17th Jun 2021 09:03
(Alliance News) - Spirax-Sarco Engineering PLC on Thursday said it has set new "evidence-based" sustainability targets for the coming decade.
The Cheltenham-based energy management and niche pumping specialist said it plans to "accelerate" the company's sustainability performance through a set of goals developed with the input of over 600 people.
Major goals include reaching net zero new greenhouse gas emissions by 2030 and to send zero waste to landfill by 2022. The firm will target a 10% biodiversity net gain from direct operations by 2025, in order to leave biodiversity somewhat better than before. The company also plans to raise global supply chain standards and increase sales of products with clear sustainability benefits.
The engineering firm also will establish a fund for inclusive access to education with GBP5 million to be paid out by 2030. In 2020, Spirax-Sarco reported revenue of GBP1.19 billion.
Spirax-Sarco operates worldwide with over 8,000 employees working across 68 countries.
Chief Executive Nicholas Anderson said: "Our strategy addresses how we source materials to how we develop, manufacture and sell our products. It also focuses on creating sustainability benefits for our customers and prioritises the way we support our communities. We are investing in sustainability across our group, building on a legacy of responsible business operations, working ethically and safely, as well as creating inclusive environments where diversity can thrive."
Spirax-Sarco lifted its 2021 forecasts in May after a better-than-expected performance at the start of the year.
The company said organic sales growth beat the 7.4% year-on-year rise in global industrial production in the first four months of 2021. Global industrial production itself was better than Spirax-Sarco had predicted as the economy recovered faster than expected.
Strong sales growth helped Spirax-Sarco's profit margin, which in the first four months was wider than it expected for the full year. Net debt fell to GBP173 million from GBP229 million in the four-month period.
The company now expects full-year organic sales growth from most of its businesses to be above the 8.5% forecast rise in global industrial production. It had previously guided for sales growth of around 7%.
Spirax-Sarco Engineering shares were trading down 2.1% at 13,310.00 pence each in London on Thursday morning.
By Scarlett Butler; [email protected]
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