Industrial Engineering
Spirax Group is a specialist engineering company providing thermal-energy management and fluid-technology products. Its businesses include Steam Thermal Solutions, Electric Thermal Solutions and Watson-Marlow Fluid Technology Solutions.
Steam systems, electric thermal products, pumps and fluid-path technologies, engineering services and process-efficiency solutions for industrial customers.
Global process industries including pharmaceuticals, food and beverage, chemicals, energy, healthcare, semiconductors and general manufacturing.
Industrial production, process-efficiency investment, pharmaceutical and semiconductor spending, order books, pricing, operational improvement and margin recovery.
Industrial slowdown, weak biotechnology and semiconductor investment, currency movements, acquisition integration, raw-material costs, supply-chain problems and elevated valuation.
11 August 2026: first-half revenue rose to £863.8m and adjusted earnings improved, with the company reiterating guidance for mid-single-digit organic revenue growth and organic margin progress. Demand and order books in Steam Thermal Solutions and Watson-Marlow are supportive, while recovery in industrial production and further margin improvement remain key for 2027.
Spirax has one of the UK's longest records of annual dividend growth. The 2025 final dividend was 121.1p per share and was paid on 22 May 2026; the 2026 interim dividend is 50.4p, up 3% year on year.
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