Declared Dividend • Aug 13
First half dividend of UK£0.50 announced Shareholders will receive a dividend of UK£0.50. Ex-date: 15th October 2026 Payment date: 13th November 2026 Dividend yield will be 2.3%, which is lower than the industry average of 2.6%. Sustainability & Growth Dividend is covered by both earnings (64% earnings payout ratio) and cash flows (56% cash payout ratio). The dividend has increased by an average of 9.4% per year over the past 10 years and has been stable with no material reductions to payments, indicating a long track record of dividend growth and stability. EPS is expected to grow by 37% over the next 3 years, which should provide support to the dividend and adequate earnings cover. Announcement • Aug 12
Spirax Group plc Declares Interim Dividend for the Six Months Ended 30 June 2026, Payable on 13 November 2026 The Board of Spirax Group plc has declared an interim dividend of 50.4 pence (first half 2025: 48.9 pence) per ordinary share representing 3% growth for the six months ended 30 June 2026. The dividend will be paid on 13 November 2026 to shareholders on the register at the close of business on 16 October 2026. Reported Earnings • Aug 11
First half 2026 earnings released: EPS: UK£1.32 (vs UK£0.85 in 1H 2025) First half 2026 results: EPS: UK£1.32 (up from UK£0.85 in 1H 2025). Revenue: UK£863.8m (up 5.1% from 1H 2025). Net income: UK£97.5m (up 56% from 1H 2025). Profit margin: 11% (up from 7.6% in 1H 2025). Revenue is forecast to grow 5.0% p.a. on average during the next 3 years, compared to a 6.9% growth forecast for the Machinery industry in Germany. Over the last 3 years on average, earnings per share has fallen by 5% per year whereas the company’s share price has fallen by 9% per year. Announcement • Aug 06
Spirax Group plc to Report Fiscal Year 2026 Results on Mar 09, 2027 Spirax Group plc announced that they will report fiscal year 2026 results on Mar 09, 2027 Board Change • May 20
High number of new directors There are 5 new directors who have joined the board in the last 3 years. Independent Non-Executive Board Director Andy Kemp was the last director to join the board, commencing their role in 2025. The company’s lack of board continuity is considered a risk according to the Simply Wall St Risk Model. Announcement • May 14
Spirax Group plc Proposes Final Dividend, to Be Paid on 22 May 2026 Spirax Group plc proposed final dividend of 121.1 pence per share, representing a 3% increase over 2024 and a cash impact of £89 million, will be paid on 22 May 2026, subject to shareholder approval. Announcement • Nov 13
Spirax Group plc Reaffirms Earnings Guidance for the Full Year 2025 Spirax Group plc reaffirmed earnings guidance for the full year 2025. For the year, the company continue to anticipate organic growth in Group revenues consistent with that achieved in 2024 and well ahead of IP. Announcement • Oct 22
Spirax Group plc Announces Board and Committee Changes Spirax Group plc announced the appointment of Andrew Kemp as an Independent Non-Executive Board Director and member of the Audit Committee with effect from 1 November 2025. Andrew is Chair of the Audit Committee Chairs' Independent Forum and is a Non-Executive Director and Audit Committee Chair at both The Berkeley Group Holdings plc and Irwin Mitchell Holdings Limited. In addition, Andrew is a Governor of Birkbeck University of London where he chairs the Finance Committee and he was previously a Non-Executive Director of SCS Group plc. Prior to that, Andrew spent almost 39 years serving PwC's FTSE100 clients in the UK and internationally. On 1 April 2026, Andrew will succeed Kevin Thompson as Chair of the Audit Committee and Kevin will step down from the Board at the Company's Annual General Meeting (AGM) in May 2026. Until then, Kevin and Andrew will work together to manage a smooth handover. Andrew Kemp's appointment is part of the succession planning undertaken by the Nomination Committee to recruit Non-Executive Directors with the skills and experience required to support the implementation of the Group's Together for Growth Strategy. Announcement • Aug 13
Spirax Group plc Announces Changes in Board Committee Composition , Effective August 12, 2025 Spirax Group plc announced that after reviewing the composition of its board committees, several changes were approved, effective August 12, 2025. The Nomination Committee has been reduced to four members. Maria Antoniou, who joined the board on June 1, 2025, and assumed the role of chair of the Remuneration Committee, has also joined the Colleague Engagement Committee. Constance Baroudel has joined the Audit Committee. The updated membership of the relevant board committees is as follows: Nomination Committee: Tim Cobbold (Chair), Peter France, Richard Gillingwater, Caroline Johnstone. Audit Committee: Kevin Thompson (Chair), Constance Baroudel, Peter France, Richard Gillingwater, Caroline Johnstone. Remuneration Committee: Maria Antoniou (Chair), Angela Archon, Richard Gillingwater, Jane Kingston, Kevin Thompson. Colleague Engagement Committee: Caroline Johnstone (Chair), Angela Archon, Maria Antoniou, Constance Baroudel, Peter France, Jane Kingston. Announcement • May 16
Spirax Group plc Maintains Earnings Guidance for the Second Half and Full Year 2025 Spirax Group plc maintained earnings guidance for the second half and full year 2025. For the half year, company continue to expect revenue growth to be higher.
For the full year, Company continue to anticipate organic growth in Group revenues consistent with that achieved in 2024. Announcement • Jan 02
Spirax Group plc Announces Board Changes Spirax Group plc announced Jamie Pike stepped down from the Board and as Chair on 31 December 2024. On 1 January 2025, Tim Cobbold became Chair of the Board of Directors and the Nomination Committee. Tim joined Spirax Group in September 2024 as a Non-Executive Director and Chair Designate. He is currently Chair of TI Fluid Systems plc, having stepped down as a board director of Rotork plc on 31 December 2024. Tim was the Chief Executive Officer of UBM plc, De La Rue plc and Chloride Group plc. He is currently Chair of TI Fluid Systems plc and was the Senior Independent Director and Chair of the Remuneration Committee at Rotork plc until 31 December 2024. Tim is a Fellow of the ICAEW and holds a BSc, Mechanical Engineering, from Imperial College, London. Announcement • Nov 14
Spirax Group plc Provides Outlook Remains Unchanged for the Year 2024 Spirax Group plc provided earnings guidance for the year 2024. For the year, the company full year outlook remains unchanged. For the Group, the company expects mid-single digit organic revenue growth for the full year. Buy Or Sell Opportunity • Nov 13
Now 20% undervalued after recent price drop Over the last 90 days, the stock has fallen 11% to €77.00. The fair value is estimated to be €96.44, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 10% over the last 3 years. Earnings per share has declined by 5.9%. For the next 3 years, revenue is forecast to grow by 4.7% per annum. Earnings are also forecast to grow by 8.9% per annum over the same time period. Upcoming Dividend • Oct 10
Upcoming dividend of UK£0.47 per share Eligible shareholders must have bought the stock before 17 October 2024. Payment date: 15 November 2024. Payout ratio is a comfortable 62% and this is well supported by cash flows. Trailing yield: 2.3%. Lower than top quartile of German dividend payers (4.7%). Lower than average of industry peers (3.5%). Reported Earnings • Aug 11
First half 2024 earnings released: EPS: UK£1.24 (vs UK£1.13 in 1H 2023) First half 2024 results: EPS: UK£1.24 (up from UK£1.13 in 1H 2023). Revenue: UK£827.0m (down 2.8% from 1H 2023). Net income: UK£91.2m (up 10.0% from 1H 2023). Profit margin: 11% (up from 9.7% in 1H 2023). The increase in margin was driven by lower expenses. Revenue is forecast to grow 5.5% p.a. on average during the next 3 years, compared to a 4.5% growth forecast for the Machinery industry in Germany. Over the last 3 years on average, earnings per share has fallen by 6% per year but the company’s share price has fallen by 21% per year, which means it is performing significantly worse than earnings. Declared Dividend • Aug 11
First half dividend of UK£0.47 announced Shareholders will receive a dividend of UK£0.47. Ex-date: 17th October 2024 Payment date: 15th November 2024 Dividend yield will be 2.0%, which is lower than the industry average of 2.6%. Sustainability & Growth Dividend is covered by both earnings (62% earnings payout ratio) and cash flows (57% cash payout ratio). The dividend has increased by an average of 11% per year over the past 10 years and has been stable with no material reductions to payments, indicating a long track record of dividend growth and stability. EPS is expected to grow by 34% over the next 3 years, which should provide support to the dividend and adequate earnings cover. Buy Or Sell Opportunity • Aug 09
Now 24% undervalued after recent price drop Over the last 90 days, the stock has fallen 13% to €90.50. The fair value is estimated to be €118, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 10% over the last 3 years. Earnings per share has declined by 5.9%. For the next 3 years, revenue is forecast to grow by 5.5% per annum. Earnings are also forecast to grow by 11% per annum over the same time period. Announcement • Aug 08
Spirax Group plc Provides Earnings Guidance for the Full Year of 2024 Spirax Group plc provided earnings guidance for the full year of 2024. For the period, the Group expect mid-single digit organic revenue growth for the full year. Announcement • Jul 02
Spirax Group plc Appoints Louisa Burdett as Chief Financial Officer, Effective 8 July 2024 Spirax Group plc announced that Louisa Burdett will commence her role as Chief Financial Officer on 8 July 2024. Announcement • Jun 28
Glentra Fund I K/S, managed by Glentra Capital P/S completed the acquisition of Kyoto Group AS (OB:KYOTO) from Spirax Group plc (LSE:SPX), Iberdrola, S.A. (BME:IBE) and KM New Energy AS and others. Glentra Fund I K/S, managed by Glentra Capital P/S proposed to acquire all outstanding shares in Kyoto Group AS (OB:KYOTO) from Spirax Group plc (LSE:SPX), Iberdrola, S.A. (BME:IBE) and KM New Energy AS and others on June 14, 2024. Offer price per share is NOK 24. Kyoto Group three largest existing shareholders Spirax Group, Iberdrola and KM New Energy, representing a total of 8,408,082 shares, or 44.5% has committed to tender their shares. In addition shareholders representing a total of 5,484,601 shares, or 29.0% of total outstanding Shares have signed binding undertakings to accept the Offer. Taken together with the New Shares to be issued to the Offeror as part of the Investment, a total of 30,760,330 Shares are committed to being contributed, sold or issued to the Offeror, representing 86.0% of the number of Shares in Kyoto following registration of the share capital increase pertaining to the issuance of New Shares in connection with the Investment.
Kyoto Group board unanimously recommended the shareholders to accept the offer. Following completion of the Offer, and subject to the Offeror reaching a 90% shareholding in Kyoto, the Offeror intends to carry out a compulsory acquisition of remaining Shares not held by the Offeror and delist Kyoto from Euronext Growth Oslo.
Alpha Corporate Finance AS acted as financial advisor for Kyoto Group AS. Advokatfirma Wiersholm AS acted as legal advisor for Kyoto Group AS. Advokatfirmaet Schjødt As acted as legal advisor for Glentra Capital P/S.
Glentra Fund I K/S, managed by Glentra Capital P/S completed the acquisition of Kyoto Group AS (OB:KYOTO) from Spirax Group plc (LSE:SPX), Iberdrola, S.A. (BME:IBE) and KM New Energy AS and others on June 27, 2024. The Offeror has received acceptances for a total of 8,469,991 Shares in the Offer, including acceptances received from pre-accepting shareholders. Taken together with Shares already owned by the Offeror, Shares committed to be contributed to the Offeror and shares to be issued to the Offeror through a directed share issue in the Company, this will represent approx. 95.71 percent of the total number of outstanding shares in the Company following issuance of shares in the Investment, and thereby passing the 90% threshold which is a condition for completion of the Offer. Announcement • Jun 16
Glentra Fund I K/S and Glentra Capital P/S proposed to acquire remaining majority stake in Kyoto Group AS (OB:KYOTO) from Spirax Group plc (LSE:SPX), Iberdrola, S.A. (BME:IBE) and KM New Energy AS and others. Glentra Fund I K/S, managed by Glentra Capital P/S proposed to acquire all outstanding shares in Kyoto Group AS (OB:KYOTO) from Spirax Group plc (LSE:SPX), Iberdrola, S.A. (BME:IBE) and KM New Energy AS and others on June 14, 2024. Offer price per share is NOK 24. Kyoto Group three largest existing shareholders Spirax Group, Iberdrola and KM New Energy, representing a total of 8,408,082 shares, or 44.5% has committed to tender their shares. In addition shareholders representing a total of 5,484,601 shares, or 29.0% of total outstanding Shares have signed binding undertakings to accept the Offer. Taken together with the New Shares to be issued to the Offeror as part of the Investment, a total of 30,760,330 Shares are committed to being contributed, sold or issued to the Offeror, representing 86.0% of the number of Shares in Kyoto following registration of the share capital increase pertaining to the issuance of New Shares in connection with the Investment.
Kyoto Group board unanimously recommended the shareholders to accept the offer. Following completion of the Offer, and subject to the Offeror reaching a 90% shareholding in Kyoto, the Offeror intends to carry out a compulsory acquisition of remaining Shares not held by the Offeror and delist Kyoto from Euronext Growth Oslo.
Alpha Corporate Finance AS acted as financial advisor for Kyoto Group AS. Advokatfirma Wiersholm AS acted as legal advisor for Kyoto Group AS. Advokatfirmaet Schjødt As acted as legal advisor for Glentra Capital P/S. Announcement • May 01
Spirax-Sarco Engineering plc to Report Q3, 2024 Results on Nov 14, 2024 Spirax-Sarco Engineering plc announced that they will report Q3, 2024 results on Nov 14, 2024 Upcoming Dividend • Apr 18
Upcoming dividend of UK£1.14 per share Eligible shareholders must have bought the stock before 25 April 2024. Payment date: 24 May 2024. Payout ratio is a comfortable 64% and this is well supported by cash flows. Trailing yield: 1.7%. Lower than top quartile of German dividend payers (4.8%). Lower than average of industry peers (3.2%). Board Change • Apr 01
Insufficient new directors There is 1 new director who has joined the board in the last 3 years. The company's board is composed of: 1 new director. 7 experienced directors. 1 highly experienced director. Independent Non-Executive Board Director Constance Baroudel was the last director to join the board, commencing their role in 2023. The company’s insufficient board refreshment is considered a risk according to the Simply Wall St Risk Model. Announcement • Mar 08
Spirax-Sarco Engineering plc Proposes Final Dividend for the Year 2023, Payable on 24 May 2024 Spirax-Sarco Engineering plc Board is proposing a final dividend of 114.0 pence per share for 2023 (2022: 109.5 pence) payable on 24th May 2024 to shareholders on the register at 26th April 2024. Together with the interim dividend of 46.0 pence per share (2022: 42.5 pence), the total dividend for the year is 160.0 pence per share, an increase of 5% on the total dividend of 152.0 pence per share in 2022. If approved at the Annual General Meeting on 15th May 2024. Reported Earnings • Mar 08
Full year 2023 earnings released: EPS: UK£2.50 (vs UK£3.05 in FY 2022) Full year 2023 results: EPS: UK£2.50 (down from UK£3.05 in FY 2022). Revenue: UK£1.68b (up 4.5% from FY 2022). Net income: UK£183.6m (down 18% from FY 2022). Profit margin: 11% (down from 14% in FY 2022). The decrease in margin was driven by higher expenses. Revenue is forecast to grow 5.4% p.a. on average during the next 3 years, compared to a 3.3% growth forecast for the Machinery industry in Germany. Over the last 3 years on average, earnings per share has increased by 1% per year whereas the company’s share price has fallen by 4% per year. Announcement • Jan 30
Spirax-Sarco Engineering plc Announces Resignation of Jamie Pike as Chair and Non-Executive Director The Board of Spirax-Sarco Engineering plc announced that Jamie Pike would step down as Chair and Non-Executive Director during 2024, following the expiry of his nine years as a Director. A process to appoint his successor is well advanced. The Board is satisfied that Jamie's appointment with IMI plc complies with the UK Corporate Governance Code 2018 and proxy advisor guidelines. Announcement • Jan 17
Spirax-Sarco Engineering plc Appoints Phil Scott as Interim Chief Financial Officer Spirax-Sarco Engineering plc announced that Phil Scott has taken up the position of Interim Chief Financial Officer. Upcoming Dividend • Oct 05
Upcoming dividend of UK£0.46 per share at 1.7% yield Eligible shareholders must have bought the stock before 12 October 2023. Payment date: 10 November 2023. Payout ratio is a comfortable 54% and the cash payout ratio is 97%. Trailing yield: 1.7%. Lower than top quartile of German dividend payers (5.0%). Lower than average of industry peers (2.9%). Reported Earnings • Aug 11
First half 2023 earnings released: EPS: UK£1.13 (vs UK£1.32 in 1H 2022) First half 2023 results: EPS: UK£1.13 (down from UK£1.32 in 1H 2022). Revenue: UK£850.8m (up 13% from 1H 2022). Net income: UK£82.9m (down 15% from 1H 2022). Profit margin: 9.7% (down from 13% in 1H 2022). The decrease in margin was driven by higher expenses. Revenue is forecast to grow 5.7% p.a. on average during the next 3 years, compared to a 3.6% growth forecast for the Machinery industry in Germany. Over the last 3 years on average, earnings per share has increased by 9% per year but the company’s share price has only increased by 1% per year, which means it is significantly lagging earnings growth. Announcement • Aug 09
Spirax-Sarco Engineering plc Announces Group Chief Executive Officer Changes, Effective 16 January 2024 Spirax-Sarco Engineering plc announced that Nicholas Anderson, Group Chief Executive, has indicated to the Board his desire and intention to retire in early 2024, upon completion of ten years in this role. Board is delighted to announce that Nimesh Patel is appointed Group Chief Executive and will take up the position on 16th January 2024. Nimesh joined the Group in 2020 as Chief Financial Officer and his appointment to Group Chief Executive follows a rigorous succession process. Nick will step down as Group Chief Executive and from the Board on 16th January 2024 but remain as an employee of the Group until 31st March 2024, acting in an advisory capacity to support Nimesh as he transitions into the role of Group Chief Executive. Announcement • Aug 03
Spirax-Sarco Engineering plc Appoints Constance Baroudel as Independent Non-Executive Board Director Spirax-Sarco Engineering plc, announced the appointment of Constance Baroudel as an Independent Non-Executive Board Director, with immediate effect. Constance is Sector Chief Executive, Environmental & Analysis and Chief Sustainability Officer at Halma plc, having previously held a range of executive positions within Halma plc, as well as with First Group plc, De La Rue and Strategic Decisions Group. Constance has related Board experience, having previously held Non-Executive Director positions at both Kier Group and Synergy Health as well as a broad range of knowledge and qualifications, including an MSc in International Accounting & Finance from the London School of Economics, an MSc in Corporate Finance & Strategy and a BA in International Relations, both from the Institut d'Etudes Politiques de Paris (Sciences Po Paris). Constance Baroudel's appointment is part of the succession planning undertaken by the Nomination Committee to recruit Non-Executive Directors with the skills and experience required to support the implementation of strategy for growth. Announcement • Jul 13
Solex Thermal Science Inc. acquired Econotherm (UK) Ltd. from xénos, the Wales Business Angel Network Limited and Spirax-Sarco Engineering plc (LSE:SPX). Solex Thermal Science Inc. acquired Econotherm (UK) Ltd. from xénos, the Wales Business Angel Network Limited and Spirax-Sarco Engineering plc (LSE:SPX) on July 12, 2023.Solex Thermal Science Inc. completed the acquisition of Econotherm (UK) Ltd. from xénos, the Wales Business Angel Network Limited and Spirax-Sarco Engineering plc (LSE:SPX) on July 12, 2023. New Risk • Jun 19
New minor risk - Dividend sustainability The dividend is not well covered by cash flows. Cash payout ratio: 91% Dividend yield: 1.5% This is considered a minor risk. Dividends are ultimately paid out of the company's available cash reserves. Companies that pay out too much of their cash flow are at risk of having to reduce or cut their dividend in future. If cash flow growth slows or cash flows fall, then there may not be enough cash reserves to maintain the same dividend. Or in extreme cases, companies may opt to take on debt to maintain the dividend. This risk is mitigated by the fact the dividend is covered by earnings, however, cash flows are generally more important. For dividend paying companies, any reduction in the dividend can significantly impact the share price. Currently, the following risks have been identified for the company: Minor Risks High level of debt (59% net debt to equity). Dividend is not well covered by cash flows (91% cash payout ratio). Announcement • May 10
Spirax-Sarco Engineering plc Provides Earnings Guidance for the Year 2023 Spirax-Sarco Engineering plc provided earnings guidance for the year 2023. The company continue to anticipate double-digit sales growth for the Group in 2023, representing mid-single-digit sales growth over 2022 pro-forma sales. Upcoming Dividend • Apr 13
Upcoming dividend of UK£1.10 per share at 1.3% yield Eligible shareholders must have bought the stock before 20 April 2023. Payment date: 19 May 2023. Payout ratio is a comfortable 50% and the cash payout ratio is 84%. Trailing yield: 1.3%. Lower than top quartile of German dividend payers (4.7%). Lower than average of industry peers (3.0%). Recent Insider Transactions • Mar 17
Independent Non-Executive Director recently bought €113k worth of stock On the 15th of March, Jane Kingston bought around 890 shares on-market at roughly €127 per share. This transaction amounted to 16% of their direct individual holding at the time of the trade. This was the largest purchase by an insider in the last 3 months. Insiders have collectively bought €901k more in shares than they have sold in the last 12 months. Recent Insider Transactions • Mar 17
Independent Non-Executive Director recently bought €113k worth of stock On the 15th of March, Jane Kingston bought around 890 shares on-market at roughly €127 per share. This transaction amounted to 16% of their direct individual holding at the time of the trade. This was the largest purchase by an insider in the last 3 months. Insiders have collectively bought €901k more in shares than they have sold in the last 12 months. Reported Earnings • Mar 10
Full year 2022 earnings released: EPS: UK£3.05 (vs UK£3.18 in FY 2021) Full year 2022 results: EPS: UK£3.05 (down from UK£3.18 in FY 2021). Revenue: UK£1.61b (up 20% from FY 2021). Net income: UK£224.7m (down 4.2% from FY 2021). Profit margin: 14% (down from 17% in FY 2021). The decrease in margin was driven by higher expenses. Revenue is forecast to grow 7.9% p.a. on average during the next 3 years, compared to a 4.3% growth forecast for the Machinery industry in Germany. Over the last 3 years on average, earnings per share has increased by 13% per year whereas the company’s share price has increased by 11% per year. Announcement • Feb 02
Sarco Engineering plc Announces Olivia Qiu, Non-Executive Director Decides to Step Down from the Board Sarco Engineering plc announced that Olivia Qiu, Non-Executive Director, has decided to step down from the Board for personal reasons as of 31 January 2023. Announcement • Dec 01
Spirax-Sarco Engineering plc (LSE:SPX) completed the acquisition of Durex Industries, Inc. Spirax-Sarco Engineering plc (LSE:SPX) entered into a definitive agreement to acquire Durex Industries, Inc. for $342.2 million on September 28, 2022. The consideration is $342.2 million on a cash and debt free basis, subject to customary closing adjustments. The transaction will be financed through acquisition bank facilities and will be accretive to Group earnings in 2023. For the 12 months to August 31, 2022, revenues were $74.5 million, EBITDA was $25.3 million and EBIT was $23.5 million. The transaction is subject to regulatory approval, completion is expected in October 2022. The transaction is expected to close on November 30. William Blair & Company, L.L.C. acted as financial advisor to Durex Industries, Inc.
Spirax-Sarco Engineering plc (LSE:SPX) completed the acquisition of Durex Industries, Inc. on December 1, 2022. Announcement • Nov 17
Spirax-Sarco Engineering plc to Report Fiscal Year 2022 Results on Mar 09, 2023 Spirax-Sarco Engineering plc announced that they will report fiscal year 2022 results on Mar 09, 2023 Announcement • Nov 16
Spirax Sarco Introduces SP7 and SP8 Smart Positioners Spirax Sarco expanded its product line to include the new SP7 and SP8 Smart Positioners. These new positioners are mounted onto a control valve to allow a central control system to remotely control the valve with an analog input signal. By using a smart positioner, the long-term precision of the valve increases as the positioner helps to counteract valve drift. Smart positioners also provide fast and easy commissioning with only a few button presses for customers in the food, beverage, institutional, and healthcare industries. Upcoming Dividend • Oct 06
Upcoming dividend of UK£0.42 per share Eligible shareholders must have bought the stock before 13 October 2022. Payment date: 11 November 2022. Payout ratio is a comfortable 46% and this is well supported by cash flows. Trailing yield: 1.3%. Lower than top quartile of German dividend payers (5.4%). Lower than average of industry peers (3.1%). Announcement • Oct 01
Spirax-Sarco Engineering plc (LSE:SPX) completed the acquisition of Vulcanic SA from Qualium Investissement. Spirax-Sarco Engineering plc (LSE:SPX) agreed to acquire Vulcanic SA from Qualium Investissement for €260 million on July 4, 2022. The consideration of €261.7 million is on a cash and debt free basis, subject to customary closing adjustments. The consideration will be financed through an acquisition of bank facility. On an audited basis EBIT was €14.1 million and gross assets were €222.0 million for the year ended 31st December 2021. The transaction will require certain regulatory approvals in France and by the merger control authority in Germany. These regulatory approvals and completion are expected during the third quarter of the year. The acquisition of Vulcanic is expected to be accretive to Group earnings in 2022. Greenhill & Co., advised Spirax-Sarco Engineering on the transaction. Willkie Farr & Gallagher LLP acted as legal advisor to Qualium Investissement in the transaction. The Willkie deal team was led by partner Gabriel Flandin in Paris
Spirax-Sarco Engineering plc (LSE:SPX) completed the acquisition of Vulcanic SA from Qualium Investissement on September 30, 2022. Announcement • Sep 29
Spirax-Sarco Engineering plc (LSE:SPX) entered into a definitive agreement to acquire Durex Industries, Inc for $342.2 million. Spirax-Sarco Engineering plc (LSE:SPX) entered into a definitive agreement to acquire Durex Industries, Inc. for $342.2 million on September 28, 2022. The consideration is $342.2 million on a cash and debt free basis, subject to customary closing adjustments. The transaction will be financed through acquisition bank facilities and will be accretive to Group earnings in 2023. For the 12 months to August 31, 2022, revenues were $74.5 million, EBITDA was $25.3 million and EBIT was $23.5 million. The transaction is subject to regulatory approval, completion is expected in October 2022. Reported Earnings • Aug 12
First half 2022 earnings released First half 2022 results: Revenue: (down 100% from 1H 2021). Net income: (down UK£108.8m from profit in 1H 2021). Profit margin: (down from 17% in 1H 2021). The decrease in margin was driven by lower expenses. Over the next year, revenue is forecast to grow 8.6%, compared to a 9.6% growth forecast for the industry in Germany. Over the last 3 years on average, earnings per share has increased by 8% per year but the company’s share price has increased by 19% per year, which means it is tracking significantly ahead of earnings growth. Announcement • Aug 11
Spirax-Sarco Engineering plc Declares Interim Dividend, Payable on November 11, 2022 Spirax-Sarco Engineering plc announced that the Board has declared an interim dividend of 42.5 pence (2021: 38.5 pence) per ordinary share, an increase of 10%. This growth in the interim dividend follows an increase of 15% in the total dividend in respect of 2021. The dividend will be paid on 11th November 2022 to shareholders on the register at the close of business on 14th October 2022. Announcement • Jul 05
Spirax-Sarco in Talks to Acquire Vulcanic Group Spirax-Sarco Engineering plc (LSE:SPX) it had entered exclusive negotiations with Qualium Investissement to acquire Vulcanic SA (Vulcanic Group of Companies) for EUR 261.7 million ($272.87 million) on a cash-and-debt-free basis. Board Change • Apr 27
High number of new directors There are 5 new directors who have joined the board in the last 3 years. Senior Independent Director Richard Gillingwater was the last director to join the board, commencing their role in 2021. The company’s lack of board continuity is considered a risk according to the Simply Wall St Risk Model. Recent Insider Transactions • Apr 21
Independent Non-Executive Director recently bought €239k worth of stock On the 14th of April, Jane Kingston bought around 2k shares on-market at roughly €151 per share. This was the largest purchase by an insider in the last 3 months. This was the only on-market transaction from insiders over the last 12 months. Upcoming Dividend • Apr 14
Upcoming dividend of UK£0.97 per share Eligible shareholders must have bought the stock before 21 April 2022. Payment date: 20 May 2022. Payout ratio is a comfortable 43% and this is well supported by cash flows. Trailing yield: 1.1%. Lower than top quartile of German dividend payers (3.9%). Lower than average of industry peers (2.5%). Reported Earnings • Mar 11
Full year 2021 earnings: Revenues and EPS in line with analyst expectations Full year 2021 results: EPS: UK£3.18 (up from UK£2.36 in FY 2020). Revenue: UK£1.34b (up 13% from FY 2020). Net income: UK£234.6m (up 35% from FY 2020). Profit margin: 17% (up from 14% in FY 2020). The increase in margin was driven by higher revenue. Revenue was in line with analyst estimates. Over the next year, revenue is forecast to grow 7.5%, compared to a 11% growth forecast for the industry in Germany. Over the last 3 years on average, earnings per share has remained flat but the company’s share price has increased by 19% per year, which means it is well ahead of earnings. Announcement • Mar 02
Spirax-Sarco Engineering plc Announces Change of Director Details Spirax-Sarco Engineering plc announced that Jamie Pike, Non-Executive Director and Chair of the Board, has been appointed as a Non-Executive Director and designate Chair of XP Power Limited with immediate effect. Upcoming Dividend • Oct 07
Upcoming dividend of UK£0.39 per share Eligible shareholders must have bought the stock before 14 October 2021. Payment date: 12 November 2021. Trailing yield: 0.8%. Lower than top quartile of German dividend payers (3.3%). Lower than average of industry peers (1.1%). Reported Earnings • Aug 12
First half 2021 earnings released: EPS UK£1.48 (vs UK£1.04 in 1H 2020) The company reported a strong first half result with improved earnings, revenues and profit margins. First half 2021 results: Revenue: UK£643.7m (up 13% from 1H 2020). Net income: UK£108.8m (up 42% from 1H 2020). Profit margin: 17% (up from 14% in 1H 2020). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has fallen by 4% per year but the company’s share price has increased by 32% per year, which means it is well ahead of earnings. Announcement • Aug 12
Spirax-Sarco Engineering plc Provides Sales Guidance for the Year 2021 Spirax-Sarco Engineering plc anticipated organic sales growth in 2021 to be in line with current forecasted global IP growth and expect remaining shipments of large orders in the second half to add a further £4 million to sales. Executive Departure • Aug 05
Senior Independent Non-Executive Director Geertrui Schoolenberg has left the company On the 1st of August, Geertrui Schoolenberg's tenure as Senior Independent Non-Executive Director ended after 9.0 years in the role. As of March 2021, Geertrui still personally held 2.75k shares (€369k worth at the time). A total of 3 executives have left over the last 12 months. The current median tenure of the management team is 1.08 years, which is considered inexperienced in the Simply Wall St Risk Model. Announcement • Jun 23
Spirax Sarco Introduces Spira-Trol™ Steam-Tight Control Valve Spirax Sarco has expanded its product line to include the new Spira-trol™ Steam-Tight control valve, helping customers maximize output, minimize downtime, and improve product quality. This exciting new product release has a full peak class VI shutoff double life seat, increasing the life span of the steam plant, simplifying plant maintenance throughout the life cycle of operation, and driving down the total cost of ownership for customers in the food, beverage, oil, gas, chemical, and healthcare industries. According to Glass, the Spira-trol™ Steam-Tight control valve has a low impact on maintenance because the valve is not required to be removed from the line and requires no special tools. This new product solution is available in sizes half-inch to 4 inches and comes in SG Iron, Carbon Steel, and Stainless Steel. It's suitable for steam pressures to 275 PSIG, steam temperatures to 428°F, and comes with a 3-year warranty. Upcoming Dividend • Apr 15
Upcoming dividend of UK£0.84 per share Eligible shareholders must have bought the stock before 22 April 2021. Payment date: 21 May 2021. Trailing yield: 1.0%. Lower than top quartile of German dividend payers (3.2%). In line with average of industry peers (1.1%). Reported Earnings • Mar 11
Full year 2020 earnings released: EPS UK£2.36 (vs UK£2.26 in FY 2019) The company reported a decent full year result with improved earnings and profit margins, although revenues were weaker. Full year 2020 results: Revenue: UK£1.19b (down 3.9% from FY 2019). Net income: UK£173.6m (up 4.2% from FY 2019). Profit margin: 14% (up from 13% in FY 2019). The increase in margin was driven by lower expenses. Analyst Estimate Surprise Post Earnings • Mar 11
Revenue misses expectations Revenue missed analyst estimates by 0.3%. Over the next year, revenue is forecast to grow 7.6%, compared to a 6.1% growth forecast for the Machinery industry in Germany. Announcement • Mar 10
Spirax-Sarco Engineering plc Announces Director Changes Spirax-Sarco Engineering plc announced the followingBoard appointment in accordance with its ongoing succession planning. Richard Gillingwater will join the Board as an Independent Non-Executive Director with immediate effect. Richard will assume the role of Senior Independent Director on 1st August 2021, succeeding Dr. Trudy Schoolenberg who will step down from the Board after completing nine years as a Director. Richard has held a range of executive positions within global investment banks including Kleinwort Benson, Credit Suisse and Barclays de Zoete Wedd. He is currently Chair at SSE plc (stepping down at the end of March), Chair of Janus Henderson Group plc, Senior Independent Director of Whitbread plc and Governor at The Wellcome Trust. Is New 90 Day High Low • Feb 13
New 90-day high: €134 The company is up 4.0% from its price of €129 on 13 November 2020. The German market is up 11% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Machinery industry, which is up 10.0% over the same period. According to the Simply Wall St valuation model, the estimated intrinsic value of the company is €49.68 per share. Announcement • Dec 17
Spirax-Sarco Engineering plc Introduces Utm20 Ultrasonic Flowmeter Spirax-Sarco Engineering plc has expanded its product line to include the UTM20 Ultrasonic flowmeter. It is a non-intrusive, clamp-on, ultrasonic meter that measures temperature and fluid velocity to provide Food, Beverage, Oil, Gas, Healthcare, Waste, and Wastewater customers, data about their systems such as energy usage and flow rate. Specifically designed with ease of use and maintenance in mind, the UTM 20 provides helpful diagnostics to reduce guesswork and easily isolate process or application problems. The new Easy Rail Transducers are simple to adjust and optimize on the pipeline for the best possible signal. According to Carlino, Spirax Sarco's UTM20 Ultrasonic flowmeter features an aluminium enclosure for a long service life in harsh environments, a large, easy-to-read graphical display, and Modbus® communications. The ability to configure and troubleshoot over USB with SoloCUE software is also available. Announcement • Nov 18
Spirax-Sarco Engineering plc to Report Fiscal Year 2020 Results on Mar 10, 2021 Spirax-Sarco Engineering plc announced that they will report fiscal year 2020 results on Mar 10, 2021 Announcement • Nov 10
Spirax-Sarco Engineering plc Announces Board Appointments Spirax-Sarco Engineering plc announced that Angela Archon and Olivia Qiu will join the Board as Independent Non-Executive Directors effective 1st December 2020. Angela is currently a Board Director of Switch, CommonSpirit Health, and the National Association of Corporate Directors - Texas TriCities Chapter. Angela is an American citizen. Olivia is currently Chief Innovation Officer with Signify (formerly Philips Lighting). Is New 90 Day High Low • Nov 05
New 90-day high: €134 The company is up 17% from its price of €115 on 07 August 2020. The German market is down 1.0% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Machinery industry, which is up 4.0% over the same period. According to the Simply Wall St valuation model, the estimated intrinsic value of the company is €45.09 per share. Is New 90 Day High Low • Oct 15
New 90-day high: €125 The company is up 8.0% from its price of €116 on 17 July 2020. The German market is up 2.0% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Machinery industry, which is up 6.0% over the same period. According to the Simply Wall St valuation model, the estimated intrinsic value of the company is €46.05 per share. Announcement • Oct 13
Spirax-Sarco Engineering plc Announces Directorate Change Spirax-Sarco Engineering plc announced that Neil Daws, Managing Director, Steam Specialties and Executive Director, has informed the Board that he wishes to retire after over 42 years of service. Neil will retire from the Steam Specialties business and the Board on 31st December 2020. Is New 90 Day High Low • Sep 30
New 90-day high: €125 The company is up 15% from its price of €109 on 02 July 2020. The German market is up 3.0% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Machinery industry, which is up 10.0% over the same period. According to the Simply Wall St valuation model, the estimated intrinsic value of the company is €42.93 per share. 
