StockMarketWire.com - Spirax-Sarco Engineering posted a modest rise in first-half profit on the back of higher sales of its thermal energy management and niche pumping products.

Pre-tax profit for the six months through June rose 1% to £108.1m, up from £106.8m a year earlier.

Revenue rose 8% to £591.2m, while adjusted profit rose 3% to £124.6m.

The company declared an interim dividend of 32p per share, up 10% on-year.

Chief executive Nicholas Anderson said all three of the company's business units had delivered organic sales growth ahead of industrial production.

'Both the Steam Specialties and Watson-Marlow businesses achieved strong organic sales growth and margin progression, reflecting the successful implementation of our strategy and its focus on self-generated growth,' he said.

'Chromalox also grew sales organically against a very tough comparison.'

Anderson said the only disappointment was a profitability deterioration in Chromalox.

He said the company had intensified work to improve that unit's operational performance.

'Our original expectations for this business remain unchanged,' he added.

'While the group's strong first half organic sales growth was ahead of our expectations, industrial production growth forecasts for the second half of the year have weakened below earlier estimates.'

'As a result, our overall full year expectations remain unchanged.'





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