Spirax-Sarco sees exchange rate benefit

12th May 2009 15:30

Spirax-Sarco, the steam valve and pump maker, said it expects that sales and profit will benefit from more favourable exchange rates this year. The group also said it is not able to establish a definitive trend in market conditions and has not seen sufficient evidence to suggest that its business levels have stabilised.Meanwhile, Chairman Michael Townsend will retire from the Board on 30th June 2009 and be replaced by Bill Whiteley, who has been a director for nearly seven years. Spirax said the Industrial Production indices have deteriorated sharply around the world and market conditions remain uncertain. But against this background, year-to-date through April, sales were only 7% lower than last year at constant currency."The group has a strong balance sheet, outstanding niche businesses, historically resilient business model and an experienced management team that is passionate about charting the proper course for the Group to emerge even stronger when the recovery happens. The board remains confident in the prospects for the group," said the group.