Spirax-Sarco Engineering PLC shares rise as it ups dividend
“Following a stronger than anticipated fourth quarter, we are very pleased with the group’s performance in 2020,” said Nicholas Anderson
PLC () described its performance in 2020 as ‘resilient’ as it reported a 4% decline in revenue, a 1% rise in pre-tax profit and increased its dividend by 7%.
The steam management engineer highlighted “excellent growth” in the Watson-Marlow – which among other things makes niche pumps and tubing for fluid transfer in the manufacturing process – as it was driven by activities in the Pharmaceutical & Biotechnology sector including COVID-19 vaccine manufacturing.
At the same time, sales were down elsewhere in the group including the Steam Specialties and Electric Thermal Solutions businesses.
“Following a stronger than anticipated fourth quarter, we are very pleased with the group’s performance in 2020, given the unprecedented circumstances caused by the COVID-19 pandemic,” said Nicholas Anderson, chief executive.
“These results demonstrate our ability to adapt to the changing requirements of our customers, the diverse nature of our end markets and the resilience of our business model.”
Revenue totalled £1.19bn versus £1.24bn in the prior year, operating profit amounted to £249mln compared to £245mln whilst pre-tax profit was marked at £240.1mln up from £236.8mln.
The company’s total dividends for the year amounted to 118p per share, up from 110p in the prior year.
In London, the shares rose by 375p or 3.4% in Wednesday’s early deals to change hands at 11,395p.
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