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Spirax Sarco Announces 2009 Half Year Results

Monday, August 24, 2009  
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Group sales for Spirax Sarco in the half year were 251.6 million pounds, up 5% from 238.7 million pounds in 2008. At constant exchange rates, sales declined 8% against a comparatively strong first half of 2008.

Operating profit decreased 7% (26% at constant currency) from 40.8 million pounds to 37.8 million pounds in 2009. The operating profit margin was strong at 15.0%, as Spirax Sarco benefited from favorable currency movements and pricing, which mitigated the impact of lower volume and higher material costs.

Net finance expense was 1 million pounds compared with income of 0.8 million pounds in the same period in 2008. As previously reported, there was a sharp decline in the expected return on pension fund assets (under IAS 19) following the fall in pension asset values in 2008. Share of the after tax profits of associates in India and Mexico increased from 1.2 million pounds to 1.4 million pounds. Profit before tax was 38.2 million pounds as against 42.7 million pounds in 2008. More…

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