LONDON (dpa-AFX) - Industrial engineering group Spirax-Sarco Engineering plc (SPX.L) reported Wednesday that as expected, its organic sales growth rate in the four months to October 31 reduced from that of first half, but continued to outperform IP growth.
Consistent with the first half-year performance, year-to-date group operating profit is ahead of the comparable ten-month period at constant currency, both on reported and organic basis.
In its trading update, the company said sales growth in the Steam Specialties business in the four months has softened as expected, in response to slowing IP growth rates, with the slowdown being more pronounced in EMEA than in the Americas and Asia Pacific.
Growth in the Watson-Marlow Fluid Technology Group continues to be strong, above that seen in the first half of the year.
The company further said that the net effects of the acquisition of Thermocoax combined with the disposal of HygroMatik in December last year will increase its full-year sales by approximately 1.5 percent.
Looking ahead, the company said its overall expectations for the full year are unchanged and the Board has confidence that the company will make further progress in 2019.
Spirax Sarco expects to publish its preliminary 2019 results on March 11, 2020.
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