LONDON (dpa-AFX) - Spirax-Sarco Engineering Plc (SPX.L), a British industrial engineering firm, reported Thursday that its fiscal 2022 profit before taxation dropped 2 percent to 308.1 million pounds from last year's 314.5 million pounds.
Basic earnings per share were 305.1 pence, down 4 percent from 318.3 pence a year ago.
Adjusted profit before taxation was 370.6 million pounds, compared to prior year's 333.9 million pounds. Adjusted earnings per share were 377.2 pence, compared to 338.9 pence in the previous year.
Revenue for the year climbed 20 percent to 1.61 billion pounds from 1.34 billion pounds last year. Revenues grew 14 percent organically, driven by volume growth and price increases to protect margins.
Further, the Directors are proposing the payment of a final dividend of 109.5 pence per share, an increase of 12 percent.
Subject to approval of the final dividend by shareholders at the Annual General Meeting on May 10, the total Ordinary dividend for the year will be 152.0 pence per share, an increase of 12 percent over the prior year.
Looking ahead for fiscal 2023, the company said it expects to deliver another year of overall double-digit sales growth, together with a small progression in adjusted operating profit margin and improved cash conversion.
Nicholas Anderson, Group Chief Executive, said, 'We remain confident in our ability to self-generate growth and protect margins, while navigating the uncertainties ahead. In 2023, we anticipate mid-single-digit growth over 2022 Group pro-forma sales, with mid-to-high single digit growth in Steam Specialties and ETS, as well as Watson-Marlow sales slightly below 2022.'
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