StockMarketWire.com - Steam management system and pump supplier Spirax-Sarco Engineering posted a 21% rise in first-half profit, as a strong recovery in US industrial production offset some softer conditions in Asia.

Pre-tax profit for the six months through June climbed to £106.8m, as revenue grew 28% to £547.6m, boosted by acquisitions.

On an organic basis, revenue grew 7%, while adjusted profit grew 22%.

The company declared an interim dividend of 29p per share, up 4% on-year.

'We have seen strong organic sales growth in both the steam specialties division and Watson-Marlow, reflecting the benefits of the successful implementation of our strategy,' chief executive Nicholas Anderson said.

'In addition, integration of the two significant acquisitions we made in 2017, Gestra and Chromalox, is progressing to schedule and their overall performance continues to be in line with our acquisition plans.'

'The strong first-half organic sales growth was in line with our expectations, and for the second half comparisons with the prior year will be tougher.'

'Overall, our full-year expectations remain unchanged.'






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