1 202523 Nov 2025 - Organic sales growth ahead of H1; full year outlook unchanged despite increased currency headwinds.SPX
Trading Update13 Jun 2025 - Low single-digit organic growth and 2025 guidance maintained amid macro uncertainty.SPX
Trading update6 Jun 2025
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