The Spirax-Sarco Engineering Board has declared an interim dividend of 42.5 pence (2021: 38.5 pence) per ordinary share, an increase of 10%. This growth in the interim dividend follows an increase of 15% in the total dividend in respect of 2021. The dividend will be paid on 11th November 2022 to shareholders on the register at the close of business on 14th October 2022. The final dividend of 97.5 pence per share in respect of 2021 was paid on 20th May 2022 at a cash cost of £71.9 million.
Other financial highlights include:
●Revenues up 17%, or 15% organically, driven by volume growth and price increases
●Order books remain at record levels; global supply chain disruption being managed
●Statutory operating profit down 7% and margin down 500bps due to ETS restructuring
●Adjusted operating profit margin 23.8%, down 150bps organically; reflects revenue investments
●Steam Specialties sales up 11%; demand growth well above organic sales growth
●Electric Thermal Solutions sales up 18%; demand growth above organic sales growth
●Watson-Marlow sales up 27%; BioPharm demand lower, Process Industries very strong
●Agreement to acquire Vulcanic for €261.7 million; strengthens Electric Thermal Solutions
●Record capital investment during the first half; cash conversion of 44%
●Net debt of £202.7 million (H1 2021: £192.8 million); net debt to EBITDA ratio of 0.5x
