Cheltenham-headquartered thermal energy management and pumping specialist, Spirax‐Sarco Engineering, has reported better than expected results in 2020.
While revenues were down by four per cent to £1.19 billion, operating profits were up two per cent to £249 million.
Nicholas Anderson, Group Chief Executive, said: “Following a stronger than anticipated fourth quarter, we are very pleased with the Group’s performance in 2020, given the unprecedented circumstances caused by the COVID-19 pandemic. These results demonstrate our ability to adapt to the changing requirements of our customers, the diverse nature of our end markets and the resilience of our business model. The safety and wellbeing of our colleagues across the globe has been our primary concern as they support our customers throughout this challenging period; it is thanks to their dedication that we have achieved such results.
“Sales were down in the Steam Specialties and Electric Thermal Solutions businesses, although their performance was still robust given the challenging market conditions. The excellent growth in Watson-Marlow was driven by the Pharmaceutical & Biotechnology sector, where demand accelerated due to COVID-19 vaccine development and production. The improved outlook for industrial production growth, strong order book, robust prospects for Watson-Marlow and continued investments leave us well-placed for 2021.”
Spirax‐Sarco Engineering plc comprises three world‐leading businesses: Steam Specialties, for the control and management of steam; Electric Thermal Solutions, for advanced electrical process heating and temperature management solutions; and Watson-Marlow, for peristaltic pumping and associated fluid path technologies.
The Steam Specialties and Electric Thermal Solutions businesses provide a broad range of fluid control and electrical process heating products, engineered packages, site services and systems expertise for a diverse range of industrial and institutional customers. Both businesses help their end users to improve production efficiency, meet their environmental sustainability targets, improve product quality and enhance the safety of their operations. Watson‐Marlow provides solutions for a wide variety of demanding fluid path applications with highly accurate, controllable and virtually maintenance-free pumps and associated technologies.
The Group is headquartered in Cheltenham, UK, has strategically located manufacturing plants around the world and employs almost 7,900 people, including more than 1,900 direct sales and service engineers.