Spirax has posted a revenue of £822.2m in H1, a level down 1% from last year but up 3% on an organic basis.

The FTSE 100 listed manufacturing company also reported an adjusted operating profit of £158.8m, also down 1% from last year but up by 7% organically.

Spirax, posting its results for the six months to 30 June, said it had delivered H1 results in line with expectations despite the “challenging” macroeconomic environment, which it added had “demonstrated the strength of the group’s direct sales business model”.

The company has reiterated its full year guidance and announced a 3% jump in its interim dividend to 48.9p.

“While IP forecasts have been revised down for the remainder of the year, our unchanged full year guidance is supported by strong order books going into the second half, increasing demand from key end markets, and ongoing delivery of operational priorities,” Spirax CEO, Nimesh Patel, commented.

“Our significant operational efficiency and simplification programme is funding investment in future drivers of accelerated and sustained longer term growth, including digital and decarbonisation, whilst also underpinning our confidence in delivering our medium-term targets.”

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