Spirax-Sarco Engineering proposes windfall after profit increase

FTSE 250-listed Spirax-Sarco Engineering has recommended a windfall dividend of 100p per share, worth a total of 78m pounds, after posting record sales and profit in 2012.

FTSE 250-listed Spirax-Sarco Engineering has recommended a windfall dividend of 100p per share, worth a total of 78m pounds, after posting record sales and profit in 2012.

The group, which supplies engineered solutions for commercial steam systems, reported a 2.0% rise in revenue to £661.7m in 2012 and adjusted operating profit of £136.2m, up from £134m in 2011.

Organic sales rose by 5.0%, operating profit was up 6.0% at constant currency and adjusted profit before tax rose 1.0% to £138.5m.

The dividend per share rose 8.0% to 53p.

Mark Vernon, Chief Executive Officer of Spirax-Sarco Engneering, commented: "I am pleased to report that the group delivered another year of record sales, profit and cash generation despite slowing global economic growth throughout the year.

"The resiliency of our business model and our good exposure to faster growing emerging markets in Asia, enabled the group to achieve 5% overall organic sales growth and higher profits, a noteworthy accomplishment given the particularly difficult economic environment in Europe.

"2013 has started in line with our expectations and we look forward to making further progress for the year," he concluded.

Spirax-Sarco Engneering's share price was up 2.96% to 2,577p at 09:10 on Thursday. This followed an early morning high of 2,634p per share.

MF

Recommended

Best junior stocks and shares ISA platforms
Isas

Best junior stocks and shares ISA platforms

A junior stocks and shares ISA is a great way to save for your child tax-efficiently. But it can be confusing deciding which investment platform to ch…
28 Mar 2023
The top funds to invest in
Funds

The top funds to invest in

As market volatility and recessionary fears continue, here are the most popular funds, stocks and trusts investors are putting their money into
2 Mar 2023
The ten highest dividend yields in the FTSE 100
Income investing

The ten highest dividend yields in the FTSE 100

Rupert Hargreaves takes a look at the companies with the highest dividend yields in the UK’s blue-chip index
27 Feb 2023
The outlook for Shell shares is mixed, despite bumper profits
Energy stocks

The outlook for Shell shares is mixed, despite bumper profits

With profits surging, it looks as if Shell is on a roll, but the company’s growth from here is hard to see as Rupert Hargreaves explains.
6 Feb 2023

Most Popular

Will energy prices go down in 2023?
Personal finance

Will energy prices go down in 2023?

Ofgem’s price cap is now predicted to fall to around £2,000, based on average typical use, for the first time since 2022. We have all the details.
31 Mar 2023
Best areas for buy-to-let in the UK
Buy to let

Best areas for buy-to-let in the UK

If you’re thinking of getting a buy-to-let property you’ll want to know the areas in the country with the highest rental yields
29 Mar 2023
The best one-year fixed savings accounts - March 2023
Savings

The best one-year fixed savings accounts - March 2023

Earn over 4% on one-year fixed savings accounts.
30 Mar 2023