Business
2025 Full Year Results
Spirax Group PLC reported 2025 full-year results showing revenue of £1,702.9 million, a 2% increase on a reported basis and 5% organically, outperforming global industrial production growth. While statutory operating profit decreased by 13% to £265.4 million and the margin fell to 15.6%, adjusted operating profit rose 2% to £339.9 million, with an organic increase of 6% and a margin of 20.0%, up 30 basis points organically. The company completed a restructuring program generating £40 million in annualised savings and expects continued organic growth and margin progress in 2026. The proposed final dividend is 121.1 pence per share, bringing the total for 2025 to 170.0 pence, a 3% increase. Disclaimer*
About this update from Spirax Group Plc.
10 March 2026 2025 Full Year Results Strategy delivering growth well ahead of IP with margin progress; expect continued organic growth in 2026 Twelve months to 31 December Statutory (£m/p) 2025 2024 Reported Revenue1 1,702.9 1,665.2 2% Operating profit 265.4 304.6 (13)% Operating profit margin 15.6% 18.3% (270)bps Profit before taxation 226.5 258.9 (13)% Basic earnings per share 221.7 259.6 (15)% Dividend per share 170.0 165.0 3% Adjusted6 (£m/p) 2025 2024 Reported Organic4 Revenue1 1,702.9 1,665.2 2% 5% Adjusted operating profit 339.9 333.9 2% 6% Adjusted operating profit margin 20.0% 20.1% (10)bps 30bps Adjusted profit before taxation 301.0 288.2 4% Adjusted basic earnings per share 296.3 286.3 3% Adjusted cash conversion 89% 87% 200bps ● Group revenue up 5% organically and well ahead of global IP2 of 2.1% (IP excluding China: 1.7%) ● STS3 sales up 1% organically and 3% excluding large projects in China and Korea ● ETS3 sales up 11% organically, supported by operational progress and improving Semicon5 demand ● WMFTS3 sales up 6% organically, driven by Biopharm5 recovery and sector focus in Process Industries ● Group adjusted operating profit up 6%; adjusted operating margin up 30bps organically to 20% ● Restructuring completed with £40 million of annualised savings funding investment in growth ● Lower statutory operating profit and margin reflect one-off restructuring costs ● Improved adjusted cash conversion of 89% and leverage reduced to 1.5x; ROIC higher at 13.1% Nimesh Patel, Group Chief Executive Officer, commenting on the results said: "At our 2024 Capital Markets Day, we set out our path to achieve mid-single-digit organic sales growth, margin progress and improving returns on capital over the medium term. We are deliver...