Business
2023 Half Year Results
2023 Half Year Results.
About this update from Spirax Group Plc.
[{"type":"text","content":"\n\nThursday 10th August 2023\n2023 Half Year Results\nFirst half trading broadly as expected; Biopharm return to growth now anticipated in 2024\nHIGHLIGHTS\nSix months ended 30th June\n\n\n\n\nStatutory\n\n\n2023\n\n\n2022\n\n\nReported\n\n\n\n\nRevenue+\n\n\n£850.8m\n\n\n£750.1m\n\n\n13%\n\n\n\n\nOperating profit\n\n\n£132.2m\n\n\n£142.1m\n\n\n(7)%\n\n\n\n\nOperating profit margin\n\n\n15.5%\n\n\n18.9%\n\n\n(340) bps\n\n\n\n\nProfit before taxation\n\n\n£114.0m\n\n\n£138.5m\n\n\n(18)%\n\n\n\n\nBasic earnings per share\n\n\n112.5p\n\n\n131.8p\n\n\n(15)%\n\n\n\n\nDividend per share\n\n\n46.0p\n\n\n42.5p\n\n\n8%\n\n\n\n\n \n\n\n\n\nAdjusted\n\n\n2023\n\n\n2022\n\n\nReported\n\n\nOrganic*\n\n\n\n\nRevenue+\n\n\n£850.8m\n\n\n£750.1m\n\n\n13%\n\n\n2%\n\n\n\n\nAdjusted operating profit\n\n\n£171.7m\n\n\n£178.8m\n\n\n(4)%\n\n\n(13)%\n\n\n\n\nAdjusted operating profit margin\n\n\n20.2%\n\n\n23.8%\n\n\n(360) bps\n\n\n(370) bps\n\n\n\n\nAdjusted profit before taxation\n\n\n£153.5m\n\n\n£175.2m\n\n\n(12)%\n\n\n\n\n\n\n\nAdjusted basic earnings per share\n\n\n155.2p\n\n\n175.1p\n\n\n(11)%\n\n\n\n\n\n\n\n \n\n\n\n\n●\n\n\nRevenues up 13% or 2% organically\n\n\n\n\n●\n\n\nStrong growth in Steam Specialties and ETS offset by lower Biopharm** sales in Watson-Marlow\n\n\n\n\n●\n\n\nStatutory operating profit down 7% and margin down 340 bps due to ERP write-down and restructuring\n\n\n\n\n●\n\n\nAdjusted operating margin down 360 bps due to unfavourable sales mix\n\n\n\n\n●\n\n\nStrong sales growth +15% in Steam Specialties; adjusted operating profit margin +190 bps organically\n\n\n\n\n●\n\n\nETS organic sales growth +7%; adjusted operating profit margin lower due to Semicon WFE^ weakness\n\n\n\n\n●\n\n\nVulcanic and Durex Industries integration progressing very well\n\n\n\n\n●\n\n\nWatson-Marlow sales down 21% organically; adjusted operating profit lower due to operational gearing\n\n\n\n\n●\n\n\nUnderlying Biopharm demand remains strong; growth anticipated to return in 2024\n\n\n\n\n●\n\n\nAdjusted cash conversion 48% in H1; anticipate full year conversion to be over 70%\n\n\n\n\n●\n\n\nInterim dividend up 8% to 46.0 pence, following 12% total increase in 2022\n\n\n\n\n \nNicholas Anderson, Group Chief Executive, commenting on the results said:\n \n\"We achieved first half results that are broadly in line with our expectat...