Spirax Group (SPX)

Down
Share Price:
7,020.00p
Market Cap:
£5,183m
Change Today:
-115.00p
Sector:
Engineering

Spirax says tariff uncertainty affecting customer decisions

By Benjamin Chiou

Date: Wednesday 14 May 2025

LONDON (ShareCast) - (Sharecast News) - Manufacturing group Spirax delivered a cautious outlook on Wednesday, saying that the uncertainty caused by trade tariffs is impacting customers' capital investment decisions.
The company, which specialises in thermal energy and fluid technology solutions, said it delivered low single-digit organic growth in revenues in the first quarter.

That was despite lower demand for large projects in Steam Thermal Solutions (STS), particularly in China and South Korea - which accounted fore more than a fifth of STS revenues in 2024 - where conditions remain "challenging".

However, adjusted operating profit margins were slightly lower due to customers' phasing of some order shipment dates to later into the year.

Looking ahead to the rest of 2025, Spirax said it was keeping its outlook "while recognising that the evolving broader macroeconomic impact of tariffs remains uncertain".

"Our local manufacturing mitigates the direct exposure of tariffs and we expect to manage the financial impacts through surcharges, pricing and limited reorganisation of manufacturing activity," the company said.

Revenues growth and adjusted operating margins are expected to rise in the second half, as lower demand for large projects in STS is offset by growth elsewhere.

Shares were down 4.8% at 6,270p by 0827 BST.

Note 1: Prices and trades are provided by Digital Look Corporate Solutions and are delayed by at least 15 minutes.

 

Spirax Group Market Data

Currency UK Pounds
Price 7,020.00p
Change Today -115.00p
52 Week High 7,960.00p
52 Week Low 6,300.00p
Volume 136,558
Shares Issued 73.83m
Market Cap £5,183m

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