LONDON, May 1, 2026, 17:58 BST
- Spirax Group was quoted 0.98% lower after the London close, while the FTSE 100 was down 0.14%.
- The company is due to issue a trading update and hold its annual meeting on May 13.
- Its March results set a 2026 target of organic growth and further margin progress, making the next update a test of demand and cost control.
Spirax Group shares slipped in London on Friday, with Barclays showing the stock down 70 pence, or 0.98%, at a 7,096p sell price and 7,106p buy price as of 16:35. The FTSE 100 was 0.14% lower.
The move puts the Cheltenham-based maker of steam systems and fluid technology back in focus before its May 13 trading update and annual general meeting, its next scheduled company event after March full-year results.
That matters because Spirax has told investors it expects “good organic growth and further margin progress” in 2026. Organic growth means growth excluding currency moves and acquisitions or disposals, so the update should give a cleaner read on underlying demand. Investegate
There was no fresh Spirax trading statement in the last day on the regulatory feed reviewed. The latest listed company filings were April 8 items covering the annual report, AGM notice and a director/PDMR shareholding notice.
In March, Spirax reported 2025 revenue of £1.70 billion, up 5% organically, and adjusted operating profit of £339.9 million, up 6% organically. Statutory operating profit fell 13% to £265.4 million, mainly reflecting one-off restructuring costs, while the company said a restructuring programme had been completed with £40 million of annualised savings.
Chief Executive Nimesh Patel said then that Spirax was delivering against a “volatile and uncertain macroeconomic backdrop”. He said the group expected “good organic growth and further margin progress” this year. Investegate
The split inside the business remains uneven. Steam Thermal Solutions rose 1% organically in 2025, Electric Thermal Solutions rose 11%, and Watson-Marlow Fluid Technology Solutions rose 6%, helped by recovering Biopharm demand, meaning pharmaceutical and biotechnology customers, and better Semicon demand, meaning semiconductor-equipment customers.
In the annual report, Andrew Mines, managing director of Electric Thermal Solutions, called 2025 a year of “strong progress”. Stuart Roby, managing director of Watson-Marlow, pointed to a recovering Biopharm market and sector-led selling. Spirax Group
The wider UK industrial picture is not one-way. Peer Rotork said Friday that first-quarter revenue rose by a low single-digit percentage on an organic constant-currency basis, while order intake fell by a low single-digit percentage; it kept its 2026 outlook unchanged but flagged Middle East project delays in oil and gas.
But the setup can still turn. Spirax said China large-project weakness and political instability in Korea weighed on Steam Thermal Solutions in 2025, while currency moves cut sales by 3% and adjusted operating profit by 4%. A slower Biopharm recovery, weaker China project demand or a stronger pound would leave less room for the margin gains management has targeted.
Shareholders will also vote at the May 13 AGM on an updated directors’ remuneration policy and revised share award plan rules. The meeting is scheduled for 3:00 p.m. at the company’s registered office in Cheltenham.
Spirax, listed in London since 1959 and a FTSE 100 constituent since 2018, sells thermal energy and fluid technology across three main businesses: Steam Thermal Solutions, Electric Thermal Solutions and Watson-Marlow Fluid Technology Solutions. The group says it operates in nearly 70 countries and serves more than 100,000 customers.
