11th Aug 2026 09:41
(Alliance News) - Spirax Group PLC on Tuesday said it is on track to beat its own targets in the longer-term but left its 2026 guidance unchanged, as it announced a jump in profit and a higher dividend.
Spirax shares were down 11% to 6,840.00 pence each on Tuesday morning in London following the announcement.
The Cheltenham, Gloucestershire-based thermal energy and fluid technology company said pretax profit in the first half of 2026 climbed 54% to GBP135.4 million from GBP87.9 million a year before, with revenue up 5.1% to GBP863.8 million from GBP822.2 million.
Operating profit climbed 44% to GBP154.2 million from GBP106.8 million, while Spirax's operating profit margin improved to 17.9% from 13.0%.
Adjusted pretax profit rose 8.9% to GBP152.3 million from GBP139.9 million.
Adjusted operating profit rose 7.7% to GBP171.1 million from GBP158.8 million a year before, while the adjusted operating profit margin improved to 19.8% from 19.3%.
Spirax lifted its interim dividend by 3.1% to 50.4 pence per share from 48.9p a year before.
Spirax said it mitigated anticipated supply chain disruptions from the conflict in the Middle East.
Revenue in the Europe, Middle East & Africa region was up 4.3% to GBP381.5 million from GBP365.6 million.
Asia Pacific revenue fell 2.4% to GBP147.2 million from GBP150.8 million.
Revenue in the Americas grew 9.6% to GBP335.1 million from GBP305.8 million.
"We have again delivered resilient mid-single-digit organic growth in revenue and profit, well ahead of [industrial production]. Driving growth ahead of our markets, in spite of external conditions, is now becoming embedded in how we operate and demonstrates the strengths of our business model and strategic positioning in diversified and attractive end markets," Chief Executive Officer Nimesh Patel said.
He added: "Continuing momentum in end markets such as semiconductors and biopharmaceuticals as well as strong orderbooks, underpin our expectations for second half revenue and profit growth and we are reiterating our full year guidance."
Spirax expects mid-single-digit organic growth in revenue for the year as a whole.
CEO Patel added: "We remain on track to deliver the medium-term targets we set out for the group in October 2024; and above these targets in the longer term."
By Tom Budszus, Alliance News slot editor
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