Spirax cautious despite upturn

4th Mar 2010 09:24

Spirax-Sarco, the engineer that provides services and products for steam-using and specialist peristaltic pumping markets, posted record sales and profits in 2009, with a large helping hand from the weakness of sterling.Adjusted profit before tax, which excludes exceptional charges, edged higher to £90.2m in 2009 from £90.1m but was down 16% in constant currency (cc) terms.On an ‘as reported’ basis profit before tax dipped 10% to £76.8m in 2009 from £85.2m the year before The company took an £11.4m hit in 2009 on headcount reduction costs.Revenue rose 3% to £518.7m from £502.3m but was down 7% in cc terms. However, year on year like for like comparisons turned positive in the last few months of the year in all segments, the company said, while a positive start to the current year has been made.‘There is increasing evidence that the global economy has started to recover. Industrial production rates are now positive across most of Asia and are improving in Europe and the Americas. However, in our view the economic upturn remains fragile and we are not expecting a rapid rebound in our markets,’ the company said.The final dividend has been hiked by 10% to 25.6p, making the total dividend for the year 36.1p, up 8% from 2008’s 33.3p.