Spirax-Sarco Engineering H1 Profit Drops, But Sales Rise

Spirax-Sarco Engineering Plc (SPX.L), a British industrial engineering firm, on Thursday posted a decline in earnings for the first-half, amidst a rise in operating costs. The company, however, reported an increase in sales for the same period on increased volume and price.

In addition, the company has also raised its interim cash dividend by 10 percent.

For the fist-six month period to June, the UK-based firm recorded a pre-tax profit of 138.5 million pounds, less than 150 million pounds year ago.

Adjusted pre-tax earnings were at 175.2 million pounds, higher than 159.3 million pounds of 2021.

Profit for the period was at 97.2 million pounds or 131.5 pence per share, lower than 108.9 million pounds or 147.3 pence per share, reported for the same period of 2021.

Operating profit stood at 142.1 million pounds, versus last year’s 153.6 million pounds.

Excluding items, operating income rose to 178.8 million pounds, from 162.9 million pounds, during the fist-half of 2021.

For the first-half, the engineering firm reported its operating costs of 608 million pounds, higher than 409.1 million pounds of last year period.

Spirax-Sarco generated revenues of 750.1 million pounds as against 643.7 million pounds, on year-on-year basis. The company cited the influence of price increases to offset inflation.

The Board has declared an interim dividend of 42.5 pence per share, higher than last year’s dividend of 38.5 pence per share. The dividend will be paid on November 11, to the shareholders of record on October 14.

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