- Fluid path and thermal equipment company Spirax-Sarco Engineering said its operating profit had risen in the year to date, despite sales growth slowing due to subdued economic conditions.

The company said its organic sales growth rate in the four months to October reduced from that achieved in the first six months of the year, as expected, but continued to outperform global industrial production growth.

Sales growth in the steam specialties business had softened, in response to slowing industrial production growth rates, with the slowdown being more pronounced in Europe, the Middle East and Africa than in the Americas and Asia Pacific.

Growth in the Watson-Marlow fluid technology group continued to be 'strong', while Chromalox saw marginal growth in the four months to October against a strong comparable period in 2018.

'Consistent with the first half-year performance, group operating profit is ahead of the comparable ten-month period at constant currency, both on an organic basis and when the effects of the above acquisition and disposal are included,' Spirax-Sarco Engineering said.

'Industrial production growth rates are forecast to continue to slow for the remainder of the year in both developed and emerging markets and while predictions for 2020 are less clear, forecasters are indicating a modestly improving trend through the next year.'

'Comparisons with previous cycles would lead us to suspect that any macro-economic recovery may be slower than predicted.'

'Notwithstanding the economic backdrop, we continue with our investment programmes to support future growth and the implementation of our strategy to generate growth from our own actions to outperform our markets.'

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