tonnes CO2e (market-based) (excluding acquisitions)
25,310 tonnes
Introducing Spirax Group
Spirax Group is the new name for Spirax-Sarco Engineering. It balances our history and where we have come from with who we are today, and is a natural evolution for our Company.
Spirax Group is different but also familiar. Its simplicity aims to create clarity, by representing everyone and everything that we do and eliminating the confusion between the name of our Group and the Spirax Sarco Division that provides steam thermal solutions to customers.
As Spirax Group, we are staying true to our heritage while also reflecting our evolution to a much larger and stronger organisation.
Who we are
We are a leading thermal energy and fluid technology solutions Group
Our expertise, products and solutions sit behind the production of many consumables that people across the world rely on every day, from food and drink to medicines.
A proud heritage and a bright future
We are 10,000 colleagues in every corner of the globe working together in pursuit of our shared Purpose, united by and guided by our core Values.
Our Purpose
To create sustainable value for all our stakeholders as we engineer a more efficient, safer and sustainable world.
Our culture
An inclusive, equitable and wellbeing-focused culture makes us stronger as individuals, as teams and as Spirax Group. It is central to the promises we make to our colleagues and critical to achieving our Purpose.
How we deliver
Solving customers’ problems is at the heart of our ‘total solutions’ approach. Our thermal energy and fluid technology solutions improve operating efficiency and safety in our customers’ critical industrial processes.
We deliver our solutions through three strong and aligned Businesses and their Divisions, that include global and regional product brands.
For people and planet
Operating sustainably and supporting our customers’ sustainability goals is at the heart of our approach and enshrined in our One Planet Sustainability Strategy, which is how we aim to create value for people and our planet.
We hold ourselves to the highest standards and work with organisations that are aligned with our ambition.
Introduction
Introducing Spirax Group
Spirax Group is the new name for Spirax-Sarco Engineering. It balances our history and where we have come from with who we are today, and is a natural evolution for our Company.
Spirax Group is different but also familiar. Its simplicity aims to create clarity, by representing everyone and everything that we do and eliminating the confusion between the name of our Group and the Spirax Sarco Division that provides steam thermal solutions to customers.
As Spirax Group, we are staying true to our heritage while also reflecting our evolution to a much larger and stronger organisation.
Who we are
Who we are
We are a leading thermal energy and fluid technology solutions Group
Our expertise, products and solutions sit behind the production of many consumables that people across the world rely on every day, from food and drink to medicines.
A proud heritage and a bright future
We are 10,000 colleagues in every corner of the globe working together in pursuit of our shared Purpose, united by and guided by our core Values.
Our Purpose
To create sustainable value for all our stakeholders as we engineer a more efficient, safer and sustainable world.
Our culture
An inclusive, equitable and wellbeing-focused culture makes us stronger as individuals, as teams and as Spirax Group. It is central to the promises we make to our colleagues and critical to achieving our Purpose.
How we deliver
How we deliver
Solving customers’ problems is at the heart of our ‘total solutions’ approach. Our thermal energy and fluid technology solutions improve operating efficiency and safety in our customers’ critical industrial processes.
We deliver our solutions through three strong and aligned Businesses and their Divisions, that include global and regional product brands.
For people and planet
For people and planet
Operating sustainably and supporting our customers’ sustainability goals is at the heart of our approach and enshrined in our One Planet Sustainability Strategy, which is how we aim to create value for people and our planet.
We hold ourselves to the highest standards and work with organisations that are aligned with our ambition.
Financial, operational and sustainability highlights
For the year ended 31st December 2023
Revenue £m
£1,682m
Statutory operating profit £m
£284.4m
Adjusted operating profit* £m
£349.1m
All-workplace injury rate^
1.55
Statutory earnings per share p
249.5p
Adjusted earnings per share* p
312.4p
*All adjusted profit measures exclude certain items, which totalled a charge of £64.7 million (2022: charge of £61.4 million), as set out in the Appendix to the Financial Statements
The Group’s three operating segments, as defined by IFRS 8, are Steam Thermal Solutions, Electric Thermal Solutions and Watson-Marlow Fluid Technology Solutions
Chair's Statement
Decisions taken over the last years have built strong foundations, enabling Spirax Group to serve and create value for all its stakeholders.
Jamie Pike
Chair
Read Chair's Statement
Chief Executive Officer's Review
It is a privilege to lead Spirax Group, working alongside outstanding people to build on our strengths and support future growth.
Nimesh Patel
Group Chief Executive Officer
Read Group CEO's Review
Financial Review
The Group has balanced continuing strategic investment alongside restructuring and cost containment as we have navigated 2023. Our business model positions us well to deliver future growth.
Phil Scott
Interim Chief Financial Officer
Read Financial ReviewOperating Review
We have continued to expand our addressable market through the development of new solutions, targeting high growth sectors.
Maurizio Preziosa
Managing Director, Steam Thermal Solutions
|
Revenue (£)
£910.1m Reported
+5% Organic
+8% |
Adjusted operating profit (£)
£224.0m Reported
+9% Organic
+15% |
Adjusted operating profit margin (%)
24.6% 2022: 23.8% Reported
+80 bps Organic
+140 bps |
We have continued to see strong customer demand for our decarbonisation solutions leading to record order books within ETS.
Armando R Pazos
President, Electric Thermal Solutions
|
Revenue (£)
£378.5m Reported
+48% Organic
+2% |
Adjusted operating profit (£)
£59.2m Reported
+48% Organic
-4% |
Adjusted operating profit margin (%)
15.6% 2022: 15.6% Reported
+0 bps Organic
-90 bps |
While destocking in the Biopharm sector impacted 2023 trading, underlying demand remains strong and we are well positioned for a return to growth.
Andrew Mines
Managing Director, Watson-Marlow Fluid Technology Solutions
|
Revenue (£)
£394.0m Reported
-19% Organic
-19% |
Adjusted operating profit (£)
£93.7m Reported
-41% Organic
-43% |
Adjusted operating profit margin (%)
23.8% 2022: 32.8% Reported
-900 bps Organic
-1,030 bps |
Steam Thermal Solutions
We have continued to expand our addressable market through the development of new solutions, targeting high growth sectors.
Maurizio Preziosa
Managing Director, Steam Thermal Solutions
|
Revenue (£)
£910.1m Reported
+5% Organic
+8% |
Adjusted operating profit (£)
£224.0m Reported
+9% Organic
+15% |
Adjusted operating profit margin (%)
24.6% 2022: 23.8% Reported
+80 bps Organic
+140 bps |
Electric Thermal Solutions
We have continued to see strong customer demand for our decarbonisation solutions leading to record order books within ETS.
Armando R Pazos
President, Electric Thermal Solutions
|
Revenue (£)
£378.5m Reported
+48% Organic
+2% |
Adjusted operating profit (£)
£59.2m Reported
+48% Organic
-4% |
Adjusted operating profit margin (%)
15.6% 2022: 15.6% Reported
+0 bps Organic
-90 bps |
Watson-Marlow Fluid Technology Solutions
While destocking in the Biopharm sector impacted 2023 trading, underlying demand remains strong and we are well positioned for a return to growth.
Andrew Mines
Managing Director, Watson-Marlow Fluid Technology Solutions
|
Revenue (£)
£394.0m Reported
-19% Organic
-19% |
Adjusted operating profit (£)
£93.7m Reported
-41% Organic
-43% |
Adjusted operating profit margin (%)
23.8% 2022: 32.8% Reported
-900 bps Organic
-1,030 bps |
Sustainability Report
One Planet is the mechanism through which our Group delivers sustainable improvements that support people and planet.
2023 was a year of good progress as we further improved the environmental performance of the Group and delivered value to our communities.
Sarah Peers
Group Director of Sustainability
Group GHG emissions (scope 1 and 2)
Group energy consumption
MWh (excluding acquisitions)
144,885 MWh
Operating companies that have delivered a biodiversity initiative
cumulative % (excluding acquisitions)
83%
Total water use
m3 (excluding acquisitions)
163,778 m3
Total waste generation
tonnes (excluding acquisitions)
6,116 tonnes
Waste to landfill
% (excluding acquisitions)
10.1%
Operating company cash/in-kind donations
£’000 (excluding acquisitions)
£335.5
Volunteering
(hours) (excluding acquisitions)
24,973* hours
Engineering our future for all stakeholders
Our colleagues
Empowering future leaders
Developing our talent for the future
Our customers
Developing solutions for future customer needs
Strengthening customer bonding through connected environments
Our communities
Enabling future generations
Building the foundations for a brighter future
Our environment
The future of sustainable steam
How our TargetZero solutions will play an essential role in enabling industrial decarbonisation for the raising of steam.
Our suppliers
Embedding sustainability into our future
Working together to achieve a more sustainable future
Our shareholders
Engineering our future, together
Consistent controls for a more resilient future
Our colleagues
Our colleagues
Empowering future leaders
Developing our talent for the future
Our customers
Our customers
Developing solutions for future customer needs
Strengthening customer bonding through connected environments
Our communities
Our communities
Enabling future generations
Building the foundations for a brighter future
Our environment
Our environment
The future of sustainable steam
How our TargetZero solutions will play an essential role in enabling industrial decarbonisation for the raising of steam.
Our suppliers
Our suppliers
Embedding sustainability into our future
Working together to achieve a more sustainable future
Our shareholders
Our shareholders
Engineering our future, together
Consistent controls for a more resilient future
