LONDON (dpa-AFX) - Spirax-Sarco Engineering Wednesday announced that Organic sales growth in the four months to the end of April was ahead of global IP.
During the first four months of the year, organic growth of Watson-Marlow's sales to the Pharmaceutical & Biotechnology sector outperformed the company's expected growth of 35% for 2021, driven by strong Covid-19 related demand.
The company currently sees Watson-Marlow's organic growth in sales to the Pharmaceutical & Biotechnology sector will be over 55% in 2021.
Organic sales growth in other segments including Steam Specialties, Electric Thermal Solutions and Watson-Marlow's Process Industries sectors was also ahead of IP over the same period, the company said.
Although Covid-19 continues to disrupt global supply chains, the company's operating profit margin in the first four months of the year was higher than previously anticipated for the full year 2021, supported by the strong sales growth and higher operational gearing, Spirax-Sarco said.
Spirax-Sarco Engineering expects the full year drop-through from the organic increase in sales to operating profit to be close to 35%, which is above the previous outlook.
Spirax-Sarco Engineering plc is scheduled to publish its 2021 half-year results on 11th August 2021.
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