10th May 2016 06:37
LONDON (Alliance News) - Spirax-Sarco Engineering PLC on Tuesday said organic sales were broadly in line with 2015 in the first four months of 2016 and said it is keeping a tight control on costs amid a still-uncertain industrial market.
The FTSE 250-listed company, which makes steam management systems and peristaltic pumps, said organic sales, stripping out acquisitions effects and in constant currencies, were in line with trends seen over 2015 in the first four months of 2016.
The company's Watson-Marlow Fluid Technology Group continued to make organic sales progress in the quarter, while sales from its steam specialties business were broadly flat.
Regionally, Europe, Middle East and Asia organic sales declined modestly in the first four months compared to a relatively strong start to 2015, Spirax-Sarco said, while Asia Pacific sales also were slightly lower, albeit offset by small gains in China and Korea. Americas sales were slightly ahead, with a good performance in Latin America which offset a small decline in North America.
Spirax-Sarco said industrial production growth slowed in 2015 but appears to have stabilised in early 2016, though the outlook for the market remains uncertain and the company said it remains "vigilant", particularly by keeping a tight control on costs.
Spirax-Sarco said it anticipates making progress in 2016, provided no material deterioration emerges in market conditions. It does, however, still have limited visibility on future revenue and "short" order books, it said. It expects that to be ameliorated by its geographic and sector diversification.
By Sam Unsted; [email protected]; @SamUAtAlliance
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