3rd Mar 2016 07:56
LONDON (Alliance News) - Engineer Spirax-Sarco Engineering PLC on Thursday posted a currency-hit decline in revenue and pretax profit for 2015, but pushed up its dividend payout.
FTSE 250-listed Spirax-Sarco, which makes steam management systems and peristaltic pumps, said its pretax profit for the year to December 31 fell 4.0% to GBP139.7 million from the GBP144.8 million posted a year earlier, as revenue declined to GBP667.2 million from GBP678.3 million.
Revenue decreased 2.0% on a reported basis, but rose 2.0% in constant currencies as the group took a hit from the weak euro. Revenue also was held back by the sale of its M&M International business, though organic, constant currency growth for its Watson-Marlow Fluid Technology division was robust.
The company will pay a final dividend of 48.2 pence per share, up 7.1% year-on-year, taking its total dividend up to 69.0p, a 7.0% rise from the 64.5p paid out a year earlier.
"The group achieved another solid result in 2015, demonstrating the continued strength and resilience of our strong direct sales business model, achieved against the background of a progressive slowing in global industrial production growth to very low levels and also further currency headwinds," said Chief Executive Nick Anderson.
"We have continued to invest in our business for the long term and remain confident that the improvements we have made, and continue to make to our business, will enable us to outperform our markets and deliver benefits to all stakeholders," he added.
By Sam Unsted; [email protected]; @SamUAtAlliance
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