Spirax-Sarco Share Price (SPX)

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Spirax delivered organic growth in line with expectations across all three Businesses for the four months to 30 April 2026, with full-year guidance reiterated despite a weak Industrial Production backdrop. Group revenues grew at mid-single-digit organic pace, comfortably ahead of IP (Q1 2026 IP +1.4%, full-year forecast 1.9% weighted to H2; key European markets remain weak). The Group's outperformance versus IP is the structural compounding story and continued to hold. Steam Thermal Solutions delivered demand growth ahead of IP, in line with expectations, supported by sustained strength in MRO and solutions across all regions and some recovery in large project demand; demand in China and Korea also continued to recover, the latter a notable inflection given the cyclicality of those markets. Electric Thermal...

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Spirax Group PLC reported a resilient performance for the year ended 31 December 2025, delivering organic growth ahead of global industrial production and maintaining strong margins despite the impact of restructuring costs on statutory profits. Group revenue rose to £1.70 billion, representing 2% reported growth and 5% organic growth, outperforming global industrial production growth of around 2%. The result reflects continued demand for the company’s industrial process technologies and the successful execution of its “Together for Growth” strategy. While statutory results were affected by restructuring expenses, the company’s underlying performance remained solid. Statutory operating profit declined 13% to £265.4 million, with the operating margin falling to 15.6% from 18.3%. However, on an adjusted basis, which excludes one-off items, operating profit increased 2% to £339.9 million, representing 6% organic growth. The adjusted operating margin remained strong at 20.0%, with a 30 basis point improvement organically...

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Mr. P. Keep posting. I am interested and I am sure others are following if not contributing. All I can say at the moment is that given the recent results and share price movements, this is probably more about manipulation that the value and prospects of the company. Very disheartening but the movements can go either way so I will add on the dips and sell some off on the highs.

Full Year results.

Slightly ahead of expectation. They are "controlling the controllables". They are on course to take £40m out of costs in 2026 but had to take some restructuring cost in 2025 to achieve it. They comfortably outperformed the PI which bodes well for the future as the industry is expected to pick up a bit over 2026. They are trying to be more customer/sales focused and while one swallow does not a summer make I think we will see mid to high single figure eps growth this year. They are in the right areas as industry tries to reduce its carbon footprint on heating. Margins up, ROCE up cash conversion up. They are doing OK although they are not loved by the brokers/analysts.

But I'm talking to myself on this notice board!

Not massively followed on this board but..

This update should satisfy the market that while the industry is having a tough time SPX is outperforming it. Margins are up, two of the three divisions are growing and Steam Thermal Solutions (STS) which has been flat has some sings that Spring may be coming, I quote "As expected, the rate of organic sales decline in China is moderating compared to the first half, with continuing double-digit growth in MRO sales. Organic sales growth in Korea is also recovering, with both orders and sales expected to grow in the second half."

The shares are not loved in the UK but I suspect there is some institutional buying from the US. Although this share worries me sometimes I'm glad I'm in and not out.....one of my sleepers.