Investment Case
Essential Reading
Deeper Dive
Long-duration, compounding growth and attractive returns for shareholders.
Our differentiated business model combines our global direct sales force of engineers, strong local customer relationships, diversified and resilient end markets with revenues predominantly funded from customers' operating budgets.
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Creating customer value
Our ~2,900* direct sales and service engineers serve our customers through building close, local relationships that focus on consultative solution-selling and pricing based on the customer's economics.
85% of Group revenue is generated from our customers' annual maintenance and local operating budgets with 40% of Group revenue generated from solution-sales.
1 in 3 colleagues are in sales and service roles. The remaining 15% comes from capex-budgets.
* Includes technical application engineers and inside sales.
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Focus on resilient, niche sectors and applications
Critical applications across diverse sectors.
60% of Group revenue is derived from defensive end markets.
We target sectors where our solutions are mission-critical to our customers' processes and reflect the value we generate in our pricing.
No more than ~1% of Group sales is attributed to a single customer.
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Global reach; direct, local presence
We have a global footprint with a direct presence in nearly 70 countries and an indirect presence in a further 100 countries.
~75% of Group sales are direct with ~25% delivered through channels.
Our 2025 sales across our three geographic regions were as follows:
38% AMERICAS
44% EMEA
18% APAC
Our business model is foundational to...
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Mid-single-digit Organic revenue growth of close to 2x IP
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Mid-to-high-single-digit Organic profit growth
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Strong EPS growth 25 yrs CAGR 9%
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Dividend growth 25 yrs CAGR 9%
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Return surplus capital Special dividends in 2010, 2012, 2014
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Superior Total Shareholder Returns
Together for Growth Strategy
Our Together for Growth Strategy builds upon our differentiated business model to drive compounding organic growth and improving returns on capital.
We implement our strategy by focusing on operational priorities that will support the delivery of our medium-term targets and generate funding for targeted investments that evolve our capabilities to capture the significant opportunities we see in Digital and Services and Decarbonising Thermal Energy.
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Engineering sustainable growth.
Spirax Group has a strong track record of delivering sustainable value to shareholders through economic cycles. Our knowledge and understanding of customers and markets enables us to assess where to invest for future returns. We take a long-term view and operate in a way that aims to deliver long-term value for our six stakeholder groups, whether colleagues, customers, suppliers, the environment, our local communities or shareholders in line with our Group’s Purpose. Our aim is to create a positive impact in everything we do.
Our products, solutions and expertise are critical to the operating efficiency and safety of our customers’ thermal energy and fluid technology processes. Our global direct sales force serve our customers, through building close, local relationships, with a focus on consultative, solution-selling and pricing based on customer economics. Read more about the Group in 'An Introduction to Spirax Group'.
Solving customer problems has long been at the heart of our differentiated ‘Customer Solutions’ Business Model.
Our Customer Solutions Business Model
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~2,900* Direct sales and service engineers in ~70 countries
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100k+ Customers served
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60% Sales from defensive sectors
*includes technical application engineers and inside sales team
Together across our three Businesses, as Spirax Group, our long-term ambition is to accelerate our compounding sales growth and improve margins, enhancing our proven track record of strong EPS growth.
- Proven capability to outperform IP through solution selling
- Resilience from defensive sector exposure and MRO demand
- Solution selling and value-based pricing underpins attractive margin
- Uniquely placed to lead the decarbonisation of steam generation
Long term sales growth: >2x Industrial Production growth
Sustainable margin: 23.5%+
- Clear plan to substantially improve margin through: operational focus, growth and price
- Proprietary technology and proven track record in new product development
- Differentiated bespoke manufacturing expertise
- Capabilities enable the decarbonisation opportunity
Long term sales growth: >2x Industrial Production growth
Sustainable margin: 20.0%+
- Underlying Biopharm market growing at ~10%
- Process Industries to drive secular growth above IP
- High margins supported by focus on attractive sectors and consumables sales
- Well-invested following expansion of manufacturing capacity
Long term sales growth: high single digit organic growth
Sustainable margin: 30.0%+
Across these three high-quality Businesses, we are well positioned to benefit from mega-trends which are defining the world around us. These four trends underscore our potential for growth, through the structural attractiveness of our existing end-markets and scope to expand our addressable markets.
...continuing to expand our annual addressable market.
Addressing our customers’ resource efficiency and sustainability needs has expanded our annual addressable market by 60%, compared to 2023. Our base addressable market is ~£11 billion.
A focus on the electrification of steam generation, through solutions we refer to as TargetZero, add ~£2 billion to our addressable market.
Additionally, there is opportunity in the decarbonisation of thermal energy beyond steam. Solutions we refer to as PoweringZero, add ~£5 billion to our addressable market.
We expect our annual addressable market to expand further linked to IP-related growth, high growth in our target sectors and pricing.
Results, Reports and Presentations
Access our back catalogue of Results Presentations, Annual Reports, Announcements and Investor Seminars, including our 2026 Half Year Results materials.
Learn moreRegulatory News
Our latest Regulatory News, updated via a live feed from the London Stock Exchange.
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