FTSE 100 engineering firm Spirax reiterates guidance as first-half profits rise

The Gloucestershire-headquartered group has hailed the ‘strength’ of its business model

Gloucestershire-based industrial engineering firm Spirax has reiterated its full-year guidance after delivering a “resilient” half-year performance.

Revenues at the Cheltenham maker of steam management systems were up five per cent to £863.8m compared to the same period in 2025, while adjusted operating profit rose to £171.1m from £158.8m a year earlier.

The FTSE 100 company said on Tuesday (August 11) that “continuing momentum” in end markets such as semiconductors and biopharm, along with a strong order book, was underpinning expectations for second half revenue and profit growth.

Nimesh Patel, group chief executive, said: “We have again delivered resilient mid-single-digit organic growth in revenue and profit, well ahead of IP.

“Driving growth ahead of our markets, in spite of external conditions, is now becoming embedded in how we operate and demonstrates the strengths of our business model and strategic positioning in diversified and attractive end markets.”

Mr Patel said Spirax’s ‘Together for Growth’ strategy was strengthening the group’s differentiated business model, while its “competitive leadership and resilience” were driving organic growth at high margins and improving returns on capital.

“We remain on track to deliver the medium-term targets we set out for the Group in October 2024; and above these targets in the longer term,” he added.

The comany’s interim dividend was up three per cent to 50.4p per share.

Spirax is made up of three businesses – steam thermal, electric thermal and fluid technology – and employs some 10,000 staff across 68 countries. It has 30 manufacturing plants around the world.

Last year, the group announced a restructure which it said would realise annual savings of around £35m to fund investment in future organic growth. The cash costs to deliver the programme were mostly incurred in 2025.