Spirax-Sarco profits hit by costs and lower volumes

Steam trap and pump maker company Spirax Sarco reported a decline in pre-tax profits for the first half of 2012 following higher material costs, the impact of lower volumes in its main European factories and the economic downturn in Latin America.

Steam trap and pump maker company Spirax Sarco reported a decline in pre-tax profits for the first half of 2012 following higher material costs, the impact of lower volumes in its main European factories and the economic downturn in Latin America.

Revenue rose 2% from £307.7m to £313.5m, while adjusted profit before tax fell 6% from £63.0m to £59.3m. Statutory profits were 15% lower at £51.7m (2011 H1: £60.8m) and earnings per share fell from 54.1p to 46.3p.

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