Spirax Share Discussion Threads

[ukinvestor220] 07/11/2012 10:42

0911 GMT [Dow Jones] Spirax-Sarco Engineering (SPX.LN) issues a positive trading update says Numis. The interim management statement shows continued strong trading in its pumps business and Asian markets, though there's weaker trading in Europe and FX tailwinds. Notes 2H has started strongly, with 6% organic growth. This coupled with cost benefits should drive a greater than normal weighting to the second half of year, says Numis. "We remain fundamentally positive on Spirax as it provides excellent through-cycle returns and offers defensive growth coupled with a strong balance sheet." Recommendation is add with 2300p target. Shares are up 7.5% at 2130p. ([e-mail] Twitter: @ATryphonides)

[ukinvestor220] 07/11/2012 10:39

Great news - and on top of that:
Spirax-Sarco Engineering PLC (SPX.LN), a manufacturer of fluid control products, Wednesday said it has acquired the business and assets of the steam speciality business of Termodinamica Limitada based in Santiago, Chile, for 2.5 billion Chilean Pesos (GBP3.3 million).

[broadwood] 07/11/2012 09:07

Spirax Sarco Engineering is battling away as demand remains "resilient", despite weakening global macro-economic conditions in recent months.
Total sales in sterling were ahead 2% in the first 10 months of 2012, after including the impact of unfavourable currency movements and two small disposals last year.

More specifically, and for the four months ended October 31st, organic sales increased 6%, ahead of the rate of growth reported in the first half year.

Over the same period operating profit was 8% ahead on a constant currency basis. Against a decline of 3% for the first half of the year, this means that for the first ten months ending October 31st operating profit was 2% ahead of last year on a constant currency basis.

Notably, the Asia Pacific region and the Watson-Marlow pumps business achieved strong double-digit sales growth in the period. The Americas saw a more modest advance while sales in the Middle East and Africa (EMEA) segment experienced a slight decline.

As regards Watson-Marlow, the improvement in operating profits was due to the planned increases in R&D and market development costs in the first half year now unwinding in the second half. The results also improved in EMEA, as the cost base in Europe is being progressively lowered and the profitability of its supply operations increased.

In its trading update the steam trap and pump maker took care to stress: "Although our forward visibility remains short and we are not immune to a worsening in our markets, which can be reflected fairly quickly in our mid-cycle business, the board continues to expect the group to make progress for the full year."

Net cash balances at the end of October 2012 increased to £43m compared with £9m at June 30th 2012.

The interim dividend of £12m will be paid on November 9th.

[redartbmud] 07/11/2012 08:17

Keep 'em comin'

[broadwood] 07/11/2012 08:10

Broker upgrades a comin'

[broadwood] 07/11/2012 07:51

Confident enough statement.

Should resume the rise.

[ukinvestor220] 18/10/2012 14:27

Chart and director buys drew me to this, and reading the interim from august which indicates heavy H2 bias as highlighted above made me pile in here today.

[broadwood] 10/9/2012 09:01

Hopefully market waking up to this (on 22.8):

The second half has started well with stronger organic sales growth of 10% in July, benefiting from a relatively healthy order book. This, together with the expected cost benefits, means that we expect a greater than normal seasonal bias to the second half sales and operating profit, and given no further deterioration in market conditions or negative movements in average exchange rates, the Board expects to make progress in 2012.

[redartbmud] 10/9/2012 08:30

Remains a key investment in my portfolio, so upgrede welcome.
You never know, the scribblers may catch up one day - don't hold your breath!

[broadwood] 10/9/2012 07:27

Goldman upgrading TP. Good for a nice lift.


Goldman Sachs Weir Group PLC 10/09/12 08:17 Reiterates Conviction Buy Conviction Buy 0 2,790.00 2,830.00 40

[broadwood] 30/5/2012 06:27

Luvly jubbly.

Panmure Gordon Spirax-Sarco... 30/05/12 07:21 Upgrades Hold Buy 2 2,275.00 2,365.00

[chester] 12/4/2012 15:02

I was wondering why there was such a big lift today.

[broadwood] 12/4/2012 15:00

No ones woken up to BlackRocks massive holding here.

Rephrase that - the market certainly has. Blue sky territory.

[broadwood] 12/4/2012 10:41

BlackRock buying heavily.

[broadwood] 08/3/2012 21:33

painter - nice to have a bit of company.

[painter] 08/3/2012 12:21

Love stocks like this. They fly and on its BB you get only one persons posting! That's usually a good sign of a boring one directional share. Got in this morning at 2037. Good luck all here.

[broadwood] 08/3/2012 08:58

Upgrades coming?

[broadwood] 08/3/2012 08:58

Spirax pumped up by 2012 prospects
Thu 08 Mar 2012

LONDON (SHARECAST) - All segments of Spirax-Sarco Engineering were firing on all cylinders in 2011, as the peristaltic pumps specialist produced figures a shade ahead of market expectations.

Revenue of £650.0m in 2011 was up 10% on 2010's £589.7m and ahead of market expectations of £639.6m. Organic sales growth was nearly 10%, led by Watson-Marlow and Asia Pacific but with all segments contributing to the strong performance.

Adjusted profit before tax climbed 13% to £137.2m from £121.6m in 2010, ahead of the market consensus forecast of £136.2m. The statutory pre-tax profit, after charging the amortisation of acquisition-related intangible assets and acquisition and disposal costs, was £132.3m. This compares with £123.5m in 2010, which also included an exceptional revaluation gain in Mexico and the impairment of acquisition-related intangible assets.

Adjusted earnings per share (EPS) jumped 14% to 124.8p (consensus: 121.0p) from 109.5p.

Even the dividend payment was a bit better than the market had been anticipating, with the full year dividend rising to 49.0p from 43.0p in 2010, although the 2010 figure excludes the 25p special dividend declared in respect of 2010 but actually paid in July 2011.

Despite the return of cash to shareholders during the year, the group ended 2011 with net cash of £12.3m, albeit down from £34.4m at the end of 2012.

Spirax-Sarco said it foresees continued challenging market conditions broadly across Europe but this is likely to be offset by opportunities in most of the emerging markets in which it operates.

Regional break-down

The Europe, Middle East and Africa (EMEA) region saw revenue rise 7% year-on-year in constant currency (CC) terms, while operating profit improved 13% in CC terms.

Asia Pacific revenues rose 9% on a CC basis while on the same basis operating profit improved by 7%.

In the Americas. revenue on a CC basis was up 10% on the year before while operating profit surged 17%.

Mark Vernon, the group's Chief Executive, hailed another year of strong results and sales and profit growth across all business segments.

"Against a backdrop of macro-economic uncertainty, our robust business model has resilient characteristics that help to insulate the group's performance against economic headwinds, and we have continued to invest in market penetration, geographic expansion in emerging markets and new product development to enhance our mid and long-term growth prospects," Vernon said.

"Our fundamental strengths give the board confidence that the group will make further progress this year," Vernon added.

[broadwood] 08/3/2012 08:12

Market likes.

[broadwood] 07/3/2012 23:13

Results tomorrow.

[broadwood] 27/2/2012 16:14

BlackRock in for some more last week.

[maurillac] 16/2/2012 10:41

yes been a good investment. though i jumped off a while ago to invest elewhere. (should have stayed put !)
this is a well managed company imho
m

[broadwood] 16/2/2012 09:59

Results 8 Mar

[broadwood] 16/2/2012 09:58

Neglected thread but very profitable.

BlackRock still adding - they're not usually wrong.