- Steam management system manufacturer Spirax-Sarco Engineering reported an 8% rise an adjusted annual profit, underpinned by higher sales.

Pre-tax profit for the year through December dropped 18% to £236.8m, down from £288.8m on-year, when the company benefited from a one-off gain from an asset sale.

Revenue rose 8% to £1.24bn and adjusted pre-tax profit rose 8% to £274.5m.

The company declared a full-year dividend of 110.0p, up 10% on-year.

'We are pleased to report strong organic sales growth of 6% in 2019, ahead of global industrial production growth rates, and organic adjusted operating profit growth of 7%,' chief executive Nicholas Anderson said.

'Both the steam specialties and Watson-Marlow businesses benefited from the successful implementation of our strategy, achieving strong organic sales and profit growth, while margins in Chromalox increased in the second half as operational efficiency initiatives began to deliver results. '

'Political and economic uncertainty, as well as COVID-19, continue to dampen global industrial production growth forecasts, although we currently assume that conditions will begin to improve during the second half of the year.'

'We remain cautious currently on the economic outlook, but confident in our ability to self-generate growth through the implementation of our strategy and to outperform our markets.'

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