7th Nov 2013 11:44
LONDON (Alliance News) - Spirax-Sarco Engineering PLC Thursday said organic sales for the four month period ended October 31 was up 4% compared with last year, as sales growth continued at the same pace as the first half.
The manufacturer of boiler and pipeline control valves for steam heating and process plants said Asia Pacific sales growth were higher in the period, reflecting the benefit of shipments from orders booked in the first half and of continued strong growth in China.
However sales grew "modestly" in America and Europe, Middle East and Africa, Spirax said, adding sales were similar to growth rates seen in the first half.
In its interim management statement for the period July 1 to November 6, Spirax said demand remained "soft" in North America, but lower sales were offset by growth in Latin America.
In addition, results for its peristaltic pumps business, Watson-Marlow, were not as good as in 2012 when it benefited from several large wastewater treatment and mining projects.
The firm said currency movements had been favourable so far this year, adding less than 2% to sales growth, but warned "recent strength of sterling and weakness in some emerging market currencies will, if maintained, erode this favourable currency gain to around 1% for the full year."
Spirax said its balance sheet and cash flow remains "strong" with net cash balance of GBP22 million at the end of October.
The stock was trading at 2,959.00 Thursday morning, up 27.00 pence or 0.9%.
By Anthony Tshibangu; [email protected]; @AnthonyAllNews
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