Spirax Group (LSE:SPX) reported that organic growth in the four months ended 30 April was in line with expectations despite a weak industrial production backdrop, and the board has reiterated its full-year guidance for 2026.
The company, which supplies global thermal energy and fluid technology solutions, said macro uncertainty remained elevated with Q1 industrial production at 1.4% and that it remained cautious on the IP outlook, reflecting that caution in its guidance, the company said.
Management said demand trends matched those disclosed at the 2025 results, with Steam Thermal Solutions (STS) growing ahead of IP supported by MRO and solutions, Electric Thermal Solutions (ETS) delivering double‑digit demand growth including Semicon, and Watson‑Marlow Fluid Technology Solutions (WMFTS) remaining robust in Process Industries and Biopharm.
Spirax delivered mid‑single‑digit organic group revenue growth in the period and reported an improvement in group adjusted operating profit margin on an organic basis versus the same period in 2025.
Net borrowings excluding leases at the end of the first quarter were £575 million (31 December 2025: £565 million), giving a net debt to EBITDA ratio of 1.5x (31 December 2025: 1.5x).
The board will pay a final dividend of 121.1p per share, a 3% increase on 2024 with a cash impact of £89 million, subject to shareholder approval and payable on 22 May.
The company continues to expect organic revenue growth and margin improvement to be stronger in the second half of the year, reflecting its usual seasonal profile.
