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.
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.
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