Strong organic growth despite weak industrial production growth
Nicholas Anderson, Group Chief Executive, commenting on the results said:
“We are pleased to report strong organic sales growth of 6% in 2019, ahead of global industrial production growth rates, and organic adjusted operating profit growth of 7%. Both the Steam Specialties and Watson-Marlow businesses benefited from the successful implementation of our strategy, achieving strong organic sales and profit growth, while margins in Chromalox increased in the second half as operational efficiency initiatives began to deliver results.
Political and economic uncertainty, as well as COVID-19, continue to dampen global industrial production growth forecasts, although we currently assume that conditions will begin to improve during the second half of the year. We remain cautious on the economic outlook, but confident in our ability to self-generate growth through the implementation of our strategy and to outperform our markets.”
To view the 2019 Full Year Results or listen to a results audiocast, visit the Spirax-Sarco Engineering plc Results, Reports and Presentations page.