LONDON (dpa-AFX) - Spirax-Sarco Engineering Plc (SPX.L), on Wednesday, reported that in the first four months of the year, demand remained relatively stable compared to the robust performance in the corresponding period. Although demand from Semiconductor Wafer Fabrication Equipment customers has not shown any growth, there are early indicators of improvement in demand from Pharmaceutical and Biotechnology customers.
All three of our business segments delivered organic sales growth during the first four months of the year. The low single-digit organic growth in Group sales aligned with the company's projections, considering the strong comparative period of the previous year and the anticipated weakness in its key markets. The Group's adjusted operating profit margin slightly surpassed that of the same period in 2023.
The company continues to anticipate mid to high-single-digit organic growth in Group revenues, in line with the forecast phasing of IP and an increase in Biopharm and Semicon demand during the latter part of the year.
The company anticipates continued currency headwinds for the remainder of the year, which are projected to have a 3% impact on sales and a 6% impact on adjusted operating profit. Consequently, the company foresees a gradual improvement in the Group's adjusted operating profit margin compared to the 20.7% achieved in 2023, with adjusted operating profit being more heavily weighted toward the second half of the year than usual.
Copyright(c) 2024 RTTNews.com. All Rights Reserved
Copyright RTT News/dpa-AFX
© 2024 AFX News
