Spirax Group on Thursday reiterated its full-year guidance, citing improved organic sales growth and profit margins in recent months that have helped it navigate a challenging global economic environment.
The engineering company said that global industrial production forecasts have been revised downward, with continued weakness in key markets including the U.S., Germany, and the U.K.
Despite this, Spirax reported that for the ten months ended Oct. 31, both its organic sales growth and adjusted operating profit margin were ahead of its performance in the first half of the year.
The company's Watson-Marlow fluid technology division saw strong overall organic sales growth, driven by an acceleration in its Biopharm business.
Its Electric Thermal Solutions business also continued the strong organic sales growth seen in the first half, according to the company.
Sales in the Steam Thermal Solutions unit were broadly level, as demand for large projects was impacted by the difficult industrial conditions, the company said.
Spirax continues to anticipate full-year organic revenue growth consistent with 2024 and an adjusted operating profit margin ahead of the prior year.
The company also noted that its net borrowings fell to 596 million British Pounds at the end of October, from 658 million British Pounds at the end of June.