Spirax Group 2024 Full Year Performance Summary

https://content.spiraxgroup.com/-/media/engineering/documents/results-and-agm-notices/2024/results/fy-2024-news-release.ashx?rev=751e023ec0d1484c88359cfaba0b1be9&hash=B25080BBC07464340428DB6898BB8BA6

Key Financial Highlights (Year Ended December 31, 2024)

Revenue: £1,665.2 million, a 4% organic increase; reported revenue declined 1% due to currency headwinds.
Adjusted Operating Profit: £333.9 million, down 4% reported but up 4% organically.
Adjusted Operating Margin: 20.1%, a slight decrease from 20.7% in 2023.
Adjusted Profit Before Tax: £288.2 million, a 7% decrease.
Adjusted Basic EPS: 286.3p, down 8%.
Adjusted Cash Conversion: 87%, improved from 81% in 2023, reflecting strong working capital management.
Leverage: Reduced to 1.6x.
Dividend Per Share: 165.0p, a 3% increase from the previous year.

Business Segment Performance
- Steam Thermal Solutions (STS): Achieved 1% organic revenue growth, with stronger performance in the second half of the year.
- Electric Thermal Solutions (ETS): Reported a robust 10% organic revenue growth, supported by operational improvements.
- Watson-Marlow Fluid Technology Solutions (WMFTS): Saw a 3% organic revenue increase, driven by Process Industries; Biopharm orders began to recover.
  
  Strategic Initiatives and Outlook
  - Restructuring: Implemented in 2025 to realize annualized benefits of approximately £35 million, aimed at investing in organic growth.
  - Future Expectations: Anticipates 2025 organic growth to be consistent with 2024, well ahead of global Industrial Production (IP), with margin progress.
  Group CEO Nimesh Patel commented on the results, stating:
  “All three of our Businesses delivered organic sales growth with margins in line with our expectations, despite weaker than expected IP in the second half. I am particularly pleased with progress in ETS, where improvements to manufacturing throughput supported higher sales and improved margin.”
  He also emphasized the company's strategic focus:
  “As a new executive team, we developed our Together for Growth Strategy to deliver on our medium-term financial objectives, while also better positioning the Group for the significant long-term growth opportunities ahead of us.”