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It's steady as she goes at Spirax Sarco as underlying demand growth remains strong

18 November 2022
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Cheltenham-headquartered thermal energy and pumping specialist, Spirax-Sarco Engineering has said that underlying demand growth remained strong in the four months to the end of October despite the weakening IP forecast, with orders in Steam Specialties, Electric Thermal Solutions ("ETS") and Watson-Marlow's Process Industries remaining above expectations at the Half Year Results in August. 

With the macroeconomic outlook continuing to weaken as expected, the company has forecasted global industrial production to be 2.9 per cent in 2022, lower than 3.5 per cent forecasted in July, although still above pre-pandemic levels.  

For 2023, the IP forecast has also been revised downwards to one per cent, from 3.2 per cent in July.   

Demand from Watson-Marlow's customers in the Pharmaceutical & Biotechnology sector started normalising in the second quarter of 2022, reflecting lower COVID-19 vaccine demand.  This trend continued in the four months to the end of October, with some customers rescheduling deliveries into 2023.

Following the successful management of global supply chain challenges, as well as increases to its manufacturing capacity, Group organic sales grew strongly in the four months to the end of October.

Spirax‐Sarco Engineering plc is a thermal energy management and niche pumping specialist headquartered in Cheltenham, It has manufacturing plants around the world and employs more than 9,900 people, including more than 2,000 direct sales and service engineers.  The Company's shares have been listed on the London Stock Exchange since 1959 (symbol: SPX) and it is a constituent of the FTSE 100 and the FTSE4Good indices.


Nicky Godding is editor of The Business Magazine. Before her journalism career, she worked mainly in public relations moving into writing when she was invited to launch Retail Watch, a publication covering retail and real estate across Europe.

After some years of constant travelling, she tucked away her passport and concentrated on business writing, co-founding a successful regional business magazine. She has interviewed some of the UK’s most successful entrepreneurs who have built multi-million-pound businesses and reported on many science and technology firsts.

She reports on the region’s thriving business economy from start-ups, family businesses and multi-million-pound corporations, to the professionals that support their growth and the institutions that educate the next generation of business leaders.

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