Spirax-Sarco Reports 2009 Preliminary Results

Sales of £518.7 million were up 3% from £502.3 million in 2008, with improving year-on-year comparisons in the last few months of the year in all segments. Sales included a small contribution from acquisitions and a benefit of over 10% from favorable average exchange rates.

Sales in the Americas increased modestly in sterling by 3% to £104.6 million from £101.9 million in 2008. Sales benefited from average sterling exchange rates weakening by 19% against the US dollar and by 7% against the Brazilian real. At constant currency, sales declined 9% from 2008 spread across all our operations in the region. Sales in the US did relatively well from stabilizing market conditions and higher shipments from backlog in the second half-year, although market conditions have remained weak in Canada. More…