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2025 Half Year Results

Trading in line with expectations; reiterating full year guidance

In this section

Group performance at a glance

For the full Announcement and other key downloads, please see links at the foot of this page.

Revenue¹ (£m)

£822.2m

 A bar chart comparing our 2025 Half Year Revenue (£m) with Half Year 2024 and 2023. Revenue Half Year 2025: £822.2m with 3% organic change. Revenue Half Year 2024: £827.0m with 1% organic change. Revenue Half Year 2023: £850.8m with 2% organic change.

Statutory operating profit (£m)

£106.8m

 A bar chart comparing our 2025 Half Year Statutory operating profit (£m) with Half Year 2024 and 2023. Statutory Operating Profit H1 2025: £106.8m with 13.0% margin. Statutory Operating Profit H1 2024: £147.2m with 17.8% margin. Statutory Operating Profit H1 2023: £132.2m with 15.5% margin.

Adjusted³ operating profit (£m)

£158.8m

 A bar chart comparing our 2025 Half Year Adjusted Operating Profit (£m) with Half Year 2024 and 2023. Adjusted Operating Profit H1 2025: £158.8m with margin 19.3%. Adjusted Operating Profit H1 2024: £160.3m with margin 19.4%. Adjusted Operating Profit H1 2023: £171.7 with margin 20.2%.

Statutory earnings per share (p)

85.0p

 A bar chart comparing our 2025 Half Year Statutory earnings per share (p) with Half Year 2024 and 2023. Statutory Earnings Per Share Half Year 2025: 85.0p. Statutory Earnings Per Share Half Year 2024: 123.8p. Statutory Earnings Per Share Half Year 2023: 112.5p.

Adjusted earnings³ per share (p)

137.6p

 A bar chart comparing our 2025 Half Year Adjusted Earnings per share (p) with Half Year 2024 and 2023. Adjusted Earnings Per share H1 2025 137.6p. Adjusted Earnings Per share H1 2024 137.2p. Adjusted Earnings Per share H1 2023 155.2p.

Interim dividend (p)

48.9p

 A bar chart comparing our 2025 Half Year interim dividend (p) with Half Year 2024 and 2023. Interim Dividend Half Year 2025: 48.9p. Interim Dividend Half Year 2024: 47.5p. Interim Dividend Half Year 2023: 46.0p.

Highlights

  • Group revenue up 3% organically and ahead of global IP4 of 2.5% (IP excluding China: 1.7%)
  • STS5 sales in line with H1 2024 organically and up 3% excluding large projects in China and Korea
  • ETS5 sales up 10% organically driven by further operational progress and improved Semicon6 demand
  • WMFTS5 sales up 2% organically; over 10% Biopharm6 orders growth to drive higher H2 sales growth
  • Group adjusted operating profit up 7% organically; margin of 19.3% up 70bps organically
  • Statutory profit and margin of 13.0% impacted by one-off restructuring costs and currency headwinds
  • Currency headwinds to revenue (3%) and adjusted operating profit (7%), as expected
  • Improved adjusted cash conversion of 61% reflects capital discipline and working capital efficiency
  • Interim dividend up 3% to 48.9 pence

Message from our Group Chief Executive Officer

A smart casual headshot of Nimesh Patel within the Spirax Group S shape. He is wearing a dark suit with a light shirt and no tie.

We have delivered first half results in line with expectations despite the challenging macroeconomic environment, demonstrating the strength of the Group’s direct sales Business Model. Our focus on driving demand in MRO and solution-sales across STS and WMFTS Process Industries, together with increased manufacturing throughput in ETS, delivered organic sales growth ahead of IP.

While IP forecasts have been revised down for the remainder of the year, our unchanged full year guidance is supported by strong order books going into the second half, increasing demand from key end markets, and ongoing delivery of operational priorities.

Colleagues across the Group have successfully stepped up focus on the drivers of growth within our control as we implement our Together for Growth Strategy at pace. Our significant operational efficiency and simplification programme is funding investment in future drivers of accelerated and sustained longer term growth, including digital and decarbonisation, whilst also underpinning our confidence in delivering our medium-term targets."

Nimesh Patel

Group Chief Executive Officer

  • A dark blue background with steam overlaid. The Steam Thermal Solutions Business logo is forefront in white.

    Revenue

    £414.2m

  • A dark purple background. The Electric Thermal Solutions Business logo is forefront in white.

    Revenue

    £212.3m

  • A mid-blue background with calm waters overlaid. The Watson-Marlow Fluid Technology Solutions Business logo is forefront in white.

    Revenue

    £195.7m

Full Year outlook

Our Group guidance for the full year remains unchanged. We continue to anticipate organic growth in Group revenues consistent with that achieved in 2024 and well ahead of IP. Group adjusted operating profit margin is expected to be ahead of the currency adjusted 19.4% in 2024, driving mid-single digit organic growth in adjusted operating profit.


We expect second half organic sales growth to accelerate. Second half growth will be supported by shipments from the strong order books in STS and WMFTS and continued sales momentum in ETS despite a materially stronger comparator for the second half. This will result in a sales profile aligned with our typical weighting towards the second half. Organic margin progress is also expected to be greater than in the first half, driven by organic sales growth, the drop-through from high margin Biopharm and Semicon sales and the phasing of benefits from our restructuring.


We expect corporate costs to be approximately £40 million, net financing costs to be approximately £40 million and an effective tax rate of 27%. We expect cash conversion to continue to improve to above 80%.

Footnotes

1 ‘Sales’ is used interchangeably with ‘revenue’ when describing the financial performance of the Group

2 Organic measures are at constant currency and exclude contributions from acquisitions and disposals

3 See Appendix to the Financial Statements for an explanation of alternative performance measures and reconciliation to IFRS

4 ‘IP’: Industrial Production growth

5 ‘STS’: Steam Thermal Solutions; ‘ETS’: Electric Thermal Solutions; ‘WMFTS’: Watson-Marlow Fluid Technology Solutions

6 ‘Biopharm’: Pharmaceutical & Biotechnology customers; ‘Semicon’: Wafer Fabrication Equipment manufacturers