LONDON (dpa-AFX) - Spirax Group PLC (SPX.L), a thermal energy management and niche pumping specialist, reported Tuesday higher profit in its fiscal 2024, despite weak revenues.
Looking ahead, for fiscal 2025, organic growth is expected to be consistent with 2024, well ahead of IP, with margin progress.
Nimesh Patel, Group Chief Executive Officer, said, 'Mindful of the outlook for IP, I remain confident in the execution of our strategy and in the strength of our business model, which together will sustain organic sales growth well ahead of IP and mid-single digit organic profit growth in 2025.'
In the year 2024, profit before taxation grew 6 percent to 258.9 million pounds from prior year's 244.5 million pounds. Basic earnings per share were 259.6 pence, up 4 percent from 249.5 pence a year ago.
Adjusted profit before taxation was 288.2 million pounds, compared to last year's 309.2 million pounds. Adjusted basic earnings per share were 286.3 pence, compared to 312.4 pence a year ago.
Revenue for the year edged down 1 percent to 1.67 billion pounds from 1.68 billion pounds in the prior year. Group organic revenue growth was 4 percent despite weaker than expected global Industrial Production growth or IP of 1.7 percent.
The company noted that organic growth was well ahead of IP and margin stability in a challenging trading environment. All three of the Businesses delivered organic sales growth with margins in line with expectations, despite weaker than expected IP in the second half.
Further, the comany's dividend per share was 165.0 pence, up 3 percent from last year.
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