- Thermal energy management and heat pumping specialist Spirax‐Sarco Engineering lifted its dividend, having posted a modest fall in first-half profit that it described as 'resilient'.

Pre-tax profit for the six months through June fell 2% to £106.3m, as revenue fell 4% to £569.7m. Adjusted pre-tax profit fell 8% to £114.5m.

Spirax‐Sarco declared an interim dividend of 33.5p, up 5% on-year.

'In the first half of 2020 we delivered a resilient trading performance, which although weaker than 2019 was stronger than originally feared,' chief executive Nicholas Anderson said.

'Sales performance for the group in the second quarter was in line with our expectations at the time of our AGM statement in May, with adjusted operating profit ahead due to stronger-than-anticipated cost containment and efficiency improvement initiatives.'

'As hopes of a V-shaped recovery recede, we now anticipate a lower rate of economic activity in the fourth quarter.'

'As a result, we believe that organic revenue growth in the second half of the year will be lower than we anticipated in May.'

'However, due to the operating profit being stronger than forecasted in the first half, our expectations for the full year adjusted operating profit remain unchanged.'

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