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Spirax-Sarco H1 Pre-tax Profit Down 2%, Affirms FY Adj. Operating Profit Outlook

Industrial engineering group, Spirax-Sarco Engineering plc (SPX.L) reported Wednesday that its first-half profit before taxation declined 2 percent to 106.3 million pounds from last year's 108.1 million pounds. However, basic earnings per share rose 2 percent to 104.2 pence from 102.4 pence a year ago.

Adjusted profit before taxation was 114.5 million pounds, compared to 124.6 million pounds last year. Adjusted basic earnings per share were 111.6 pence, compared to 120.0 pence last year.

Revenue for the period declined 4 percent to 569.7 million pounds from 591.2 million pounds in the year-ago period. Organic revenue declined 5 percent.

Further, the company announced that interim dividend is increased by 5 percent to 33.5 pence.

Looking ahead, Spirax-Sarco said it expects organic revenue growth in the second half of the year will be lower than it anticipated in May. However, due to the operating profit being stronger than forecast in the first half, its expectations for the full-year adjusted operating profit remains unchanged.

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