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Spirax-Sarco steaming ahead

Spirax-Sarco steaming ahead

Spirax-Sarco (SPX) posted better-than-expected revenue and a 30 per cent increase in adjusted operating profit in 2017. But strip out currency effects, the impact of acquisitions, together with accounting adjustments, and you’re left with a 6 per cent growth rate – slightly more prosaic, but a solid enough return.

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