In March, with global industrial demand wavering, we ventured that “groups such as Spirax-Sarco (SPX) have to work overtime for every extra dollar”. Well, the FTSE 250 engineering group has been doing just that. It has reported half-year operating profit of £101m, a 31 per cent year-on-year increase on the back of acquisitions, positive currency translations and the strength of its overseas operations. Organic, constant-currency growth was still good at 8 per cent, thanks to a 50 basis point increase in the operating margin to 23.6 per cent.
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